9324 1st View St, Norfolk, VA 23503

Price

2,500,000

Units

Address

9324 1st View Avenue, Norfolk, VA 23503

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Offering Highlights

Exceptional Financial Returns: 
Exceptional Financial Returns: 
The offering features a strong 7.93% current CAP rate and 10.09% cash-on-cash return, with projections increasing to 10.55% in Year 1

Prime Coastal Location
Prime Coastal Location
Situated within one mile of Ocean View Beach, providing tenants with easy access to premier waterfront recreation.

Strategic Employment Proximity
Strategic Employment Proximity
Strategic Employment Proximity: Located within 10 minutes of major economic drivers including Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall.

Transit-Oriented Connectivity
Transit-Oriented Connectivity
Transit-Oriented Connectivity: Offers effortless access to the region's primary arterial roads, including I-64, I-264, I-564, and Granby Street.

World-Class Military Hub
World-Class Military Hub
World-Class Military Hub: Benefits from consistent rental demand driven by its proximity to Naval Station Norfolk, the largest naval base in the world.

The Uzun Group of Marcus & Millichap is pleased to present 9324 1st View Avenue, a premier investment opportunity in the thriving Hampton Roads metropolitan area. Strategically situated on +/-0.40 acres, this 18-unit apartment community features a uniform unit mix of spacious 700-square-foot one-bedroom floor plans. The property is positioned to capitalize on Norfolk’s robust, defense-heavy economy, located just minutes from the world's largest naval installation, Naval Station Norfolk, and major transit corridors like I-64. With current rents averaging $1,476 and market comparables reaching over $1,750, a new owner can leverage Day 1 positive cash flow while executing a Year 1 value-add strategy to push the CAP rate to 8.07%

Deal Highlights

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