Norfolk: In the Spotlight
Norfolk, Virginia is located 92 miles from Virginia’s capital city of Richmond and is part of the Virginia Beach–Norfolk–Newport News, VA–NC, Metropolitan Statistical Area. The population of Norfolk is just over 244,000, making it the 2nd most populous city in the State. It also covers around 96 square miles of land. Norfolk is home to the world’s largest Naval base and has a total of 144 miles of shoreline along its many lakes, and rivers, and the Bay.
- The unemployment rate is low, around 5.9%.
- The median household income is $59,590.
- The median age in Norfolk is 30 years old
- Norfolk employs over 101,000 residents
Norfolk Apartment Loan and Multifamily Property Facts
Norfolk is part of the Virginia market, which has seen some growth after recovering from 2020. Although unemployment is still high and people are still uncertain, the multifamily market is starting to pick up steam. Vacancy rates and new deals are helping spur the market.
- Norfolk has a moderate vacancy of around 7.1% across all rental properties
- There has been a marginal rent decrease, to $1,021 per month
- The homeownership rate is roughly 43%, which leaves around 57% of residents looking for rental properties.
Although 2020 was a difficult time in Norfolk, just as it was everywhere, the city is on the rebound and the market is looking good. With new developments and promising sales on the record, now is a good time to consider an apartment loan in the city.
Norfolk Apartment Loan and Lending Options
In Norfolk, Virginia there are several different ways that you can finance your new apartment investment. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your Norfolk Apartment Building Now
At Apartment.loans, we can help with all kinds of loans for apartments and commercial real estate in the city of Norfolk, VA. We work with value-add opportunities, ground-up developments, stabilized properties, and more. We know what it takes to get financed and find the best rates and we can help you get what you need.
The market in Norfolk is growing by the day and we can help you find the financing that you need before the competition gets too fierce. Whether you are financing your first deal or just looking for your next one, we’ve got you covered.