20-Unit Apartment
For Sale
$2,699,000
171 W Balview Ave, Norfolk, VA 23503
Two-story multifamily property offering a mix of one- and two-bedroom residences in Norfolk.
Property Size13,600 SF
Lot Size0.24 Acres
Days on Market94
Property Features for 171 W Balview Ave
General Information
Standard status
Active
Size
13,600 SF
Lot size
0.24 Acres
Property subtype
Multifamily
Units
Unit Mix
8 x 1BR/1BA, 12 x 2BR/1BA
Multifamily Units
20
Additional Details
Cap Rate
6.75%
Amenities
20 Units: A Mix of One- & Two-Bedrooms
TRANSIT ORIENTED Easy access to I-64, I-264, I-564, and Granby Street
EASY ACCESS TO NUMEROUS EMPLOYMENT CENTERS Within 10 minutes from Norfolk International Airport, IKEA, and Simon Premium Outlet Mall
Building Details
Building Size
13,600 SF
Year Built
1987
Buildings
2
Stories
2
Units
20
Listing Agency:
Hampton Roads Office
(202) 536-3719
Listed By:
Altay Uzun · License #License(s): VA: 0225214405
(202) 536-3719
Source:
Marcusmillichap
Added: May 29
Changed: Aug 30
Last Checked: Aug 30 at 1:10PM
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 Hampton Roads Office
Investment Insights
Based on property information with market context.
This multifamily asset comprises 20 apartments distributed between two two-story buildings. The unit mix includes eight one-bedroom, one-bath residences and twelve two-bedroom, one-bath residences. Both buildings were constructed in 1987 and occupy approximately 0.24 acres.
The property is located at 171-179 W Balview Avenue in Norfolk, Virginia. Its configuration provides a defined apartment community with a balanced mix of smaller and larger floor plans across the two-building layout.
The property is located at 171-179 W Balview Avenue in Norfolk, Virginia. Its configuration provides a defined apartment community with a balanced mix of smaller and larger floor plans across the two-building layout.
Key Highlights
- 20 total apartment units across two two‑story buildings
- Unit mix includes eight one‑bedroom/one‑bath units and twelve two‑bedroom/one‑bath units
- Buildings constructed in 1987
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
$159,974
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
5.93%
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%
$3,199,480
$3.2M
Cap Rate 7%
$2,285,343
$2.3M
Cap Rate 9%
$1,777,489
$1.8M
Market Conditions
NOI Build-Up for 13,600 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
$306.8K $22.56/SF
− Vacancy
−$16.0K −$1.17/SF
EGI
$290.9K $21.39/SF
− OpEx
−$130.9K −$9.62/SF
NOI
$160.0K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$3,199,480
Cap Rate 7%
$2,285,343
Cap Rate 9%
$1,777,489
Alternative Uses
Best Use
Apartment 5plus
$2.29M
$2.00M – $2.67M
NOI $159,974 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.89M
$2.52M – $3.37M
NOI $201,953 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
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?
Apartment building - Two-story multifamily property offering a mix of one- and two-bedroom residences in Norfolk.
Where is this apartment building located?
The property is located at 171 W Balview Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $2,699,000.
What are key features of this property?
This property features: 20 total apartment units across two two‑story buildings; Unit mix includes eight one‑bedroom/one‑bath units and twelve two‑bedroom/one‑bath units; Buildings constructed in 1987
