NORFOLK, VA 23518

Asking Price: $1,250,000.00

Property Type: Existing Multifamily + Adjacent Buildable Vacant Lot

Development Potential:

Option 1) Demo exisiting structure and combine both lots to build up to 12 Units (Combined Parcels)

Option 2) Keep exisitng structure as multi family and build 1 large SFR beachfront new build

Option 3) Keep exisiting structure as multi family, subdivide vacant lot next door and build 2 SFR beachfront and have total of 3 units 

Existing Improvements: Originally a Quadplex, Currently Converted into a Duplex. Existing structure is in move in ready condition and recently renovated.

Single family residential COMPS: 

9658 24th Bay Street, Norfolk (Not beachfront) SOLD for 1.7 mil

9622 26th Bay Street, Norfolk (Not beachfront) SOLD for 1.525 mil

4850 E Beach Drive, Norfolk (Not beachfront) PENDING ON MARKET FOR 1.99 mil

Additional Information:

Rare multifamily redevelopment opportunity in Norfolk! Two adjacent parcels being offered together, featuring an existing multifamily structure and a buildable vacant lot.

Per preliminary confirmation from the City of Norfolk, demolition of the existing structure would allow for the potential development of up to 12 units across the combined parcels.

Investors have the opportunity to explore redevelopment into a new 12-unit multifamily project or evaluate retaining the existing duplex.

Investment Highlights:

Two adjacent parcels sold together

Potential for up to 12 new units

Existing quadplex currently configured as a duplex

Adjacent vacant buildable lot

City-confirmed preliminary redevelopment potential, subject to final approvals

Ideal opportunity for multifamily developers and buy-and-hold investors

Closing Date: JANUARY 14, 2027

DISCLOSURES:

LICENSED AGENT WITH CREED REALTY

Buyers are responsible for conducting their own due diligence, including independent verification of zoning, density, permitted uses, demolition requirements, site plans, utilities, parking, setbacks, building permits, and all necessary municipal approvals. The 12-unit development potential is based on preliminary information provided by the City and is not a guarantee of final approval.

Priority Given to Sight-Unseen Offers

Buyer Responsible for ALL Closing Costs

No Amendments or Alterations to Agreement Post Inspection

Earnest Money Deposit (EMD) Due Within 24 Hours of Agreement Execution

NON-CIRCUMVENTION NOTICE:

YOU ARE STRICTLY PROHIBITED FROM CONTACTING ANY SELLER OR OTHERWISE USING ANY INFORMATION PROVIDED TO YOU WITHOUT THE EXPRESS WRITTEN CONSENT OF NONSTOP INVESTMENTS LLC.

Any property information received is proprietary information belonging to Nonstop Investments LLC (NSI). Properties are currently under contract to NSI. Any transaction consummated by a buyer will be pursuant to an assignment of NSI's contract. Unauthorized seller contact may constitute intentional interference with contractual relations and may result in legal action.

PROPERTY CONDITION & BUYER DUE DILIGENCE:

This property is offered strictly AS-IS, WHERE-IS, with no warranties or representations by NSI regarding condition, value, measurements, zoning, development feasibility, or permitted uses.

All information, including lot size, square footage, existing unit count, zoning, potential density, utilities, parking requirements, and redevelopment potential, must be independently verified by the buyer through the appropriate municipal departments and qualified professionals.

Buyer acknowledges that any projected development potential, including the proposed 12-unit redevelopment, is subject to applicable zoning regulations, site plan review, permitting, and all required governmental approvals. Buyer is responsible for determining the feasibility and value of the property before entering into an agreement.