Over-Under
New
For Sale
$375,000
180 W Balview Ave, Norfolk, VA 23503
Two residences offer separate bedroom and bathroom layouts, with solar panels serving the lower unit.
Property Size2,600 SF
Price / SF$144.23
Days on Market3
Property Features for 180 W Balview Ave
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multi-Family
Building Details
Year Built
1918
Listing Agency:
Signature Properties
Listed By:
Deanna Crook · License #70038
Source:
Atlanticsir
Added: Sep 29
Last Checked: Oct 1 at 8:43AM
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 Signature Properties
Investment Insights
Based on property information with market context.
This over-under duplex contains two three-bedroom residences. The lower unit has two bathrooms and solar panels serving its electric needs; the upper unit has one bathroom and has been updated. A fireplace is present but does not function.
The property is two blocks from the Chesapeake Bay, with restaurants, shops, and schools described as minutes away. Exterior features include a fenced backyard, a long driveway, and a garage divided between the tenants.
The property is two blocks from the Chesapeake Bay, with restaurants, shops, and schools described as minutes away. Exterior features include a fenced backyard, a long driveway, and a garage divided between the tenants.
Key Highlights
- Over‑under duplex with two three‑bedroom units
- Lower residence has 3 bedrooms, 2 bathrooms, and solar panels
- Updated upper residence has 3 bedrooms and 1 bathroom
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
9.08%
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 9.08%
Second Best
Apartment 5plus
$436.9K
$382.3K – $509.7K
NOI $30,583 @ 7.0% cap · market cap 8.16%
Theoretical Best
Office A
$551.6K
$482.6K – $643.5K
NOI $38,609 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
364
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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer separate bedroom and bathroom layouts, with solar panels serving the lower unit.
Where is this duplex located?
The property is located at 180 W Balview Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Over‑under duplex with two three‑bedroom units; Lower residence has 3 bedrooms, 2 bathrooms, and solar panels; Updated upper residence has 3 bedrooms and 1 bathroom
