1401-1411 Lois Ln
Norfolk, VA 23513

Marcus & Millichap is pleased to present the Offering Memorandum for the Lois Lane duplex portfolio located at 1401,1402,1405,1409 and 1411 Lois Lane, in Norfolk, Virginia. Lois Lane neighbors North Military Highway (0.5 mi), a primary traffic artery through the South Hampton Roads region, and a dominant route through The City of Norfolk. The portfolio consists of five (5) two-bedroom and 1-bathroom duplexes. The properties are serviced by I-64 (0.5 mi), known as Hampton Roads Beltway and accessible in less than a mile of the property, provides tenants access to Norfolk's major commercial corridors and top employment drivers including the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE systems, Norfolk State University and more. Tenants with school-age children have access to public schools less than a mile away. The Norfolk International Airport, which serves the entire Hampton Roads, is located only 1.5 miles from the property. Downtown Norfolk recently renovated; the Waterside District ($50 Million), Hilton Main Hotel ($150 Million), The ICON Luxury Apartments ($100 Million), and ADP ($32.5 Million). Automatic Data Processing (ADP) is expected to bring an estimated 2,000 jobs to the area and is anticipated to produce annual regional earnings of about $158 million as the overall economic impact climbs to almost $465 million, alone. The Norfolk Premium Outlets, a 332,000 sq ft outlet mall located 2.5 miles from the property, opened July 2017 and has 50 retail and restaurant locations for residents and tourists to experience high-end shopping. Ikea is opening its Norfolk location, the first in Hampton Roads, in Spring of 2019 and is expected to employ over 250 local residents. The 331,000 sq ft store located 3 miles from the property will feature nearly 10,000 items, 50 rooms, a kids play area, a food market and a 450-seat restaurant.