Balview Commons - 20 Units - Norfolk, VA
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🏢 20-Unit Multifamily Opportunity | Norfolk, VA | 7.80% Pro-Forma CAP
High-yield investment in the heart of Hampton Roads?
In this video, we break down the full investment thesis for 171-179 W Balview Avenue, a 20-unit multifamily asset in Norfolk, VA.
Built in 1987, this property offers a rare "Loss-to-Lease" capture opportunity, allowing an investor to drive yield from a 6.75% current CAP to a 7.80% pro-forma yield in just one year.
We dive deep into the underwriting, the $3.9 billion HRBT expansion, and why Norfolk’s military and shipyard anchors make this one of the most defensive rental markets on the East Coast.📍
Investment Highlights:
The Asset: 20 units (8 1BR/1BA & 12 2BR/1BA) built in 1987.
The Location: Strategically located near Naval Station Norfolk (the world's largest naval base) and the Norfolk Naval Shipyard.
The Upside: Significant $180+ rent gap per unit. Current weighted average is $1,176 vs. market potential of $1,360.
The Price: $2,699,000 ($134,950/unit) — priced below submarket average per square foot.
The Returns: Projected 8.77% Year 1 Cash-on-Cash and 11.68% Total Return.
Justin Ferguson is a Multifamily Specialist in Marcus & Millichap's Southern Virginia Office. He prides himself in helping corporate professionals, private investors, REITS, developers, and syndicators strategize and maximize their returns to grow their portfolios at faster, more efficient rates.