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Listed by Ari Firoozabadi • Greysteel Company LLC
$ 9,800,000
0.94 Acres Lot
$ 9,800,000
0.94 Acres Lot
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Rent
MLS Listing ID VANF2000070
Originating Board BRIGHT
Year Built 1961
Lot Size 0.939 Acres
Acres 0.94
Property Sub-Type Other
Property Description
THE OFFERING:
A rare opportunity to acquire a 74-unit, multifamily community in Norfolk's highly desirable Ghent neighborhood. The property consists of 34 studio, 20 one-bedroom, 16 one-bedroom split-level, and 4 two-bedroom apartments. Located in the heart of Norfolk's highly desirable Ghent neighborhood the property is a short walk from Norfolk's top attractions and employers. Renovated units in the submarket are achieving substantial rental premiums, offering new ownership an opportunity to capture best-in-market rental growth through interior upgrades.
PRIME LOCATION WALKABLE TO ATTRACTIONS:
Situated on the edge of North Ghent Historic District and Neon District, the property is walking distance from some of the area's top attractions including; Chrysler Museum of Art, Stockley Gardens, Harrison Opera House, and many more. There are also a number of schools and restaurants within walking distance making this a sought-after location. The proximity to these attractions and lifestyle amenities will continue to drive market-leading demand in this submarket, putting new ownership in a position to benefit from a highly desirable market with strong economic fundamentals and trends.
UNTAPPED VALUE-ADD OPPORTUNITY:
The majority of units are in classic condition, leaving new ownership with a significant opportunity to the upgrade units in a submarket that can support significant rental increases. The average rent across the property is 35-40% below market. Presenting new ownership with the opportunity to capture significant rental increases following interior upgrades.
IMMEDIATE ACCESS TO PUBLIC TRANSPORTATION:
The Property is adjacent to multiple bus stops and the Tide Light Rail. The bus stops connect riders to major destinations throughout Hampton Roads like Old Dominion University, Norfolk International Airport, and Virginia Beach. The Tide Light Rail provides tenants direct access to Norfolk State University. This immediate access provides tenants the flexibility to rely on public transportation, if so desired.
A rare opportunity to acquire a 74-unit, multifamily community in Norfolk's highly desirable Ghent neighborhood. The property consists of 34 studio, 20 one-bedroom, 16 one-bedroom split-level, and 4 two-bedroom apartments. Located in the heart of Norfolk's highly desirable Ghent neighborhood the property is a short walk from Norfolk's top attractions and employers. Renovated units in the submarket are achieving substantial rental premiums, offering new ownership an opportunity to capture best-in-market rental growth through interior upgrades.
PRIME LOCATION WALKABLE TO ATTRACTIONS:
Situated on the edge of North Ghent Historic District and Neon District, the property is walking distance from some of the area's top attractions including; Chrysler Museum of Art, Stockley Gardens, Harrison Opera House, and many more. There are also a number of schools and restaurants within walking distance making this a sought-after location. The proximity to these attractions and lifestyle amenities will continue to drive market-leading demand in this submarket, putting new ownership in a position to benefit from a highly desirable market with strong economic fundamentals and trends.
UNTAPPED VALUE-ADD OPPORTUNITY:
The majority of units are in classic condition, leaving new ownership with a significant opportunity to the upgrade units in a submarket that can support significant rental increases. The average rent across the property is 35-40% below market. Presenting new ownership with the opportunity to capture significant rental increases following interior upgrades.
IMMEDIATE ACCESS TO PUBLIC TRANSPORTATION:
The Property is adjacent to multiple bus stops and the Tide Light Rail. The bus stops connect riders to major destinations throughout Hampton Roads like Old Dominion University, Norfolk International Airport, and Virginia Beach. The Tide Light Rail provides tenants direct access to Norfolk State University. This immediate access provides tenants the flexibility to rely on public transportation, if so desired.
Location
State VA
County Norfolk City
Zoning HC-G2
Interior
Hot Water Electric
Heating Hot Water & Baseboard - Electric
Cooling Wall Unit
Heat Source Electric
Exterior
Water Access N
Accessibility Ramp - Main Level
Garage N
Building
Sewer Private Sewer
Water Private
New Construction N
Schools
School District Norfolk City Public Schools
Others
Tax ID NO TAX RECORD
Ownership Other
SqFt Source Estimated
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