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Montario Corprew

montario@corprewrealtygroup.com +1(757) 771-6343

$ 2,200,000

Est. payment -/mo

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1318 Little Bay AVE Norfolk, VA 23503

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Key Details

Property Type Multi-Family, Condo

Listing Status Active

Purchase Type For Sale

Subdivision Willoughby Beach

MLS Listing ID 10601552

HOA Y/N No

Year Built 1970

Annual Tax Amount $19,998

Property Description

1314-1318 Little Bay Avenue presents a rare opportunity to own a 20-unit, 1-bedroom, 1-bath multifamily property in sought-after Norfolk, VA. With eight current vacancies (six of which have just been made rent ready, 2 need full turns), this property offers tremendous value-add potential, including separating water from rent (2 new leases already have this), turning select units, adding laundry in the units, bringing existing rents to market rates, and filling the remaining vacancies. The two buildings are in excellent condition, featuring newer roofs, windows, and well-maintained brick siding. Property has a common area laundry with coin operated machines. Gas heat and wall AC make for low maintenance costs. To maximize appeal, envision adding a mural to enhance its coastal charm and solidify its place in this sought-after community. Don't miss this chance to capitalize on a well-maintained property with exceptional upside!

Location

State VA

County Norfolk

Area 13 - North Norfolk

Zoning R-12

Interior

Hot Water Gas

Heating Nat Gas, Wall Furn

Cooling Window/Wall

Flooring Carpet, Ceramic, Laminate/LVP, Vinyl

Exterior

Parking Features Lot, Multi Car, Off Street, Street

Utilities Available City Sewer, City Water

Roof Type Asphalt Shingle,Poly Skin

Accessibility Main Floor Laundry

Building

Story 2.0000

Foundation Crawl

Schools

Elementary Schools Ocean View Elementary

Middle Schools Northside Middle School

High Schools Granby

Others

Senior Community No

Ownership Simple

Disclosures Disclosure Statement, Pet on Premises

Special Listing Condition Disclosure Statement, Pet on Premises

Listed by Inlet Realty

Montario Corprew

Principal Broker, REALTOR® | License ID: 0225210186

+1(757) 771-6343

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Montario Corprew

1318 Little Bay AVE Norfolk, VA 23503

Key Details

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Interior

Exterior

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Schools

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1318 Little Bay AVE