Small Deal, Strong Yield: What Cape View Avenue Says About Norfolk's Multifamily Market

Not every standout deal comes with double-digit unit counts or headline-grabbing price tags. Sometimes the most compelling story is in the yield. That's the case with 9619 Cape View Avenue in Norfolk, VA, a 6-unit multifamily property the Uzun Group at Marcus & Millichap closed in September 2025 for $660,000 — a 6.68% cap rate and $110,000 per unit.

For context, that cap rate sits well above what investors typically see on larger, institutional-scale multifamily assets in Norfolk. It's a return profile more commonly associated with value-add or higher-risk plays, yet Cape View Avenue delivered it on a small, manageable 6-unit property — the kind of deal size that's often more accessible to private investors and first-time multifamily buyers.

That combination — strong yield, low unit count, approachable price point — is exactly why boutique multifamily assets continue to see steady demand in Norfolk. Investors don't need eight-figure capital to find real returns in this market; they need the right property and the right team to get the deal done.

Jack Carroll led the transaction, with Altay Uzun and Justin Ferguson supporting the deal from start to finish.

Own a smaller multifamily property in Norfolk or Hampton Roads? The Uzun Group offers free property valuations to help owners understand what kind of return their asset could command in today's market.