244 Ethel Avenue Norfolk, VA 23504
MULTI_FAMILY - Norfolk, VA
Property Features for 244 Ethel Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-8
- Standard status
- Active
- Size
- 2,250 SF
Taxes and HOA fees
- Tax Annual Amount
- 4726
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1918
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Taylor Bishop (757) 517-8050
Listing office 757 Realty 512 S Lynnhaven Rd. Ste 102, Virginia Beach, VA (757) 557-0030
Listing date Jul 10, 2026
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Investment Insights
Based on property information with market context.
The property is located in Norfolk, VA and is described as being convenient to major highways, military bases, shopping, dining, and waterfront recreation.
Units are currently leased on month-to-month and one-year agreements, providing in-place income across all three apartments.
Key Highlights
- Triplex in Norfolk’s River View neighborhood built in 1918 with shingle roof and waterfront features
- Hardie board plank siding plus a back deck
- Apt 1: 2 bed, 1 full bath, full kitchen and spacious living area; leased month‑to‑month at $1,225/mo
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 | $44.6k | $19.80 |
| − Vacancy | −$2.5k | −$1.09 |
| EGI | $42.1k | $18.71 |
| − OpEx | −$12.6k | −$5.61 |
| NOI | $29.5k | $13.10 |