Welcome to Lamberts Point!

Open House: Saturday, November 29th from 2 to 4 pm.

Prime Investment Property with Strong Student Rental Appeal Near ODU

Charming, completely renovated, Craftstman/cottage-style 4-suite residence, perfectly designed for high-demand student and multi-tenant living, offers exceptional rental potential near ODU. Located directly across from the scenic 39th St Park and lake, the property provides both convenience and lifestyle appeal for students, young professionals, or long-term tenants.

Inside, the open-concept first floor features high ceilings and a bright, spacious flow through the living, dining, and kitchen areas. Industrial-inspired touches including a brick accent wall, stained concrete flooring, exposed ductwork, and an electric fireplace with LED lighting create a modern, loft-like atmosphere that’s both stylish and low-maintenance.

The well-appointed kitchen includes new stainless steel Energy Star appliances, contemporary cabinetry, and a practical washer/dryer combo, making shared living simple for tenants. Throughout the home, LED lighting, cable TV and Wi-Fi hookup help keep operating costs low and convenience high.

The home features four spacious, sun-filled private suites, each with a full bath and large closet, ideal for individual leasing arrangements. One suite offers a balcony with peaceful park and water views, while the rear suite provides exceptional flexibility with private exterior access, a large walk-in closet, a kitchenette, and a communicating door that allows for adjoining-room potential.

Safety and security are top-tier, with steel entry and solid interior doors, SimpliSafe security system, a Ring video doorbell, motion and glass-break sensors, interconnected smoke and CO detectors, and dusk-to-dawn LED exterior lighting.

Exterior highlights include a welcoming covered front porch, bike storage, and off-street parking for four vehicles. The home also features high-efficiency heating and air conditioning, an electric water heater, and sits on a low-maintenance 2,612 sq ft lot.

The location of this property places tenants near ODU, entertainment venues, restaurants, shopping, and just minutes from major commuting routes. No flood insurance required.

The house is fully rented through July 26, 2026 with an income of $3,025/month and the tenants wish to renew if possible. There is also a possibility for owner occupant to continue to rent separate suite for $800/month to offset expenses. This property is currently enrolled in the Norfolk Tax Abatement Program with a $110/month savings that conveys to the new owner (in year 5 of 15).

Don’t miss this completely turn-key investment opportunity with strong rental demand, excellent proximity to campus, and a layout built for reliable, year-round occupancy.

Interior Features
• Open-concept first floor with high-ceilings in the living/dining room, and kitchen area
• Living/dining room features electric fireplace with LED lighting, a brick accent wall, stained concrete, and exposed ductwork
• Kitchen features new stainless steel Energy Star appliances, contemporary cabinetry, and a washer/dryer combo
• Four spacious and sun-filled private suites with baths and large closets (one suites has a balcony with a park and water view and the rear suite has separate access, private bath, huge walk-in closet, kitchenette, and a communicating door that provides the opportunity to create adjoining rooms)
• LED lighting helps keep utility costs low
• Cable TV and Wi-Fi hookup

Exterior Features
• Charming, completely renovated, Cottage-style residence with a covered front porch
• Steel entry and solid interiors doors
• High-efficiency heating and air conditioning
• Electric water heater
• SimplySafe Security system
• Ring video doorbell
• Motion and glass break sensors
• Interconnected smoke and CO detectors
• Dusk-to-dawn LED exterior lighting
• Bike storage
• Off-street parking for 4 vehicles
• 2,612 sq ft lot

Helpful Info
• Schools: Larchmont Elementary, Blair Middle and Maury High School
• No flood insurance required
• Completely renovated property situated across from the scenic 39th St Park and lake. Near ODU campus, training facilities, sporting events, local entertainment venues, restaurants, and shopping.
• Currently enrolled in the Norfolk Tax Abatement Program with a $110/month savings that conveys to the new owner (in year 5 of 15)
• House is fully rented for $3,025/month through July 26, 2026. Tenants wish to renew if possible.
• Possibility for owner occupant to continue to rent separate suite for $800/month to offset expenses
• 2024 NOI based on $35,460 of income minus $9919 in expenses (Accounting - $1570, Advertising - $107.20, Insurance - $1331.73, Maintenance - $1170.32, Repairs - $2861.08, Taxes - $2225.56, Utilities $653.07) = $25,541 / $364,900 = 7% return / cap rate.