1315 Little Bay Ave · Norfolk, VA 23503

$1,500,000

None bd · None ba · 9,334 sqft · MultiFamily public records · 154 Days on market

Built 1979

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.8/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

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). On-site common-area laundry adds convenience and potential ancillary income. Pro forma upside through rent lifts and continued unit refreshes. Ideal for an investor seeking stable in-place cash flow plus straightforward value-creation levers.

Key facts

• 2 bedroom apartments
• Strong curb appeal
• Solid brick exterior

Tags

• MULTIFAMILY OPPORTUNITY
• 2 BEDROOM APARTMENTS
• SOLID BRICK EXTERIOR
• STRONG CURB APPEAL
• HIGH TRAFFIC CORRIDOR
• ON SITE COMMON AREA LAUNDRY

What this means for you Summary

Snapshot

• This is a 12 × 2-bed/1-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $5k ($55k/yr) — positive. Per door: $384/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 4.0% in Norfolk — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#43 in VA, #1,026 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F.
• Norfolk City Public School District (urban): math 27% / reading 56% proficiency, ranked #118 of 131 in VA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.8%/yr); 198 active listings in the ZIP; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $18,500/mo this rent would consume 328% of the median local household income ($68k/yr) (locally 1948% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $420k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $899k; list at $1.50M implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,320,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.37%
• DSCR: 1.64
• GRM: 6.8

CMA / ARV

• ARV (median comp): $386,421
• List price: $1,500,000
• Delta: 288.18%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.76% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.20×
• Total profit: $83,544
• Equity at exit: $223,655

10-year hold

• IRR: 16.0%
• Equity multiple: 2.41×
• Total profit: $592,351
• Equity at exit: $129,693

Cash invested: $420,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 23503

• Home prices YoY: -19.9%
• Rents YoY: 4.8%
• Active inventory: 198
• Price-to-rent: 81.1×

Monthly cashflow live

• Estimated rent: $18,500 high
• Mortgage (P&I): −$7,866
• Tax from tax record: −$1,094 /mo · $13,123/yr
• Insurance: −$625
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,885
• Net cashflow: $4,604

Break-even live

Break-even rent $12,673

Max offer price $1,500,000

Occupancy floor 70%

Sensitivity live

Price	-10% $5,453	-5% $5,028	+0% $4,604	+5% $4,179	+10% $3,755
Rent	-10% $3,142	-5% $3,873	+0% $4,604	+5% $5,334	+10% $6,065
Rate	-1.0pp $5,359	-0.5pp $4,985	base $4,604	+0.5pp $4,215	+1.0pp $3,820

12-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	2	1	$18,504
Total (12 units)			$18,500

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $1,500,000 Active 154 DOM
2. 2026-06-18
   days on market $1,500,000 Active 151 DOM
3. 2026-06-17
   days on market $1,500,000 Active 150 DOM
4. 2026-06-16
   days on market $1,500,000 Active 149 DOM
5. 2026-06-15
   days on market $1,500,000 Active 148 DOM
6. 2026-06-13
   days on market $1,500,000 Active 146 DOM
7. 2026-06-09
   days on market $1,500,000 Active 142 DOM
8. 2026-06-08
   days on market $1,500,000 Active 141 DOM
9. 2026-06-07
   days on market $1,500,000 Active 140 DOM
10. 2026-06-03
    days on market $1,500,000 Active 136 DOM
11. 2026-06-02
    days on market $1,500,000 Active 135 DOM
12. 2026-06-01
    days on market $1,500,000 Active 134 DOM
13. 2026-05-31
    days on market $1,500,000 Active 133 DOM
14. 2026-02-18
    price $1,500,000 769-char remark

    Show marketing remark (769 chars)

    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). On-site common-area laundry adds convenience and potential ancillary income. Pro forma upside through rent lifts and continued unit refreshes. Ideal for an investor seeking stable in-place cash flow plus straightforward value-creation levers.

15. 2026-01-16
    listed $1,590,000 Active 769-char remark

    Show marketing remark (769 chars)

    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). On-site common-area laundry adds convenience and potential ancillary income. Pro forma upside through rent lifts and continued unit refreshes. Ideal for an investor seeking stable in-place cash flow plus straightforward value-creation levers.

16. 2025-12-18
    soldstatus $899,000
17. 2000-04-13
    soldstatus $285,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $13,123 · $1,094/mo
• Projected year-2 tax: $13,123 · $1,094/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $222,000
• − Mortgage interest: −$84,023
• − Property taxes: −$13,123
• − Insurance: −$12,618
• − Repairs & maintenance: −$17,760
• − Management: −$17,760
• − Depreciation: −$43,636
• Taxable income: $33,079
• Est. tax owed @ 24.0%: −$7,939
• After-tax cash flow: $47,306/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Norfolk City Public School District
• NCES district ID: 5102670
• Math proficiency: 27% ▼ -44.00%
• Reading proficiency: 56% ▼ -10.00%
• Median HH income: $44,358
• Composite: 35.08/100
• National rank: #5026
• State rank: #118 of 131 in VA

Livability — Norfolk

• Score: 83/100
• State rank: #43
• US rank: #1026

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime F Employment C- Housing A Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norfolk, VA
• County: Norfolk City · 214,042 people
• City population: 214,042
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 30,216
• Household income: $67,649
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 1948.0

Population outlook (Norfolk County) Hauer SSP2

• Today (2025): 249,032 people
• By 2030: 252,347 · +1.3%
• By 2040: 253,644 · +1.9%
• By 2050: 251,913 · +1.2%
• By 2075: 245,281 · -1.5%
• By 2100: 219,548 · -11.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Black 20% Hispanic / Latino 13% Two or more races 9% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Norfolk

• 2024 margin: Solid D (+41.5) · D 70.0% · R 28.5% · Other 1.6%
• 2008→2024 swing: -1.4pp toward R · 2008: 43.0pp · 2024: 41.5pp
• All cycles: 2024: D+41.5 2020: D+45.6 2016: D+42.0 2012: D+44.0 2008: D+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.48%
• Current HPI: 316.1563
• Rent YoY: ▲ 4.76%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

+426.3% since first listed

4 events — show timeline

• 2026-02-18 Price Changed $1,500,000 REINMLS
• 2026-01-16 Listed $1,590,000 REINMLS
• 2025-12-18 Sold (Public Records) $899,000 Public Records
• 2000-04-13 Sold (Public Records) $285,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $13,123 · +18.6% YoY. Source: county tax records.