143 W Balview Avenue, Norfolk, VA 23503
- Added:
- Jun 26, 2026
- Days on Market:
- 9
- Last Refresh:
- Jul 4 at 4:06 am
Property Features for 143 W Balview Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-12
- Standard status
- Active
- Size
- 2,600 SF
Taxes and HOA fees
- Tax Annual Amount
- 5366
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1900
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Nicholas Mironchik (757) 982-2915
Listing office The Bryant Group 1777 London Bridge Rd. #102, VIRGINIA BEACH, VA (757) 255-8564
Listing date Jun 26, 2026
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.
HighLights
- Waterfront 4‑unit apartment building, each unit is 1BR/1BA and all are currently rented with tenants wishing to renew
- Recent updates include new mini‑split HVAC systems in all units (2023), fresh interior paint (2024), and a new roof (2020)
- New PVC plumbing, new fencing, and Ring cameras convey
- Separately metered gas and electric; one shared water meter for the building
- Laundry: units 1, 3, and 4 share a common washer/dryer; unit 2 has its own private washer/dryer plus a renovated kitchen (2023)
- Unit 4 has a new tiled shower (2024); bonus common laundry/storage room
Overview
Recent improvements support the property’s condition and ongoing usability. Updates include new mini-split HVAC systems in all units (2023), fresh interior paint (2024), a new roof (2020), new PVC plumbing, and new fencing. Ring cameras convey with the sale. The building is described as being just one block from the beach, with walkable access to restaurants, shopping, and public transit.
For tenants or investors seeking a small, income-producing multifamily asset, the property is currently operated as all four units are leased, with tenants reportedly wishing to renew. Showings require an appointment. The mix of shared and in-unit laundry options and the metering setup may simplify day-to-day utility management for ownership.
Local 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 | $51.5k | $19.80 |
| − Vacancy | −$2.8k | −$1.09 |
| EGI | $48.6k | $18.71 |
| − OpEx | −$14.6k | −$5.61 |
| NOI | $34.1k | $13.10 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.2540456
- Latitude
- 36.9530804