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OV Investment Group Purchases Multifamily Property In Norfolk For $1.46 Million With Brokers Simpson And Conradi

Property Image
SOLD
$1,460,000
Erik Conradi
Clark Simpson

Virginia

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MultiFamily
Sold 06/16/2025
the dealplayerscompscontact
Property Image
SOLD

OV Investment Group Purchases Multifamily Property In Norfolk For $1.46 Million With Brokers Simpson And Conradi

570 West Ocean View Avenue

See Similar Deals
MultiFamily
Sold 06/16/2025
Erik Conradi
Clark Simpson
the dealplayerscompscontact
Contact now

Summary

VIRGINIA
Asset Type:MultiFamily
Transaction Type:Sale

A multifamily property located at 570 West Ocean View Avenue in Norfolk, VA, was sold for $1,460,000. This transaction involved the acquisition of a multi-family asset, showcasing its investment potential in a key market area.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $1,460,000
  • Buyer: OV Investment Group, LLC
  • Address: 570 West Ocean View Avenue
  • Market: Norfolk, VA
  • Brokers: Clark Simpson & Erik Conradi - Cushman & Wakefield

Clark Simpson and Erik Conradi from Cushman & Wakefield represented the seller in this transaction, facilitating the deal that involved OV Investment Group, LLC as the buyer. Their role as brokers was crucial in navigating the sale of this multifamily property.

Players

Clark Simpson
Cushman & Wakefield
Clark Simpson
16 deals$87.8M volume
BROKER
Erik Conradi
Cushman & Wakefield
Erik Conradi
13 deals$73.3M volume
BROKER
Cushman & Wakefield
Cushman & Wakefield
BROKERAGE

Details

SOLD
IMAGE: 06/16/2025 ADDRESS: 570 West Ocean View Avenue MARKET: Norfolk, VA ASSET TYPE: MultiFamily BUYER: OV Investment Group, LLC BROKERS: Clark Simpson & Erik Conradi - Cushman & Wakefield SALE PRICE: $1,460,000 NOTE: OV Investment Group bought a multifamily property at 570 West Ocean View Avenue in Norfolk for $1.46 million. Thalhimer’s Capital Markets Group brokers Clark Simpson and Erik Conradi represented the seller.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$77,866.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$5,187.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,921.14
Annual Debt Service$83,053.74