Overview
KLNB Multifamily Capital Markets, as exclusive agent, is pleased to present the opportunity to acquire Surf Rider, a 32-unit waterfront property located in Norfolk, VA, as well as 6 short term rental units.
Built in 1964, the two two-story buildings feature hardwood floors, carpeting, ceiling fans, stainless steel appliances in select units, in-unit W/D in select units, a laundry facility, and pet friendly units.
The property is situated in Hampton Roads, a region recognized for its ports, shipyards, maritime industries, food and beverage processing sectors, and aerospace. Hampton Roads is also home to all branches of the U.S. Armed Forces as well as the largest naval base in the world. With seven universities and three community colleges graduating approximately 17,000 students each year, the area benefits from a steady pipeline of highly skilled talent.
Investment Highlights
Ideal Location
The Surf Rider offers an outstanding location with its waterfront setting and close proximity to key amenities. Major highway I-64 is nearby, offering convenient travel to Norfolk International Airport and quick commutes to the area's largest employers including Sentara Healthcare and Old Dominion University, and Naval Station Norfolk - the largest naval base in the world. This prime location blends bayfront living with access to the essentials of work, travel, and recreation.
Turnkey Short-Term Rental Portfolio with Long-Term Licensing Advantage
The Poseidon and Beach Cottage STR units recently secured Conditional Use Permits valid through 2034, positioning these properties to maximize short-term rental income. This rare combination of historic architecture, modern conveniences, and a waterfront location presents a compelling opportunity for investors. The owner-occupied home adds significant revenue potential, while the rental units cater to a diverse tenant base, making this offering an ideal, high-performing asset.
Property Amenities
- Direct beach access
- Work from home pergolas
- Grilling area
- Lounging pergolas
- Outdoor shower
- Laundry facilities
- Parking
- Communal garden
Recent Renovations
- New beach deck
- New hardwood flooring*
- Fresh carpeting*
- Updated appliances*
- New storm doors*
- New Countertops*
- Updated bathroom vanities*
*only in some units
Consolidated Unit Mix
Photo Gallery
