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 Market45
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
(757) 424-9007
Listed By:
Christy Allen
Source:
Veritygroup
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 25 at 5:47AM
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 = 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
$34,787
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
6.63%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
