Duplex with Bay-View
For Sale
$499,900
1607 E Ocean View Avenue, Norfolk, VA 23503
MULTI_FAMILY - Norfolk, VA
Property Size2,228 SF
Price / SF$224.37
Days on Market57
Property Features for 1607 E Ocean View Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-12
Subdivision
OCEAN VIEW
Elementary school
Bay View Elementary
Middle school
Azalea Gardens Middle
Directions
LA/Office uploads own photo
Standard status
Active
Size
2,228 SF
Taxes and HOA fees
Tax Annual Amount
5729
Utilities
Water front features
Waterfront
Building Details
Year built
1932
Roof type
Shingle
Listing Agency:
Long & Foster Real Estate Inc.
(804) 639-4663
Listed By:
Autumn Love
Added: Jun 17
Changed: Jul 18
Last Checked: Aug 12 at 2:06PM
MLS# 10640205
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 includes two separately equipped units. The first-floor unit offers a 4-bedroom, 2-bath layout with a kitchen that includes abundant cabinetry, a pantry, and dedicated workspace, plus washer/dryer hookup. The upper level is a separate 1-bedroom apartment with water views, remodeled in 2016.
Recent updates include a new sewer line from the house to the street (2019), complete electrical rewiring, a sealed crawl space, a new garbage disposal, new flooring, and updated appliances in Unit 1. The property also features newly updated bathroom fixtures, a Google smart thermostat, and an ADT security system with cameras and door/window sensors.
Outside, the duplex includes a private backyard and ample off-street parking. The property is located on a high lot directly across from the Chesapeake Bay, with water views from the upstairs apartment.
Recent updates include a new sewer line from the house to the street (2019), complete electrical rewiring, a sealed crawl space, a new garbage disposal, new flooring, and updated appliances in Unit 1. The property also features newly updated bathroom fixtures, a Google smart thermostat, and an ADT security system with cameras and door/window sensors.
Outside, the duplex includes a private backyard and ample off-street parking. The property is located on a high lot directly across from the Chesapeake Bay, with water views from the upstairs apartment.
Key Highlights
- Duplex with water views; located on a high lot across from the Chesapeake Bay with waterfront access nearby
- Year built 1932; upstairs 1‑bedroom apartment remodeled in 2016
- Unit 1: 4‑bedroom, 2‑bath layout with high ceilings; includes kitchen pantry and washer/dryer hookups
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,182
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$583,640
$583.6K
Cap Rate 7%
$416,886
$416.9K
Cap Rate 9%
$324,244
$324.2K
Market Conditions
NOI Build-Up for 2,228 SF
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.
Gross rent
$44.1K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$41.7K $18.71/SF
− OpEx
−$12.5K −$5.61/SF
NOI
$29.2K $13.10/SF
Area
Norfolk, VA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$583,640
Cap Rate 7%
$416,886
Cap Rate 9%
$324,244
Alternative Uses
Best Use
Multifamily LT 5
$416.9K
$364.8K – $486.4K
NOI $29,182 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$374.4K
$327.6K – $436.8K
NOI $26,207 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$472.6K
$413.6K – $551.4K
NOI $33,085 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
Explore this area
Business Placement
Demographics for 23503, VA
31,932
Population
15,350
Households
2.1
Avg Household Size
35
Median Age
31%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
6,386
Density / Sq Mi
$62,428
Median Household Income
$42,850
Median Earnings
$1,195
Median Rent
$273,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with two separately equipped units, including an upstairs 1-bedroom with water views.
Where is this duplex located?
The property is located at 1607 E Ocean View Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Duplex with water views; located on a high lot across from the Chesapeake Bay with waterfront access nearby; Year built 1932; upstairs 1‑bedroom apartment remodeled in 2016; Unit 1: 4‑bedroom, 2‑bath layout with high ceilings; includes kitchen pantry and washer/dryer hookups
