Quadplex with In-Unit
For Sale
$1,850,000
840 W Ocean View Ave, Norfolk, VA 23503
Four-unit rental property near Chesapeake Bay, beaches, shopping, dining, and major military installations.
Property Size4,020 SF
Price / SF$460.20
Days on Market51
Property Features for 840 W Ocean View Ave
General Information
Standard status
Active
Size
4,020 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
6
Amenities
washer and dryer
video surveillance
Building Details
Year Built
1984
Buildings
2
Listing Agency:
Better Homes & Gdns Ntv Am Grp
(757) 478-4881
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 11:02AM
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 Better Homes & Gdns Ntv Am Grp
Investment Insights
Based on property information with market context.
Built in 1984, this 4,020-square-foot quadplex contains four residential units, each equipped with its own washer and dryer. The property is offered for sale as part of a package with an adjoining bayfront duplex, combining the two assets under one transaction.
The property is located at 840 W Ocean View Ave in Norfolk, near the Chesapeake Bay, beaches, interstates, major military installations, shopping, dining, and other local conveniences. Showings are available by appointment, and occupants should not be disturbed. A termite and moisture letter can be provided by the seller.
The property is located at 840 W Ocean View Ave in Norfolk, near the Chesapeake Bay, beaches, interstates, major military installations, shopping, dining, and other local conveniences. Showings are available by appointment, and occupants should not be disturbed. A termite and moisture letter can be provided by the seller.
Key Highlights
- Four‑unit quadplex totaling 4,020 SF
- Built in 1984
- Each unit includes its own washer and dryer
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
$52,653
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
2.85%
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%
$1,053,060
$1.1M
Cap Rate 7%
$752,186
$752.2K
Cap Rate 9%
$585,033
$585.0K
Market Conditions
NOI Build-Up for 4,020 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
$79.6K $19.80/SF
− Vacancy
−$4.4K −$1.09/SF
EGI
$75.2K $18.71/SF
− OpEx
−$22.6K −$5.61/SF
NOI
$52.7K $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%
$1,053,060
Cap Rate 7%
$752,186
Cap Rate 9%
$585,033
Alternative Uses
Best Use
Multifamily LT 5
$752.2K
$658.2K – $877.6K
NOI $52,653 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$675.5K
$591.1K – $788.1K
NOI $47,286 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$852.8K
$746.2K – $994.9K
NOI $59,695 @ 7.0% cap · market cap 3.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
78
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?
Quadplex - Four-unit rental property near Chesapeake Bay, beaches, shopping, dining, and major military installations.
Where is this quadplex located?
The property is located at 840 W Ocean View Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 4,020 SF; Built in 1984; Each unit includes its own washer and dryer
