Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multifamily Property in Norfolk, VA Title is generated by Realmo AI

    9544 20th Bay & 9546 20th Bay Street, Norfolk, VA 23518

    View on Map
    Claim this Listing
    For Sale
    $995,000

    MULTI_FAMILY - Norfolk, VA

    Property size:
    4,400 SF
    Price / SF:
    $226/SF
    Added:
    Apr 1, 2026
    Days on Market:
    63
    Last Refresh:
    Jun 2 at 6:06 pm

    Property Features for 9544 20th Bay & 9546 20th Bay Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-12
    Standard status
    Active
    Size
    4,400 SF

    Taxes and HOA fees

    Tax Annual Amount
    7114

    Utilities

    Water front features
    Waterfront

    Building Details

    Year built
    1961
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Aric Martinez
    Aric Martinez

    Listing agent Aric Martinez

    Listing office Thrive Realty 1658 Pleasure House Rd. Suite 104, Virginia Beach, VA

    Listing date Apr 1, 2026

    MLS# 10627855 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

    • Four units offer diverse rental income streams or owner‑occupancy potential.
    • Prime location: close to recreation, shopping, and restaurants.
    • Recent exterior renovation with James Hardie Board and Batten, shake in gables, new Simonton windows, and new doors.
    • Two kitchens recently completely redone with ongoing updates.
    • Ample off‑street parking and significant greenspace for tenants.
    • Waterfront features.

    Overview

    This multifamily property in Norfolk, Virginia, features two side-by-side 4/2 units with yards and two side-by-side 2/1 units. The exterior has been completely redone with James Hardie Board and Batten and shake in gables, along with new Simonton windows and new doors. Two of the kitchens have been recently completely redone, and updates are ongoing. The property offers at least six off-street parking spaces and a lot of greenspace for tenants. It is located half a block from a recreation center, basketball courts, a playground, and the Pretty Lake fishing pier, and two blocks from the beach. Cova Brewing, East Beach Square shopping center, and other restaurants are within a couple of blocks. The property is located in East Ocean View, making it a potential rental portfolio addition, or for living in one unit and renting the rest. The property is zoned R-12 and has a total size of 4400 square feet. Rents are target prices once work is completed.

    Local Financial Insights For Apartment 5plus

    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 $99.3k $22.56
    − Vacancy −$5.2k −$1.17
    EGI $94.1k $21.39
    − OpEx −$42.3k −$9.62
    NOI $51.8k $11.76
    4,400 SF · lease $22.56/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $739.4K
    $647.0K – $862.6K (±1% cap)
    NOI $51,756 @ 7.0% cap · market cap 5.20%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $933.4K
    $816.7K – $1.09M (±1% cap)
    NOI $65,338 @ 7.0% cap · market cap 6.57%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Map

    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.194292
    Latitude
    36.927315

    Nearby Similar for Sale

    • $550,000
      4,110 SF

      Multi-Entrance Commercial Office Building

      Flexible C-1 commercial building with front and rear parking and multiple private entrances for adaptable tenant or suite use.
      2474 E Little Creek Road, Norfolk, VA 23518
      View Details
    • $850,000
      12,620 SF

      Versatile Commercial Building Near ODU

      Expansive commercial building with office space, bay doors, and parking.
      860 45th Street, Norfolk, VA 23508
      View Details
    • $1,400,000
      6,400 SF

      Historic Norfolk Restaurant Investment Opportunity

      Turnkey restaurant and bar in downtown Norfolk's historic district.
      241 Granby Street, Norfolk, VA 23510
      View Details
    • $779,900
      11,904 SF

      Norfolk Church with Modern Upgrades

      Church with modern upgrades in Norfolk's Glenwood Park neighborhood.
      241 Forrest Avenue, Norfolk, VA 23505
      View Details
    • $725,000
      9,076 SF

      Norfolk Commercial Properties For Sale

      Commercial properties available for sale in Norfolk, Virginia.
      916 W 25th Street, Norfolk, VA 23517
      View Details
    • $725,000
      5,867 SF

      Norfolk Commercial Property For Sale

      Commercial property available in Norfolk, Virginia.
      915 W 26th Street, Norfolk, VA 23517
      View Details
    • $1,500,000
      2,200 SF

      Turnkey Auto Repair Shop Norfolk

      Established auto repair shop with real estate in Norfolk, VA.
      1231 Norview Avenue, Norfolk, VA 23513
      View Details
    • $1,390,000
      3,700 SF

      Renovated Multifamily Building Near Beach

      Fully renovated, eight-unit apartment building near Ocean View Pier.
      350 Staten Street, Norfolk, VA 23503
      View Details
    • $1,200,000
      10,500 SF

      Multitenant Office Building Investment Opportunity

      10,500 SF multitenant office building in Norfolk, Virginia for sale.
      1761 Church Street, Norfolk, VA 23504
      View Details
    • $2,000,000
      4,020 SF

      Bayfront Investment Opportunity in Norfolk

      Rare bayfront duplex and four-unit building package for sale.
      840 W Ocean View Avenue, Norfolk, VA 23503
      View Details
    • $1,449,800
      17,500 SF

      Mixed-Use Building on Princess Anne

      Mixed-use building with retail, office, and residential units.
      5010 Princess Anne Road E, Norfolk, VA 23502
      View Details
    • $230,000
      2,665 SF

      Norfolk Duplex with Garage

      Duplex with garage, carport, and partially finished attic.
      2615 Ballentine Boulevard, Norfolk, VA 23509
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Multifamily property with yards, parking, and greenspace near beach.
    Where is this multifamily property located?
    The property is located at 9544 20th Bay & 9546 20th Bay Street Norfolk, VA.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Four units offer diverse rental income streams or owner‑occupancy potential.; Prime location: close to recreation, shopping, and restaurants.; Recent exterior renovation with James Hardie Board and Batten, shake in gables, new Simonton windows, and new doors.
    (757) 748-4087
    We can help!
    Listing Contact
    Aric Martinez
    Aric Martinez
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    9544 20th Bay & 9546 20th Bay Street, Norfolk, VA 23518
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!