Updated Duplex with Private
1012 Balview Avenue Norfolk, VA 23503
For Sale
$525,000
MULTI_FAMILY - Norfolk, VA
Property Size2,656 SF
Price / SF$197.67
Days on Market16
Property Features for 1012 Balview Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R8
Standard status
Active
Size
2,656 SF
Taxes and HOA fees
Tax Annual Amount
4175
Utilities
Water front features
Waterfront
Building Details
Year built
1989
Roof type
Composition
Architectural style
Other
Listing Agency:
Real Broker LLC
(855) 450-0442
Listed By:
Christy Allen
(855) 450-0442
Added: Jul 14
Changed: Jul 18
Last Checked: Jul 29 at 10:06PM
MLS# 10644199
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers two spacious units, each with three bedrooms and two bathrooms. Each unit is described as having private back yards, and the property is presented as updated and move-in ready.
The duplex is located in Ocean View, Norfolk, Virginia. The public remarks note the beach is approximately three blocks away.
Overall, the property is configured as a side-by-side or closely paired duplex setup with repeatable unit layouts, making it well-suited for an owner-occupant or an investor seeking two contained residential units within one property.
The duplex is located in Ocean View, Norfolk, Virginia. The public remarks note the beach is approximately three blocks away.
Overall, the property is configured as a side-by-side or closely paired duplex setup with repeatable unit layouts, making it well-suited for an owner-occupant or an investor seeking two contained residential units within one property.
Key Highlights
- Huge duplex in Ocean View with 3 bedrooms and 2 baths in each unit
- Each unit offers 1,328 SF of living space
- Private back yards included with both units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.6k | $19.80 |
| − Vacancy | −$2.9k | −$1.09 |
| EGI | $49.7k | $18.71 |
| − OpEx | −$14.9k | −$5.61 |
| NOI | $34.8k | $13.10 |
2,656 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$497.0K
$434.8K – $579.8K
NOI $34,787 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$446.3K
$390.5K – $520.7K
NOI $31,242 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$563.4K
$493.0K – $657.3K
NOI $39,440 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - For sale duplex in Ocean View offering two 3-bedroom, 2-bath units with private back yards.
Where is this duplex located?
The property is located at 1012 Balview Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Huge duplex in Ocean View with 3 bedrooms and 2 baths in each unit; Each unit offers 1,328 SF of living space; Private back yards included with both units
