Updated Duplex with Private
For Sale
$525,000
1012 Balview Ave, Norfolk, VA 23503
Two residential units provide three bedrooms, two baths, and individual backyard space.
Property Size2,656 SF
Price / SF$197.67
Days on Market92
Property Features for 1012 Balview Ave
General Information
Standard status
Active
Size
2,656 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
private back yards
Building Details
Year Built
1989
Buildings
1
Listing Agency:
Real Broker LLC
Listed By:
Christy Allen
(855) 450-0442
Source:
Honorableservicerealty
Added: Jul 16
Changed: Oct 4
Last Checked: Oct 15 at 2:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Real Broker LLC
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each offering 1,328 square feet with three bedrooms and two baths. The property totals 2,656 square feet and includes a private backyard for each unit. Built in 1989, the building has been updated and is described as move-in ready.
Located at 1012 Balview Ave in Norfolk’s Ocean View area, the property is three blocks from the beach. Its two-unit configuration, bedroom count, and separate outdoor areas provide a clear residential income property layout.
Located at 1012 Balview Ave in Norfolk’s Ocean View area, the property is three blocks from the beach. Its two-unit configuration, bedroom count, and separate outdoor areas provide a clear residential income property layout.
Key Highlights
- Two‑unit duplex with 2,656 square feet total
- Each unit measures 1,328 square feet
- 3 bedrooms and 2 baths per unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,787
Cap Rate
6.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$695,740
$695.7K
Cap Rate 7%
$496,957
$497.0K
Cap Rate 9%
$386,522
$386.5K
Market Conditions
NOI Build-Up for 2,656 SF
Gross rent
$52.6K $19.80/SF
− Vacancy
−$2.9K −$1.09/SF
EGI
$49.7K $18.71/SF
− OpEx
−$14.9K −$5.61/SF
NOI
$34.8K $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 Rate 5%
$695,740
Cap Rate 7%
$496,957
Cap Rate 9%
$386,522
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.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
220
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide three bedrooms, two baths, and individual backyard space.
Where is this duplex located?
The property is located at 1012 Balview Ave 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: Two‑unit duplex with 2,656 square feet total; Each unit measures 1,328 square feet; 3 bedrooms and 2 baths per unit
