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230 E 40th St 16 Unit Apartment Building $4,636,305 CAD ($289,769 CAD/Unit) 6.38% Cap Rate Norfolk, VA 23504
Investment Highlights
- Historic Ghent Neighborhood
- Unique 2-Bedroom & 2-Bathroom Layouts, Ideal for Roommates & Students
- Condo Finishes, Metered for Water & Sewer Separately
- Below Market Rents
Executive Summary
Marcus & Millichap is pleased to present Woodrow Court, a 16-unit multifamily community located at 230 East 40th Street in Norfolk, Virginia. The property consists of one four-story building constructed in 1918 and situated on approximately ±0.329 acres. Woodrow Court is comprised entirely of spacious two-bedroom, two-bathroom units, offering an attractive unit mix well suited to today’s renter demand.
Positioned in the heart of the Hampton Roads metropolitan area, home to more than 1.7 million residents, Norfolk serves as a major economic and cultural hub within the region. The city benefits from a diverse and stable economic base anchored by major military installations, including Naval Station Norfolk, the largest naval base in the world. The consistent presence of military personnel, defense contractors, and related industries provides durable demand for rental housing and supports long-term occupancy stability.
Woodrow Court offers convenient regional connectivity with easy access to Interstates 64, 264, and 564; as well as Granby Street, one of Norfolk’s primary commercial corridors. The property is located within 10 minutes of Norfolk International Airport, IKEA, and the
Simon Premium Outlet Mall; and is in proximity to numerous employment centers throughout the metro area. The combination of a strong unit mix, transit-oriented access, and proximity to major economic drivers positions Woodrow Court as a compelling
multifamily investment in a stable coastal Virginia market
Positioned in the heart of the Hampton Roads metropolitan area, home to more than 1.7 million residents, Norfolk serves as a major economic and cultural hub within the region. The city benefits from a diverse and stable economic base anchored by major military installations, including Naval Station Norfolk, the largest naval base in the world. The consistent presence of military personnel, defense contractors, and related industries provides durable demand for rental housing and supports long-term occupancy stability.
Woodrow Court offers convenient regional connectivity with easy access to Interstates 64, 264, and 564; as well as Granby Street, one of Norfolk’s primary commercial corridors. The property is located within 10 minutes of Norfolk International Airport, IKEA, and the
Simon Premium Outlet Mall; and is in proximity to numerous employment centers throughout the metro area. The combination of a strong unit mix, transit-oriented access, and proximity to major economic drivers positions Woodrow Court as a compelling
multifamily investment in a stable coastal Virginia market
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,636,305 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $289,769 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 6.38% | Building Size | 32,793 SF |
| Gross Rent Multiplier | 10.91 | No. Stories | 4 |
| No. Units | 16 | Year Built | 1918 |
| Property Type | Multifamily | Parking Ratio | 2.09/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Residential | ||
| Price | $4,636,305 CAD |
| Price Per Unit | $289,769 CAD |
| Sale Type | Investment |
| Cap Rate | 6.38% |
| Gross Rent Multiplier | 10.91 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 32,793 SF |
| No. Stories | 4 |
| Year Built | 1918 |
| Parking Ratio | 2.09/1,000 SF |
| Zoning | Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 16 | - | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 40455720 | Improvements Assessment | $2,697,162 CAD |
| Land Assessment | $256,061 CAD | Total Assessment | $2,953,223 CAD |
Property Taxes
Parcel Number
40455720
Land Assessment
$256,061 CAD
Improvements Assessment
$2,697,162 CAD
Total Assessment
$2,953,223 CAD
Contacts
-
Justin Ferguson -
Altay Uzun -
Jack Carroll -
Myles Lee -
Tracey Mori -
Marcus & Millichap
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230 E 40th St
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