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171-179 W Balview Ave
Norfolk, VA 23503
Multifamily Property For Sale
·
20 Units
INVESTMENT HIGHLIGHTS
- TRANSIT ORIENTED Easy access to I-64, I-264, I-564, and Granby Street
- Within 10 minutes from Norfolk International Air - port, IKEA, and Simon Premium Outlet Mall
- EASY ACCESS TO NUMEROUS EMPLOYMENT CENTERS
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the offering memorandum for 171-179 W Balview Avenue in Norfolk, VA. The property consists of twenty units total. There are eight, one-bedroom and one-bathroom units and twelve, two-bedroom one-bathroom units across two, two-story buildings built in 1987 and situated on +/- 0.24 acres. Norfolk, VA is in the heart of the Hampton Roads metropolitan area, which is home to over 1.7 million people. It’s central location within the region makes it an important economic and cultural hub, attracting a diverse population and providing a stable demand for housing. Norfolk benefits from a robust and diversified economy. It is home to major military installations, including the Naval Station Norfolk, which is the largest naval base in the world. The presence of military personnel and related industries provide a consistent demand for rental properties.
PROPERTY FACTS
| Price Per Unit | $188,379 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.75% | Lot Size | 0.24 AC |
| Gross Rent Multiplier | 9.56 | Building Size | 12,720 SF |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1987 |
| Property Subtype | Apartment | Parking Ratio | 1.57/1,000 SF |
| Zoning | R-12 | ||
| Price Per Unit | $188,379 CAD |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| Gross Rent Multiplier | 9.56 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 12,720 SF |
| No. Stories | 2 |
| Year Built | 1987 |
| Parking Ratio | 1.57/1,000 SF |
| Zoning | R-12 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | - |
PROPERTY TAXES
| Parcel Number | 04095180 | Improvements Assessment | $805,758 CAD |
| Land Assessment | $158,204 CAD | Total Assessment | $963,962 CAD |
PROPERTY TAXES
Parcel Number
04095180
Land Assessment
$158,204 CAD
Improvements Assessment
$805,758 CAD
Total Assessment
$963,962 CAD
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