Under Contract | The Lafayette | Value-Add | 168 Unit High-Rise | Norfolk, VA

4601 Mayflower Rd Norfolk, VA 23508

  • 142,150 Square Feet
  • Multifamily-Apartment
  • For Sale

Summary Description

Built in 1963, The Layfayette is a 168-unit high-rise apartment community composed of one, two and three bedroom apartment homes in Norfolk, Virginia. Located in the heart of Norfolk and Close to Old Dominion University, the property features laundry facilities, bike storage, and a fitness center.

The Lafayette is ideally located near two of the most trafficked corridors in Norfolk, I-264 and I-64. The apartment complex is located just off Route 460, a primary feeder to the listed interstates. The Norfolk International Airport is 5.7 miles to the East, while the Newport News/Williamsburg International Airport is also just 24 miles away from The Lafayette, and is one of the most trafficked international airports in the mid-Atlantic.

Area Available: 142,150 Square Feet

Features:

  • Modernizations to Close the Rental Gap: Ownership has completed renovations of approximately 43 units, as turnover allowed. These units were able to achieve rental premiums of $88-225.
  • $1.1M in Capital Improvements: Current ownership has spent over $1.1M on a capital improvements program, which adds substantial value to The Lafayette and makes this 1963 vintage property more competitive with newer deliveries.
  • Close Proximity to Major Retail: The Lafayette is ideally located within close proximity to major retail corridors throughout the Norfolk market.
  • Job Growth in Norfolk: Axiometrics forecasts Virginia Beach-Norfolk-Newport News, VA-NC Metro Area’s job growth to be 1.0% in 2018, with 7,881 jobs added. Job growth is expected to average 1.0% from 2019 to 2021, with an average of 8,124 jobs added
  • 9' smooth ceilings.

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