1957 E Ocean View AVE, Norfolk, VA 23503
1957 E Ocean View AVE, Norfolk, VA 23503,Video Tour
1957 E Ocean View AVE, Norfolk, VA 23503
1957 E Ocean View AVE, Norfolk, VA 23503
1957 E Ocean View AVE, Norfolk, VA 23503
1957 E Ocean View AVE, Norfolk, VA 23503
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Holly Mitchell

Holly Mitchell

+1(757) 513-3195
$ 700,000
Est. payment | /mo
Save Virtual Tour
$ 700,000
Est. payment | /mo
Save Virtual Tour

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Subdivision Ocean View East

MLS Listing ID 10643752

HOA Y/N No

Year Built 1962

Annual Tax Amount $6,540

Property 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

State VA

County Norfolk

Area 13 - North Norfolk

Interior

Hot Water Gas

Heating Nat Gas

Cooling Window/Wall

Flooring Laminate/LVP

Exterior

Parking Features Lot, Close to Mass Transit, Multi Car, Off Street

Garage Spaces 400.0

Utilities Available City Sewer, City Water, Electric, Gas

Roof Type Poly Skin

Building

Story 2.0000

Foundation Slab

Schools

Elementary Schools Bay View Elementary

Middle Schools Azalea Gardens Middle

High Schools Norview

Others

Senior Community No

Ownership Simple

Disclosures Disclosure Statement

Special Listing Condition Disclosure Statement

Virtual Tour https://www.zillow.com/view-imx/d0c815dd-acf4-4ddd-bb32-76a478196051?wl=true&setAttribution=mls&initialViewType=pano

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Listed by BHHS RW Towne Realty

Nearby Locations

Holly Mitchell

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(757) 513-3195

hollyexit@gmail.com

870 N Military Hwy Ste 100, Norfolk, Va., 23502

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1957 E Ocean View AVE