1315 Little Bay Ave, Norfolk, VA 23503 For Sale

Value-add 12-unit multifamily opportunity: (12) 2-bedroom apartments at 1315 Little Bay Ave with an all-2BR unit mix. Minutes to local beaches with quick access to the interstate and major military bases. Solid brick exterior with strong curb appeal and excellent interstate visibility in a high-traffic corridor. Rents are currently below market, while unit turnovers are in progress—creating a near-term runway to renovate, raise rents, and capture upside without betting on heavy lease-up (vacancy has remained low). Water/sewer are presently included in rent, with the option to pass through to residents (RUBS/flat rate) for additional NOI growth. On-site common-area laundry adds convenience and potential ancillary income. Pro forma upside through rent lifts, utility reimbursement, and continued unit refreshes. Ideal for an investor seeking stable in-place cash flow plus straightforward value-creation levers.