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    9544 20th Bay & 9546 20th Bay Street Norfolk, VA 23518

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    For Sale
    $995,000

    Side by Side, Quadruplex,Multi Family Residential - Norfolk, VA

    Type:Quadruplex
    Property size:
    4,400 SF
    Price / SF:
    $226/SF
    Added:
    Apr 1, 2026
    Days on Market:
    30
    Last Refresh:
    Apr 30 at 1:06 am

    Property Features for 9544 20th Bay & 9546 20th Bay Street

    General Information

    Property type
    Residential
    Property subtype
    Quadruplex
    Zoning
    R-12
    Standard status
    Active
    Size
    4,400 SF

    Taxes and HOA fees

    Tax Annual Amount
    7114

    Building Details

    Year built
    1961
    Building materials
    Fiber Cement
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Aric Martinez
    Aric Martinez

    Listing agent Aric Martinez

    Listing office Thrive Realty 1700 Pleasure House Rd. Suite 102A, Virginia Beach, VA

    Listing date Apr 1, 2026

    MLS# 10627855 Listing URL

    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.

    Overview

    Norfolk Quadruplex Multifamily Residential Property

    This multifamily residential property features two side-by-side 4/2 units with yards and two side-by-side 2/1 units. The exterior has been completely redone with James Hardie Board and Batten and shake in gables, along with new Simonton windows and new doors. Two of the kitchens have been recently completely redone, and updates are ongoing. The property offers at least six off-street parking spaces and ample greenspace for tenants. It is located half a block from a recreation center, basketball courts, a playground, and the Pretty Lake fishing pier, and two blocks from the beach. Cova Brewing, East Beach Square shopping center, and other restaurants are within a couple of blocks. This property is located in East Ocean View and could be a rental portfolio addition or an owner-occupied residence with rental income potential. The property is zoned R-12 and has a size of 4400 square feet.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Map

    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2132
    Latitude
    36.9119

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    FAQs

    What type of property is this?
    Quadplex - Multifamily residential property with recent updates and desirable location.
    Where is this quadplex located?
    The property is located at 9544 20th Bay & 9546 20th Bay Street Norfolk, VA.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Incredible location: just a half block from the recreation center, and 2 blocks to the beach, plus close to restaurants and shopping.; Four units: Featuring two 4/2s and two 2/1s, offering diverse rental opportunities.; Recently renovated exterior: Enjoy new James Hardie Board and Batten siding, shake in gables, Simonton windows, and new doors.
    (757) 748-4087
    We can help!
    Listing Contact
    Aric Martinez
    Aric Martinez
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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