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$9,800,000
16 Days On Site

521 BOISSEVAIN
NORFOLK, VA 23507

For Rent|Commercial Lease|Active
0
Beds
0
Full Baths
0
Partial Baths

SqFt

/SqFt
1961
Built
County:
NORFOLK CITY
Listing courtesy of Greysteel Company LLC
521 BOISSEVAIN521 BOISSEVAIN521 BOISSEVAIN521 BOISSEVAIN
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THE OFFERING: A rare opportunity to acquire a 74-unit, multifamily community in Norfolk’s highly desirable Ghent neighborhood. The property consists of 34 studio, 20 one-bedroom, 16 one-bedroom split-level, and 4 two-bedroom apartments. Located in the heart of Norfolk’s highly desirable Ghent neighborhood the property is a short walk from Norfolk’s top attractions and employers. Renovated units in the submarket are achieving substantial rental premiums, offering new ownership an opportunity to capture best-in-market rental growth through interior upgrades. PRIME LOCATION WALKABLE TO ATTRACTIONS: Situated on the edge of North Ghent Historic District and Neon District, the property is walking distance from some of the area’s top attractions including; Chrysler Museum of Art, Stockley Gardens, Harrison Opera House, and many more. There are also a number of schools and restaurants within walking distance making this a sought-after location. The proximity to these attractions and lifestyle amenities will continue to drive market-leading demand in this submarket, putting new ownership in a position to benefit from a highly desirable market with strong economic fundamentals and trends. UNTAPPED VALUE-ADD OPPORTUNITY: The majority of units are in classic condition, leaving new ownership with a significant opportunity to the upgrade units in a submarket that can support significant rental increases. The average rent across the property is 35-40% below market. Presenting new ownership with the opportunity to capture significant rental increases following interior upgrades. IMMEDIATE ACCESS TO PUBLIC TRANSPORTATION: The Property is adjacent to multiple bus stops and the Tide Light Rail. The bus stops connect riders to major destinations throughout Hampton Roads like Old Dominion University, Norfolk International Airport, and Virginia Beach. The Tide Light Rail provides tenants direct access to Norfolk State University. This immediate access provides tenants the flexibility to rely on public transportation, if so desired.

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Listing Snapshot
Price 
$9,800,000
Days On Site 
16 Days
Bedrooms 
N/A
Inside Area (SqFt) 
N/A
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
0.94 Acres
Year Built 
1961
MLS® Number 
VANF2000070
Status 
Active
Property Tax 
N/A
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
2 weeks agoListing first seen on site
2 weeks agoListing updated with changes from the MLS®
General Features
Acres 
0.94
Available on 
2025-04-17
Lease Term 
Other
Parking 
Other
Sewer 
Private Sewer
Water Source 
Private
Zoning 
HC-G2
Interior Features
Appliances 
Electric Water Heater
Cooling 
Wall Unit(s)
Heating 
ElectricBaseboard
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Exterior Features
Construction Details 
Wood Siding
Community Features
School District 
NORFOLK CITY PUBLIC SCHOOLS
Schools
School District
NORFOLK CITY PUBLIC SCHOOLS
Elementary School
Unknown
Middle School
Unknown
High School
Unknown
Listing courtesy of Greysteel Company LLC



The real estate listing information is provided by Bright MLS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale or lease referenced on this web site comes from the Internet Data Exchange (IDX) program of the Bright MLS. This web site references real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Properties in listings may have been sold or may no longer be available. The data contained herein is copyrighted by Bright MLS and is protected by all applicable copyright laws. Any unauthorized collection or dissemination of this information is in violation of copyright laws and is strictly prohibited. Copyright © 2020 Bright MLS. All rights reserved.

Neighborhood & Commute
Source: Walkscore
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