831 W Ocean View Ave - Apartments FOR SALE


Norfolk, VA 23503- Willough Bay
$2,550,000 USD
757-675-5164
831 W Ocean View Ave, Norfolk, VA for Sale
$2,550,000 USD
Apartments - FOR SALE
1/30
null | 6.16% Cap Rate

831 W Ocean View Ave
Norfolk, VA 23503
Willough Bay


OVERVIEW

831 W Ocean View Ave in Norfolk offers a rate 16-unit, 2BR/1BA multifamily opportunity featuring true Class A finishes throughout. Investors will appreciate the premium unit quality and strong tenant appeal in the Ocean View submarket, minutes to the beach, dining and major commuter routes. The property has already been converted to condominiums, creating multiple exit strategies--operate as a stabilized rental, execute a phased or bulk condo sell-ff, or pursue a hybrid approach to maximize returns. Offered at a never-before-seen price of $2,550,000, this asset presents an exceptional basis for a high-finish, boutique portfolio addition or 1031 exchange replacement. Request offering memorandum, financials and condo documentation from broker. Tours by appointment only--please do not disturb residents.

FOR SALE DETAILS

PRICE

$2,550,000 USD

PRICE/SF

$194 USD /SF

# OF UNITS

16

PRICE/UNIT

$159,375

CAP RATE

6.16%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1965

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.59 AC

LAND SF

25,700 SF

ZONING

R-12

APN/PARCEL ID

20011054

ASK ABOUT THIS PROPERTY

Christian PhillipsInlet Realty and Property ManagementMore Info
757-675-5164

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Christian PhillipsInlet Realty and Property ManagementMore Info
757-675-5164

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.