for sale 24 waterfront units in norfolk€¦ · petersburg multifamily portfolio[1] for sale | 24...

ONE SOUTH COMMERCIAL

607 E BROADWAY

PETERSBURG MULTIFAMILY PORTFOLIO[1]

FOR SALE | 24 WATERFRONT UNITS IN NORFOLK

605-611 W OCEAN VIEW AVENORFOLK, VA 23503

$1,750,000

0.51 Acre Parcel 2 Buildings24 Residential Units18,258 SF Total Building AreaOff-Street Parking1978 Construction

605-611 W OCEAN VIEW RD, NORFOLK VA 23503

TABLE OF CONTENTS*

Demographics & Market Data

9

One South Commercial Team

8

Location Map

10

0.51 ACLAND AREA

18,258 SFTOTAL BUILDING

AREA

2BUILDINGS

BAY FRONTWILLOUGHBY BAY

BEACHACCESS ACROSS

W OCEAN VIEW AVE

24RESIDENTIAL

UNITS

4 Photos

3 Property Summary

605-611 W OCEAN VIEW RD, NORFOLK VA 23503[3]

One South Commercial is pleased to present the exclusive sale listing of the Pirate’s Cove Apartments at 605-611 West Ocean View Avenue in Norfolk’s Ocean View neighborhood.

Pirate’s Cove sits adjacent to Willoughby Bay allowing residents to enjoy waterfront views to the south. Public access to Willoughby Beach and Chesapeake Bay is also available directly across West Ocean View Avenue.

This listing offers 24 multifamily residential units in two buildings constructed in 1978. Each building contains two stories and 12 units. 20 of the apartments are 1bed/1bath and 4 are 2bed/1bath units. Each of these units features air conditioning, a fully equipped kitchen, and carpeting in the bedrooms. On-site laundry facilities are also available for the convenience of the residents. Other conveniences include ample off-street parking for both residents and visitors in this neighborhood where spaces are at a premium.

Pirate’s Cove is also located adjacent to I-64 which makes access to downtown Norfolk, the Norfolk Naval Station, Virginia Beach, Newport News, and other points in Hampton Roads easy and convenient. With its high occupancy rate and its location between Willoughby Bay and Willoughby Beach, Pirates Cove is an exciting opportunity for a buyer looking for a waterfront investment in Norfolk.

24 Units on Norfolk’s Willoughby Spit


Pirates Cove consistently maintains high occupancy rates in the high-demand

Ocean View area of Norfolk


The property sits directly adjacent to Willoughby

Bay and across W Ocean View Ave from

Willoughby Beach


PETERSBURG DEMOGRAPHICS*PROPERTY SURVEY

24 units are locatedin two buildingson 0.5 acres with off-street parking


PETERSBURG DEMOGRAPHICS*PROPERTY SURVEY Convenient location provides easy access to I-64, downtown

Norfolk and other points in Hampton Roads


*Source: CoStar

DISTANCE FROM PROPERTIES 1 MILE 3 MILE 5 MILE

Population:

2024 Projection 24,079 52,093 121,181

2019 Estimate 21,530 49,754 119,522

2010 Census 7,380 35,660 106,194

Growth 2019-2024 11.84% 4.70% 1.39%

Growth 2010-2019 191.73% 39.52% 12.55%

Households:

2024 Projection 7,266 18,351 45,812

2019 Estimate 6,557 17,806 45,661

2010 Census 2,613 14,300 43,111

Growth 2019 - 2024 10.81% 3.06% 0.33%

Growth 2010 - 2019 150.94% 24.52% 5.91%

Owner Occupied 836 5,452 16,260

Renter Occupied 5,721 12,354 29,401

2019 Avg Household Income $59,614 $60,683 $65,611

2019 Med Household Income $47,772 $48,887 $49,022

2019 Households by Inc:

<$25,000 1,210 3,432 10,220

$25,000 - $50,000 2,314 5,763 13,191

$50,000 - $75,000 1,329 3,864 9,201

$75,000 - $100,000 783 2,121 5,032

$100,000 - $125,000 273 1,076 2,874

$125,000 - $150,000 273 655 1,712

$150,000 - $200,000 353 730 2,046

$200,000+ 22 166 1,384

PETERSBURG DEMOGRAPHICS*DEMOGRAPHICS AND MARKET DATA*

21,530POPULATION

$59,614AVG HOUSEHOLD

INCOME

191.73%POPULATION GROWTH

PAST 10 YEARS

DEMOGRAPHICS (WITHIN 1 MILE)

Market Sale Price/Unit $113K

12 Mo Asking Price/Unit $89.9K

Market Cap Rate 6.6%

12 Mo Sales Volume $137M

12 Mo Transactions 22

Months to Sale Past Year 6.9

Far Sale Listings 13

For Sale Units 121

WILLOUGHBY BAY MULTIFAMILY SUBMARKET


PETERSBURG DEMOGRAPHICS*LOCATION MAP

605-611 W OCEAN VIEW AVE

NORFOLK NAVAL STATIONWEST OCEAN VIEW

WILLOUGHBY SPIT

OCEAN AIR

WILLOUGHBY BAY

CHESAPEAKE BAY

RICHMOND

NEWPORTNEWS

NORFOLK

PETERSBURG

AZALEA PLACE APARTMENTS[10][10]PETERSBURG MULTIFAMILY PORTFOLIO[10]

One South Commercial is a CoStar PowerBroker in the Richmond, VA investment sales market. Our reputation among those with local knowledge as the premier investment sales shop in the City of Richmond is built on a wide network of relationships with principals all over the world who trust us and our ability to effectively analyze the economics of any deal and represent them honestly.

TOM ROSMAN | 804.539.3017 | [email protected]

Tom Rosman has been brokering investment real estate since the early 1990’s in the Richmond, VA, metro area. He has brought hundreds of transactions to a successful conclusion, including large apartment complexes, apartment buildings in historic neighborhoods, office buildings, retail properties, mixed use buildings, and numerous historic adaptive reuse properties.

Tom was one of the first brokers to recognize the transformative changes occurring in many of Richmond’s most architecturally significant but ignored neighborhoods. As one of the Founding Partners at One South, Tom heads up the commercial and investment sales for One South Commercial.

ONE SOUTH COMMERCIAL2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009

ONE SOUTH COMMERCIAL TEAM

JUSTIN SLEDD | 804.307.4060 | [email protected]

Justin is a seasoned commercial real estate expert with over a decade worth of experience. Having a widespread knowledge of the Richmond real estate market, Justin is comfortable handling many types of transactions, but his primary practice areas are multifamily and investment sales.

Justin possesses a commanding knowledge of Richmond’s rental market, providing his clients with in-depth analysis of the competitive landscape and value add solutions. Justin is a Richmond native and graduate of Virginia Commonwealth University.

for sale 24 waterfront units in norfolk€¦ · petersburg multifamily portfolio[1] for sale | 24...

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