NORFOLK, VA 23502

3 Total Parcels Package Deal - over 6 acres

Asking Price: $1,250,000

Property Type: Land Assemblage / Multifamily Redevelopment Opportunity

Location: Elizabeth River Waterfront Norfolk, VA

Current Zoning: Industrial

Proposed Use: Multifamily Residential Apartment Development

Development Strategy: Combine all three parcels, demolish existing improvements, pursue rezoning from industrial to multifamily residential, and develop a new apartment complex.

Additional Information:

Rare opportunity to acquire a three-parcel waterfront assemblage along the Elizabeth River in Norfolk, Virginia!

This package consists of three adjacent parcels being offered together for a potential large-scale multifamily residential development.

The proposed development strategy involves consolidating the parcels, demolishing existing structures, and pursuing rezoning from industrial to multifamily residential to accommodate a new apartment community.

A newer apartment complex is located directly adjacent to the properties, providing nearby evidence of multifamily development activity.

Investment Highlights:

1) Three parcels offered together as one development package

2) Waterfront location along the Elizabeth River

3) Potential for a large-scale multifamily apartment development

4) Existing newer apartment complex directly adjacent

5) Opportunity to pursue rezoning from industrial to multifamily residential

6) Potential to maximize density through parcel assemblage and redevelopment. Ideal for multifamily developers, builders, and institutional investors

Development Considerations:

Buyer to independently verify achievable unit density, zoning and rezoning requirements, site plan feasibility, waterfront regulations, environmental conditions, floodplain requirements, utility availability, infrastructure costs, and all necessary development approvals.

COMPS: 

5430 Greenplain Road Norfolk, VA (180 unit complex next to subject properties) City Assessed at $23 million built in 2015

Closing Date: 1/8/2027

DISCLOSURES:

LICENSED AGENT WITH CREED REALTY

Buyers Must Conduct Their Own Due Diligence Before Executing an Agreement

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 package 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 property information, including acreage, boundaries, zoning, permitted density, environmental conditions, waterfront restrictions, utility availability, and redevelopment potential, must be independently verified by the buyer.

The proposed multifamily redevelopment is conceptual and subject to rezoning, municipal approvals, engineering studies, environmental review, and all applicable regulations. No specific unit count, rezoning approval, or development entitlement is guaranteed.

Buyer acknowledges that it is responsible for independently determining the feasibility, permitted uses, and value of the properties before entering into an agreement.