9563 15th Bay Street, Norfolk, VA 23518
- Added:
- Jun 18, 2026
- Days on Market:
- 4
- Last Refresh:
- Jun 21 at 6:06 am
Property Features for 9563 15th Bay Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-12
- Standard status
- Active
- Size
- 4,400 SF
Taxes and HOA fees
- Tax Annual Amount
- 7546
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1970
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Melissa Pulling (757) 472-2547
Listing office PMI Virginia 4605 Pembroke Lake Cir. #101, Norfolk, VA (757) 466-8378
Listing date Jun 18, 2026
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.
HighLights
- East Beach 4‑plex in Norfolk with 3‑bedroom, 2‑bath apartments
- Just blocks from the beach; waterfront feature listed as “Waterfront”
- Each unit includes separate water meters and washer/dryer hookups in a shared large utility room
- Updated interiors: ceramic tile kitchen, carpet bedrooms, and luxury vinyl tile living area
- Newer roof, hot water, heater, appliances, and NEW electrical panels/breakers; energy‑efficient attic blown‑in insulation (Owens Corning L77)
- Each unit has its own small front porch area, dedicated parking, and 2 parking spaces per unit; unit 4 is the only vacant unit
Overview
The property is located just blocks from the beach in Norfolk. Showings of occupied units require proof of funds or a preapproval letter, and occupants must not be disturbed.
For buyers or operators seeking a small multifamily asset with individually metered water and dedicated parking for each unit, this fourplex presents a straightforward, unit-by-unit utility setup and multiple documented updates to key building systems. Detailed records and warranty information are available, and the seller notes clear termite and moisture exceptions as part of the as-is terms.
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 | $87.1k | $19.80 |
| − Vacancy | −$4.8k | −$1.09 |
| EGI | $82.3k | $18.71 |
| − OpEx | −$24.7k | −$5.61 |
| NOI | $57.6k | $13.10 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.2007067
- Latitude
- 36.929741
