1318 Little Bay AVE Active Save Request In-Person Tour Request Virtual Tour
Norfolk,VA 23503
Key Details
Property Type Multi-Family, Condo
Listing Status Active
Purchase Type For Sale
Subdivision Willoughby Beach
MLS Listing ID 10601552
Year Built 1970
Annual Tax Amount $19,998
Property Description
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!
Location
State VA
County Norfolk
Area 13 - North Norfolk
Zoning R-12
Interior
Hot Water Gas
Heating Nat Gas,Wall Furn
Cooling Window/Wall
Flooring Carpet,Ceramic,Laminate/LVP,Vinyl
Exterior
Parking Features Lot,Multi Car,Off Street,Street
Utilities Available City Sewer,City Water
Roof Type Asphalt Shingle,Poly Skin
Building
Story 2.0000
Foundation Crawl
Schools
Elementary Schools Ocean View Elementary
Middle Schools Northside Middle School
High Schools Granby
Others
Special Listing Condition Disclosure Statement,Pet on Premises