Updated Jun 25, 2025
OV Investment Group Purchases Multifamily Property In Norfolk For $1.46 Million With Brokers Simpson And Conradi
570 West Ocean View Avenue
$1,460,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 16, 2025
About this deal
AI
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.
On the Map
$1,460,000
MultiFamily
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Players
Norfolk MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
10.87%
Cash-on-Cash
-3.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93