Updated Duplex with Separate
9523 18th Bay Street Norfolk, VA 23518
New
9523 18th Bay Street, Norfolk, VA, 23518
$475,000
For Sale
$475,000
MULTI_FAMILY - Norfolk, VA
Property Size2,214 SF
Price / SF$214.54
Days on Market6
Property Features for 9523 18th Bay Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Zoning
- R-11
- Standard status
- Active
- Size
- 2,214 SF
Taxes and HOA fees
- Tax Annual Amount
- 4266
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1977
- Roof type
- Shingle
- Architectural style
- Other
Listing Agency
Iron Valley Real Estate HR
(757) 645-9700
4417 Corporation Ln. Suite 120, Virginia Beach, VA
Listed by
Jessica Lewis
(757) 645-9700
Added: Jul 16 Updated: Jul 20 at 1:51 am Checked: Jul 21 at 2:06 am
MLS# 10644623
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 updated duplex includes two separate residential units. One unit offers 2 bedrooms and 1 full bathroom, while the other unit offers 2 bedrooms and 1.5 bathrooms. Both sides feature spacious kitchens with granite countertops and abundant cabinetry.
The property provides separate entrances and two dedicated driveways for added convenience and privacy. It is located in Norfolk, VA, and is described as being just minutes from East Beach.
With two distinct living layouts under one roof, the duplex supports flexible occupancy arrangements while keeping each unit independently accessed through its own entry and driveway.
The property provides separate entrances and two dedicated driveways for added convenience and privacy. It is located in Norfolk, VA, and is described as being just minutes from East Beach.
With two distinct living layouts under one roof, the duplex supports flexible occupancy arrangements while keeping each unit independently accessed through its own entry and driveway.
Key Highlights
- Updated duplex with waterfront features, built in 1977
- Unit mix: one unit has 2 bedrooms and 1 full bath; the other has 2 bedrooms and 1.5 baths
- Spacious kitchens in both units with granite countertops and abundant cabinetry
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 | $43.8k | $19.80 |
| − Vacancy | −$2.4k | −$1.09 |
| EGI | $41.4k | $18.71 |
| − OpEx | −$12.4k | −$5.61 |
| NOI | $29.0k | $13.10 |
2,214 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$414.3K
$362.5K – $483.3K
NOI $28,998 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$372.0K
$325.5K – $434.1K
NOI $26,043 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$469.7K
$411.0K – $548.0K
NOI $32,877 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two residential units each have separate entrances and dedicated driveways, with updated interiors and multiple bedroom and bath layouts.
Where is this duplex located?
The property is located at 9523 18th Bay Street Norfolk, VA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Updated duplex with waterfront features, built in 1977; Unit mix: one unit has 2 bedrooms and 1 full bath; the other has 2 bedrooms and 1.5 baths; Spacious kitchens in both units with granite countertops and abundant cabinetry
