Bayfront Multifamily
For Sale
$1,850,000
840 W Ocean View Avenue, Norfolk, VA 23503
Multi Family Residential, Norfolk, VA
Property Size4,020 SF
Price / SF$460.20
Days on Market63
Property Features for 840 W Ocean View Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-12
Subdivision
WILLOUGHBY BEACH
Elementary school
Ocean View Elementary
Middle school
Northside Middle School
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 · Berkshire Hathaway HomeServices
(757) 436-3636
Listed By:
David Wilkey · License #232478
(757) 690-0439
Added: Jul 8
Changed: Aug 19
Last Checked: Sep 8 at 7:06AM
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 multifamily offering combines a bayfront duplex with an adjoining fourplex at 840 and 842 W Ocean View Avenue, creating a six-unit residential package totaling 4,020 square feet. Built in 1984, the property includes shingle roofing and direct access to the beach, with Chesapeake Bay views from the waterfront setting.
The property is located in Norfolk, VA, near military installations, interstates, marinas, dining, shopping, and area beaches. R-12 zoning supports the existing residential configuration. The two properties are offered together, providing a combination of duplex and fourplex units in a coastal setting.
The property is located in Norfolk, VA, near military installations, interstates, marinas, dining, shopping, and area beaches. R-12 zoning supports the existing residential configuration. The two properties are offered together, providing a combination of duplex and fourplex units in a coastal setting.
Key Highlights
- Six‑unit package consisting of a bayfront duplex and adjoining fourplex
- 4,020 square feet across 840 and 842 W Ocean View Avenue
- Waterfront setting with direct beach access and Chesapeake Bay views
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
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?
Multifamily property - Six-unit Norfolk waterfront package combining a duplex and fourplex with direct beach access and Chesapeake Bay views.
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 $1,850,000.
What are key features of this property?
This property features: Six‑unit package consisting of a bayfront duplex and adjoining fourplex; 4,020 square feet across 840 and 842 W Ocean View Avenue; Waterfront setting with direct beach access and Chesapeake Bay views
