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1010 E Leicester Ave
Norfolk, VA 23503
Multifamily Property For Sale
·
10 Units
INVESTMENT HIGHLIGHTS
- Prime location in Norfolk’s Ocean View area with proximity to major highways and employment hubs.
- Significant value-add potential through rent increases and interior renovations.
- Convenient access to Norfolk International Airport, major retail centers, and regional attractions.
- Two well-maintained two-story buildings featuring ten two-bedroom, one-bathroom units.
- Strong rental demand supported by military presence and diversified local economy.
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present a 10-unit multifamily investment opportunity located at 1010 E Leicester Avenue and 9108 Chesapeake Boulevard in Norfolk, Virginia. This property consists of two two-story buildings built in 1964, totaling approximately 6,500 square feet on 0.36 acres. Each building offers spacious two-bedroom, one-bathroom units averaging 650 square feet. Situated in the heart of the Hampton Roads metropolitan area, Norfolk is a thriving economic and cultural hub with a population exceeding 1.7 million. The city’s strategic location supports a robust rental market driven by major military installations, including Naval Station Norfolk, the largest naval base in the world. This strong military presence, combined with a diversified economy and proximity to major employers such as Sentara Healthcare, Eastern Virginia Medical School, and Dominion Enterprises, ensures consistent rental demand. The property offers immediate value-add potential through organic rent growth and interior upgrades. Current average rents of $602 per unit are significantly below market comparables, which average $1,115 per month. With easy access to I-64, I-264, I-564, and Granby Street, residents enjoy excellent connectivity to employment centers, Norfolk International Airport, and retail destinations like IKEA and Simon Premium Outlets.
This is an exceptional opportunity for investors seeking a well-located asset with strong upside in a stable, high-demand market.
This is an exceptional opportunity for investors seeking a well-located asset with strong upside in a stable, high-demand market.
PROPERTY FACTS Under Contract
| Price Per Unit | $111,674 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 2.44% | Lot Size | 0.36 AC |
| Gross Rent Multiplier | 11.07 | Building Size | 6,500 SF |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | ||
| Zoning | C-2 | ||
| Price Per Unit | $111,674 CAD |
| Sale Type | Investment |
| Cap Rate | 2.44% |
| Gross Rent Multiplier | 11.07 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 6,500 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Zoning | C-2 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 10 | $840.34 CAD | 650 |
PROPERTY TAXES
| Parcel Number | 23993505 | Improvements Assessment | $769,488 CAD |
| Land Assessment | $244,059 CAD | Total Assessment | $1,013,548 CAD |
PROPERTY TAXES
Parcel Number
23993505
Land Assessment
$244,059 CAD
Improvements Assessment
$769,488 CAD
Total Assessment
$1,013,548 CAD
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