About 1957 E Ocean View Ave
Exceptional investment opportunity in Norfolk’s Cottage Line neighborhood of Ocean View, just across the street from the Chesapeake Bay. This all-brick, 3,175-square-foot building offers five apartments: four 1-bedroom/1-bath units and one 2-bedroom/2-bath unit, plus a detached income-producing garage and off-street parking. Current gross rental income is $6,475/month ($77,700/year), with potential for additional growth as units turn over. Unit E was recently renovated with an updated kitchen and bath, luxury vinyl plank flooring and fresh paint, providing a proven model for future improvements. Each apartment is separately metered for electricity, paid by the tenants. Owner pays gas, water, sewer and trash, averaging approximately $500–$700/month. Unit C has washer/dryer hookups. High-elevation lot with no flood insurance required. All apartments and the garage are currently occupied. Commercial financing is typically required for properties with five or more units.
Features of 1957 E Ocean View Ave
| MLS® # | 10643752 |
|---|---|
| Price | $700,000 |
| Bathrooms | 0.00 |
| Year Built | 1962 |
| Type | Apartments 3+ |
| Sub-Type | Garden |
| Status | Active |
Community Information
| Address | 1957 E Ocean View Ave |
|---|---|
| Area | North Norfolk |
| Subdivision | OCEAN VIEW EAST |
| City | Norfolk |
| State | Virginia |
| Zip Code | 23503 |
Amenities
| Utilities | City Sewer, City Water, Electric, Gas |
|---|---|
| Parking | Lot, Close to Mass Transit, Multi Car, Off Street |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Nat Gas |
|---|---|
| Cooling | Window/Wall |
| Fireplace | No |
| # of Stories | 2 |
Exterior
| Exterior | Brick |
|---|---|
| Lot Description | 50X150 |
| Roof | Poly Skin |
| Construction | Block |
| Foundation | Slab |
School Information
| Elementary | Bay View Elementary |
|---|---|
| Middle | Azalea Gardens Middle |
| High | Norview |
Additional Information
| Days on Market | 59 |
|---|---|
| Short Sale | No |
| RE / Bank Owned | No |