9619 Cape View Avenue 9619 Capeview Ave
6 Unit Block of Flats £539,917 (£89,986/Unit) 6.30% Net Initial Yield Norfolk, VA 23503
INVESTMENT HIGHLIGHTS
- ?? 6 units featuring a mix of 1- & 2-bedroom layouts
- ??? Modern updates in each unit
- ?? Prime location in Norfolk, VA
- ?? Only 1.5 blocks from the beach
- ?? Conveniently located near EVMS, Sentara Norfolk Hospital & major highways
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the commercial property for sale exclusively at 9619 Cape View Avenue in Norfolk, Virginia. Featuring a total of six
well-designed units, the multifamily property offers a mix of one- and two-bedroom floor plans providing diverse rental options to attract a wide tenant
base. Strategically located within 10 minutes of Eastern Virginia Medical School (EVMS) and Sentara Norfolk General Hospital, this property benefits from
its proximity to major employment hubs, including the Norfolk Naval Shipyard, Downtown Norfolk, and the vibrant Waterside District. Easy access to I-64,
I-264, and the Hampton Roads Bridge Tunnel (HRBT) ensures excellent connectivity to Norfolk’s popular commercial centers, retail areas, and leisure
destinations.
Norfolk boasts a rich array of recreational and cultural attractions, including the Chrysler Museum of Art, Nauticus Maritime Museum, USS Wisconsin
battleship, Norfolk Botanical Garden, Virginia Zoo, and numerous parks and waterfront areas for outdoor activities. Recent development projects have
greatly enhanced Norfolk's attractiveness as a place to live and work. The transformation of the Waterside District has revitalized the downtown waterfront
with new retail, dining, entertainment, and public spaces. Additionally, the expansion and modernization of the Norfolk International Terminal (NIT) have
bolstered Norfolk's status as a premier maritime and logistics hub on the East Coast by increasing cargo capacity and operational efficiency.
well-designed units, the multifamily property offers a mix of one- and two-bedroom floor plans providing diverse rental options to attract a wide tenant
base. Strategically located within 10 minutes of Eastern Virginia Medical School (EVMS) and Sentara Norfolk General Hospital, this property benefits from
its proximity to major employment hubs, including the Norfolk Naval Shipyard, Downtown Norfolk, and the vibrant Waterside District. Easy access to I-64,
I-264, and the Hampton Roads Bridge Tunnel (HRBT) ensures excellent connectivity to Norfolk’s popular commercial centers, retail areas, and leisure
destinations.
Norfolk boasts a rich array of recreational and cultural attractions, including the Chrysler Museum of Art, Nauticus Maritime Museum, USS Wisconsin
battleship, Norfolk Botanical Garden, Virginia Zoo, and numerous parks and waterfront areas for outdoor activities. Recent development projects have
greatly enhanced Norfolk's attractiveness as a place to live and work. The transformation of the Waterside District has revitalized the downtown waterfront
with new retail, dining, entertainment, and public spaces. Additionally, the expansion and modernization of the Norfolk International Terminal (NIT) have
bolstered Norfolk's status as a premier maritime and logistics hub on the East Coast by increasing cargo capacity and operational efficiency.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | £539,917 |
| Price Per Unit | £89,986 |
| Sale Type | Investment |
| Net Initial Yield | 6.30% |
| Gross Rent Multiplier | 9.41 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 4,768 SF |
| Number of Floors | 2 |
| Year Built | 1962 |
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 2 | - | - |
1 of 1
PROPERTY TAXES
| Parcel Number | 34061600 | Improvements Assessment | £220,595 |
| Land Assessment | £94,100 | Total Assessment | £314,694 |
