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Three-Unit Triplex with Back Deck

244 Ethel Avenue Norfolk, VA 23504

New
244 Ethel Avenue, Norfolk, VA, 23504
$499,900
For Sale
Claim this Listing
$499,900

MULTI_FAMILY - Norfolk, VA

Property Size2,250 SF
Price / SF$222.18
AddedJul 10
Days on Market6
Last RefreshJul 15 at 7:06 am

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

Listing office 757 Realty 512 S Lynnhaven Rd. Ste 102, Virginia Beach, VA

Listing date Jul 10, 2026

MLS# 10643163

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 for-sale triplex includes three separate living spaces. Apt 1 offers two bedrooms, one full bathroom, a spacious living area, and a full kitchen. Apt 2 is a 1-bedroom efficiency layout with its own kitchen and full bathroom. Apt 3 has been renovated and includes a brand-new kitchen with custom cabinetry, quartz countertops, a tiled walk-in shower, dedicated office space, and views of the Lafayette River. The exterior features durable Hardie board plank siding and a back deck.

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
2,250 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%

Alternative Uses

Best Use
Multifamily LT 5
$421.0K
$368.4K – $491.2K (±1% cap)
NOI $29,470 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$378.1K
$330.8K – $441.1K (±1% cap)
NOI $26,466 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$477.3K
$417.6K – $556.9K (±1% cap)
NOI $33,411 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Triplexes

Suggested Use

Dental Office Real Estate Agency Parking Lot & Garage Law Firm Food Market (Bike/Boat/Book/etc) Store Bakery Grocery & Convenience Store Accounting Firm Storage Facility

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

FAQs

What type of property is this?
Triplex - Triplex with three separate units, including a renovated third unit and a back deck.
Where is this triplex located?
The property is located at 244 Ethel Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 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
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