1315 Little Bay Avenue, Norfolk, VA 23503

Local realty services provided by:ERA Real Estate Professionals
1315 Little Bay Avenue,Norfolk, VA 23503
$1,590,000
  • - Beds
  • - Baths
  • - sq. ft.
  • Condominium
  • Active
Listed by: christian phillips
Office: inlet realty
MLS#:10616857
Source:VA_REIN

Price summary

  • Price:$1,590,000

About this home

Value-add 12-unit multifamily opportunity: (12) 2-bedroom apartments at 1315 Little Bay Ave with an all-2BR unit mix. Minutes to local beaches with quick access to the interstate and major military bases. Solid brick exterior with strong curb appeal and excellent interstate visibility in a high-traffic corridor. Rents are currently below market, while unit turnovers are in progress—creating a near-term runway to renovate, raise rents, and capture upside without betting on heavy lease-up (vacancy has remained low). Water/sewer are presently included in rent, with the option to pass through to residents (RUBS/flat rate) for additional NOI growth. On-site common-area laundry adds convenience and potential ancillary income. Pro forma upside through rent lifts, utility reimbursement, and continued unit refreshes. Ideal for an investor seeking stable in-place cash flow plus straightforward value-creation levers.

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Home facts

  • Year built:1979
  • Listing ID #:10616857
  • Updated:January 27, 2026 at 10:17 AM

Heating and cooling

  • Cooling:Window/Wall
  • Heating:Baseboard, Heat Pump W/A

Structure and exterior

  • Roof:Asphalt Shingle
  • Year built:1979

Schools

  • High school:Granby
  • Middle school:Northside Middle School
  • Elementary school:Ocean View Elementary

Utilities

  • Water:City Water, Water Heater - Electric
  • Sewer:City Sewer

Finances and disclosures

  • Price:$1,590,000
  • Tax amount:$13,123
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