Salem Street Portfolio | 9631 & 9635 Salem Street and 963 W Ocean View Avenue, Norfolk, VA 23503

Marcus & Millichap presents the Salem Street Portfolio, an 18-unit multifamily investment opportunity located less than half a mile from Willoughby Beach in Norfolk, Virginia. The offering consists of all one-bedroom, one-bathroom units averaging 600 square feet across 10,800 total rentable square feet on 2.83 acres.

Priced at $2,610,000 ($145,000 per unit / $241.67 per square foot), the property is offered with assumable agency debt at a 5.80% interest rate, 67% loan-to-value, and a 30-year amortization schedule — a rare financing advantage in the current rate environment. Interior units have been fully renovated with brand-new kitchens, new flooring throughout, fresh paint, and on-site washer/dryer connections, supporting strong in-place and upside rental income.

At the current price, the deal delivers a 6.50% cap rate and 7.93% cash-on-cash return, with projected Year 1 performance improving to a 7.66% cap rate and 11.43% cash-on-cash return as rents burn up to market. Comparable one-bedroom units in the immediate Ocean View / Willoughby submarket average $1,305/month, well above the property's current average in-place rent of $1,184, indicating meaningful embedded rent growth potential.

Salem Street Portfolio sits in the heart of Hampton Roads, Virginia's largest metropolitan area with more than 1.7 million residents, anchored by Naval Station Norfolk — the largest naval base in the world — along with major employers including Sentara Healthcare, Eastern Virginia Medical School, Dominion Enterprises, and Norfolk Public Schools. The asset benefits from transit-oriented access to I-64, I-264, I-564, and Granby Street, and is minutes from Norfolk International Airport, IKEA, and Simon Premium Outlets. Regional tailwinds include the $3.9B HRBT expansion (completing Spring 2027), the $350M Atlantic Park surf park development, and the $340M Rivers Casino in neighboring Portsmouth.

This is a well-located, renovated, beach-proximate multifamily asset offering both assumable financing and clear rent-growth upside in one of Virginia's most resilient rental markets.

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