Building Details

Year built 1984

Roof type Shingle

Listing Agency: BHHS RW Towne Realty · Berkshire Hathaway HomeServices i***@rwtowne.com Show Phone

Listed By: David Wilkey · License #232478 Show Phone

Added: Jul 8 Changed: Oct 13 Last Checked: Oct 16 at 5:06AM

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MLS# 10643299

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Investment Insights

Based on property information with market context.

This Norfolk multifamily offering consists of two adjoining buildings: a bayfront duplex and a fourplex, totaling six units. The buildings contain 4,020 square feet and were built in 1984. Chesapeake Bay views and direct access to the beach distinguish the waterfront setting. The properties are offered together, rather than separately.

The site is zoned R-12. The duplex and fourplex are located at 840 and 842 W Ocean View Avenue in Norfolk, Virginia. Shingle roofing is reported for the property.

Key Highlights

• Six units across a bayfront duplex and adjoining fourplex
• 4,020 square feet across the two properties
• Direct beach access and Chesapeake Bay views

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$47,286

Cap Rate

2.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$945,720 $945.7K

Cap Rate 7%

$675,514 $675.5K

Cap Rate 9%

$525,400 $525.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,020 SF

Gross rent

$90.7K $22.56/SF

− Vacancy

−$4.7K −$1.17/SF

EGI

$86.0K $21.39/SF

− OpEx

−$38.7K −$9.62/SF

NOI

$47.3K $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 Rate 5%

$945,720

Cap Rate 7%

$675,514

Cap Rate 9%

$525,400

Alternative Uses

Best Use

Apartment 5plus

$675.5K

$591.1K – $788.1K (±1% cap)

NOI $47,286 @ 7.0% cap · market cap 2.96%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$852.8K

$746.2K – $994.9K (±1% cap)

NOI $59,695 @ 7.0% cap · market cap 3.73%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Will Bay Hotel & Motel

Suggested Use

Top Pick HVAC Service Auto Repair Shop Parking Lot & Garage Pharmacy Garden Center Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two adjoining residential buildings pair a waterfront duplex with a fourplex and provide direct beach access.

Where is this multifamily property located?

The property is located at 840 W Ocean View Avenue Norfolk, VA.

What is the asking price?

The asking price for this property is $1,600,000.

What are key features of this property?

This property features: Six units across a bayfront duplex and adjoining fourplex; 4,020 square feet across the two properties; Direct beach access and Chesapeake Bay views