Four-Unit Apartment
For Sale
$650,000
143 W Balview Avenue, Norfolk, VA 23503
Multi Family Residential, Over/Under, Norfolk, VA
Property Size2,600 SF
Price / SF$250
Days on Market65
Property Features for 143 W Balview Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-12
Subdivision
OCEAN VIEW
Elementary school
Ocean View Elementary
Middle school
Northside Middle School
Standard status
Active
Size
2,600 SF
Taxes and HOA fees
Tax Annual Amount
5366
Utilities
Water front features
Waterfront
Building Details
Year built
1900
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Bryant Group
(757) 255-8564
Listed By:
Nicholas Mironchik
(757) 982-2915
Added: Jun 26
Changed: Aug 19
Last Checked: Aug 29 at 4:06PM
MLS# 10641772
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 four-unit apartment building offers four 1BR/1BA residences. Units are separately metered for gas and electric, with one shared water meter serving the property. Laundry is available through a common washer/dryer shared by Units 1, 3, and 4, while Unit 2 includes a private washer/dryer and a renovated kitchen with quartz countertops, new cabinets, and appliances (2023). Unit 3 has updated cabinets, countertops, appliances, and LVP flooring, and Unit 4 includes a newly tiled shower (2024). There is also a bonus common laundry/storage room.
Recent improvements support the property’s condition and ongoing usability. Updates include new mini-split HVAC systems in all units (2023), fresh interior paint (2024), a new roof (2020), new PVC plumbing, and new fencing. Ring cameras convey with the sale. The building is described as being just one block from the beach, with walkable access to restaurants, shopping, and public transit.
For tenants or investors seeking a small, income-producing multifamily asset, the property is currently operated as all four units are leased, with tenants reportedly wishing to renew. Showings require an appointment. The mix of shared and in-unit laundry options and the metering setup may simplify day-to-day utility management for ownership.
Recent improvements support the property’s condition and ongoing usability. Updates include new mini-split HVAC systems in all units (2023), fresh interior paint (2024), a new roof (2020), new PVC plumbing, and new fencing. Ring cameras convey with the sale. The building is described as being just one block from the beach, with walkable access to restaurants, shopping, and public transit.
For tenants or investors seeking a small, income-producing multifamily asset, the property is currently operated as all four units are leased, with tenants reportedly wishing to renew. Showings require an appointment. The mix of shared and in-unit laundry options and the metering setup may simplify day-to-day utility management for ownership.
Key Highlights
- Waterfront 4‑unit apartment building, each unit is 1BR/1BA and all are currently rented with tenants wishing to renew
- Recent updates include new mini‑split HVAC systems in all units (2023), fresh interior paint (2024), and a new roof (2020)
- New PVC plumbing, new fencing, and Ring cameras convey
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
$34,054
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
5.24%
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%
$681,080
$681.1K
Cap Rate 7%
$486,486
$486.5K
Cap Rate 9%
$378,378
$378.4K
Market Conditions
NOI Build-Up for 2,600 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
$51.5K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$48.6K $18.71/SF
− OpEx
−$14.6K −$5.61/SF
NOI
$34.1K $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%
$681,080
Cap Rate 7%
$486,486
Cap Rate 9%
$378,378
Alternative Uses
Best Use
Multifamily LT 5
$486.5K
$425.7K – $567.6K
NOI $34,054 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$436.9K
$382.3K – $509.7K
NOI $30,583 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$551.6K
$482.6K – $643.5K
NOI $38,609 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
391
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?
Quadplex - Four 1BR/1BA units with separate gas and electric meters, plus shared water and on-site laundry.
Where is this quadplex located?
The property is located at 143 W Balview Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Waterfront 4‑unit apartment building, each unit is 1BR/1BA and all are currently rented with tenants wishing to renew; Recent updates include new mini‑split HVAC systems in all units (2023), fresh interior paint (2024), and a new roof (2020); New PVC plumbing, new fencing, and Ring cameras convey
