840 W Ocean View Avenue Norfolk, VA 23503
MULTI_FAMILY - Norfolk, VA
Property Features for 840 W Ocean View Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-12
- Standard status
- Active
- Size
- 4,020 SF
Taxes and HOA fees
- Tax Annual Amount
- 22952
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1984
- Roof type
- Shingle
Listing agent David Wilkey License #232478 (757) 690-0439
Listing office BHHS RW Towne Realty 137 Mt Pleasant Road, Chesapeake, VA (757) 436-3636
Listing date Jul 8, 2026
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Investment Insights
Based on property information with market context.
The property is located in Norfolk, Virginia, and it is part of a Chesapeake Bay package sale. It is required to be sold together with the adjoining bayfront duplex at 840/842 W Ocean View Ave. The listing notes the area’s proximity to the Chesapeake Bay, major military installations, interstates, beaches, shopping, dining, and other local conveniences.
Zoned R-12, the quadplex is a four-unit income property configuration intended to support rental streams from multiple separate units.
Key Highlights
- Four‑unit multifamily property with Waterfront feature
- Built in 1984 with a shingle roof
- Each unit has its own washer and dryer
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 | $79.6k | $19.80 |
| − Vacancy | −$4.4k | −$1.09 |
| EGI | $75.2k | $18.71 |
| − OpEx | −$22.6k | −$5.61 |
| NOI | $52.7k | $13.10 |