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    Four-Unit Apartment Building Title is generated by Realmo AI

    143 W Balview Avenue, Norfolk, VA 23503

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    For Sale
    $650,000

    MULTI_FAMILY - Norfolk, VA

    Property size:
    2,600 SF
    Price / SF:
    $250/SF
    Added:
    Jun 26, 2026
    Days on Market:
    9
    Last Refresh:
    Jul 4 at 2:06 am

    Property Features for 143 W Balview Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-12
    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

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    Nicholas Mironchik

    Listing agent Nicholas Mironchik

    Listing office The Bryant Group 1777 London Bridge Rd. #102, VIRGINIA BEACH, VA

    Listing date Jun 26, 2026

    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.

    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
    • Separately metered gas and electric; one shared water meter for the building
    • Laundry: units 1, 3, and 4 share a common washer/dryer; unit 2 has its own private washer/dryer plus a renovated kitchen (2023)
    • Unit 4 has a new tiled shower (2024); bonus common laundry/storage room

    Overview

    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.

    Local Financial Insights For Multifamily LT 5

    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 $51.5k $19.80
    − Vacancy −$2.8k −$1.09
    EGI $48.6k $18.71
    − OpEx −$14.6k −$5.61
    NOI $34.1k $13.10
    2,600 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $486.5K
    $425.7K – $567.6K (±1% cap)
    NOI $34,054 @ 7.0% cap · market cap 5.24%
    Second Best
    Apartment 5plus
    $436.9K
    $382.3K – $509.7K (±1% cap)
    NOI $30,583 @ 7.0% cap · market cap 4.71%
    Theoretical Best
    Office A
    $551.6K
    $482.6K – $643.5K (±1% cap)
    NOI $38,609 @ 7.0% cap · market cap 5.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Law Firm Dental Office Accounting Firm Computer & Electronic Repair Skin Care Clinic (Bike/Boat/Book/etc) Store Electrical Service Auto Parts Store Tech Support Center Clothing & Fashion Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2540456
    Latitude
    36.9530804

    FAQs

    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
    More about this property
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