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    Bayfront Investment Opportunity in Norfolk Title is generated by Realmo AI

    840 W Ocean View Avenue, Norfolk, VA 23503

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    Claim this Listing
    For Sale
    $2,000,000

    MULTI_FAMILY - Norfolk, VA

    Property size:
    4,020 SF
    Price / SF:
    $497/SF
    Added:
    Mar 3, 2026
    Days on Market:
    94
    Last Refresh:
    Jun 5 at 10:06 am

    Property Features for 840 W Ocean View Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-12
    Standard status
    Active
    Size
    4,020 SF

    Taxes and HOA fees

    Tax Annual Amount
    22952

    Utilities

    Water front
    1

    Building Details

    Year built
    1984
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    David Wilkey

    Listing agent David Wilkey License #232478

    Listing office BHHS RW Towne Realty 137 Mt Pleasant Road, Chesapeake, VA

    Listing date Mar 3, 2026

    MLS# 10623277 Listing URL

    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

    • Rare bayfront duplex with private beach access and panoramic water views on the Chesapeake Bay
    • Package sale includes a bayfront duplex and a well‑maintained four‑unit building
    • Strong income potential from renting both units of the duplex or the four‑unit building
    • Flexible options: live in one side of the duplex and rent the other, rent both, or convert to a single‑family home (subject to approvals)
    • Ideal for boating, fishing, kayaking, and enjoying sunsets
    • Convenient location near interstates, shopping, dining, and local amenities

    Overview

    This is a rare bayfront investment opportunity located on the shores of the Chesapeake Bay. The package sale includes two properties, offering a combination of waterfront lifestyle and income potential. The bayfront duplex features panoramic water views and private beach access, suitable for boating, fishing, kayaking, and enjoying sunsets. Flexible options allow for occupying one side while leasing the other, renting both units, or exploring conversion to a single waterfront residence, subject to approvals. Additionally, a well-maintained four-unit building with numerous updates provides a reliable income stream. This offering blends coastal living with investment performance. The properties are conveniently located near interstates, shopping, dining, and local amenities. The combined property size is 4020 square feet. The zoning is R-12. Both properties must be sold together as a package.
    Property Profile Location Intelligence

    Current Use by Public Records

    Will Bay Hotel & Motel

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Building Supply Gym & Fitness Center Accounting Firm Daycare Center Auto Repair Shop Pharmacy Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.273453
    Latitude
    36.965897

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    FAQs

    What type of property is this?
    Duplex - Rare bayfront duplex and four-unit building package for sale.
    Where is this duplex located?
    The property is located at 840 W Ocean View Avenue Norfolk, VA.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: Rare bayfront duplex with private beach access and **panoramic water views on the Chesapeake Bay**; Package sale includes a bayfront duplex and a well‑maintained four‑unit building; Strong income potential from renting both units of the duplex or the four‑unit building
    (757) 690-0439
    We can help!
    Listing Contact
    David Wilkey
    Real Estate License ID: 232478
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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