Four-Unit Quadplex for
840 W Ocean View Avenue Norfolk, VA 23503
840 W Ocean View Avenue, Norfolk, VA, 23503
$1,850,000
For Sale
$1,850,000
MULTI_FAMILY - Norfolk, VA
Property Size4,020 SF
Price / SF$460.20
Days on Market11
Property Features for 840 W Ocean View Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Quadruplex
- 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 Agency
BHHS RW Towne Realty
(757) 436-3636
137 Mt Pleasant Road, Chesapeake, VA
Listed by
David Wilkey · License #232478
(757) 690-0439
Added: Jul 8 Checked: Jul 18 at 8:06 am
MLS# 10643299
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 well-maintained four-unit quadplex offers multiple rental units within a single property. Each unit includes its own washer and dryer, supporting day-to-day resident convenience. The seller can provide a termite and moisture letter, and the property is shown by appointment only with instructions not to disturb occupants. The premises are described as under video surveillance.
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.
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 |
4,020 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Will Bay
Hotel & Motel
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Well-maintained four-unit quadplex with in-unit washer and dryer for each unit.
Where is this quadplex 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 $1,850,000.
What are key features of this property?
This property features: Four‑unit multifamily property with Waterfront feature; Built in 1984 with a shingle roof; Each unit has its own washer and dryer
