Description
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.
Location
Listed By
Listing Agent
Katie Howlett
BHHS RW Towne Realty
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Listed by: Katie Howlett; BHHS RW Towne Realty
