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$ 1,590,000
Est. payment | /mo
$ 1,590,000
Est. payment | /mo
Key Details
Property Type Multi-Family, Condo
Listing Status Active
Purchase Type For Sale
Subdivision Willoughby Beach
MLS Listing ID 10616857
HOA Y/N No
Year Built 1979
Annual Tax Amount $13,123
Property Description
Value-add 12-unit multifamily opportunity: (12) 2-bedroom apartments at 1315 Little Bay Ave with an all-2BR unit mix. Minutes to local beaches with quick access to the interstate and major military bases. Solid brick exterior with strong curb appeal and excellent interstate visibility in a high-traffic corridor. Rents are currently below market, while unit turnovers are in progress—creating a near-term runway to renovate, raise rents, and capture upside without betting on heavy lease-up (vacancy has remained low). Water/sewer are presently included in rent, with the option to pass through to residents (RUBS/flat rate) for additional NOI growth. On-site common-area laundry adds convenience and potential ancillary income. Pro forma upside through rent lifts, utility reimbursement, and continued unit refreshes. Ideal for an investor seeking stable in-place cash flow plus straightforward value-creation levers.
Location
State VA
County Norfolk
Area 13 - North Norfolk
Zoning R-12
Interior
Hot Water Electric
Heating Basebd, Heat Pump W/A
Cooling Window/Wall
Flooring Carpet, Laminate/LVP
Exterior
Parking Features Lot, Off Street, Street
Utilities Available City Sewer, City Water, Electric
Roof Type Asphalt Shingle
Building
Story 2.0000
Foundation Slab
Schools
Elementary Schools Ocean View Elementary
Middle Schools Northside Middle School
High Schools Granby
Others
Senior Community No
Ownership Simple
Disclosures Disclosure Statement
Special Listing Condition Disclosure Statement
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Listed by Inlet Realty
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