About 1318 Little Bay Ave
1314-1318 Little Bay Avenue presents a rare opportunity to own a 20-unit, 1-bedroom, 1-bath multifamily property in sought-after Norfolk, VA. With eight current vacancies (six of which have just been made rent ready, 2 need full turns), this property offers tremendous value-add potential, including separating water from rent (2 new leases already have this), turning select units, adding laundry in the units, bringing existing rents to market rates, and filling the remaining vacancies. The two buildings are in excellent condition, featuring newer roofs, windows, and well-maintained brick siding. Property has a common area laundry with coin operated machines. Gas heat and wall AC make for low maintenance costs. To maximize appeal, envision adding a mural to enhance its coastal charm and solidify its place in this sought-after community. Don’t miss this chance to capitalize on a well-maintained property with exceptional upside!
Features of 1318 Little Bay Ave
| MLS® # | 10601552 |
|---|---|
| Price | $2,200,000 |
| Bathrooms | 0.00 |
| Year Built | 1970 |
| Type | Apartments 3+ |
| Sub-Type | Garden |
| Status | Active |
Community Information
| Address | 1318 Little Bay Ave |
|---|---|
| Area | North Norfolk |
| Subdivision | WILLOUGHBY BEACH |
| City | Norfolk |
| State | Virginia |
| Zip Code | 23503 |
Amenities
| Utilities | City Sewer, City Water |
|---|---|
| Features | Laundry Room, Window Treatments |
| Parking | Lot, Multi Car, Off Street, Street |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Nat Gas, Wall Furn |
|---|---|
| Cooling | Window/Wall |
| Fireplace | No |
| # of Stories | 2 |
Exterior
| Exterior | Brick |
|---|---|
| Roof | Asphalt Shingle, Poly Skin |
| Construction | Frame |
| Foundation | Crawl |
School Information
| Elementary | Ocean View Elementary |
|---|---|
| Middle | Northside Middle School |
| High | Granby |
Additional Information
| Days on Market | 86 |
|---|---|
| Zoning | R-12 |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Inlet Realty |
|---|