Norfolk, VA Multifamily Properties for Sale

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Portsmouth, VA Chesapeake, VA Virginia Beach, VA Suffolk, VA Hampton, VA Newport News, VA Carrollton, VA Smithfield, VA

32 properties

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Updated: Jul 2

Four-Unit Multifamily Quadplex

2061 E Ocean View Avenue, Norfolk, VA 23503

$430,000

3,212 sqft

Directly across the street from the Chesapeake Bay
Four‑unit multifamily in Ocean View with four 2‑bedroom apartments
Each unit has separate electric service
All windows are being replaced
All units are occupied with a rental history

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This listing looks promising.

Here's a quick look at some key insights for

2061 E Ocean View Avenue, Norfolk, VA 23503

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Est. Cap Rate

8.8%
Above avg (5.9%)
Est. NOI

$38K
Annual
Mortgage

$199K
Mar 2019
Last Sold

Mar 2019
$265K
Property Type

Quadplex
Built 1952

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Updated: Jun 15

Renovation-Needed Multifamily Building

915 W 26th Street, Norfolk, VA 23517

$600,000

3,168 sqft 0.13 AC lot

Shingle roof
Can also be sold with MLS#10639859
Another connected parcel may be available from the city for future developments
Owner financing may be considered with right terms and a minimum of 10% down
Apartment complex on the block could be renovated to restore/bring back to life

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Updated Duplex with Private Yards

1012 Balview Avenue, Norfolk, VA 23503

$525,000

2,656 sqft

For sale duplex in Ocean View offering two 3-bedroom, 2-bath units with private back yards.

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Four-Unit Apartment Building

143 W Balview Avenue, Norfolk, VA 23503

$650,000

2,600 sqft

Four 1BR/1BA units with separate gas and electric meters, plus shared water and on-site laundry.

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Historic Norfolk Building For Sale

303 W. 34th Street, Norfolk, VA 23508

$975,000

31,645 sqft 0.68 AC lot

31,645 SF historic landmark building in desirable Ghent Corridor.

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All-Brick Eight-Unit Apartment Building

350 Staten Street, Norfolk, VA 23503

$1,390,000

3,700 sqft 0.16 AC lot

Fully renovated eight-unit apartment building with on-site laundry and assigned parking; all units occupied.

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Four-Unit Multifamily Property

2057 E Ocean View Avenue, Norfolk, VA 23503

$470,000

3,312 sqft

Four occupied apartments, including two 1-bedroom and two 2-bedroom units, each with separate electric service.

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Norfolk Mixed-Use Investment Opportunity

2811-2815 Colonial Avenue, Norfolk, VA 23508

$1,900,000

19,545 sqft 0.86 AC lot

Eleven units, single-family home, and retail space for sale.

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Four-Unit Quadplex for Sale

840 W Ocean View Avenue, Norfolk, VA 23503

$1,850,000

4,020 sqft

Well-maintained four-unit quadplex with in-unit washer and dryer for each unit.

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Quadruplex with Individually Metered Units

410 W 28th Street, Norfolk, VA 23508

$750,000

3,700 sqft

Four recently updated units with individual meters offer a straightforward residential income setup in Norfolk’s Park Place area.

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Mixed-Use Property in Norfolk, VA

2811 Colonial Ave, Norfolk, VA 23508

$1,900,000

0.86 AC lot

Eleven units, single-family home, and retail space for sale.

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Waterfront Quad Multifamily Investment Opportunity

765 48th Street, Norfolk, VA 23508

$1,600,000

3,810 sqft

Unique waterfront quad with dock, ideal for investors/owner-occupants.

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Mixed-Use Retail and Residential Building

5010 Princess Anne Road E, Norfolk, VA 23502

$1,949,800

17,500 sqft 0.45 AC lot

Mixed-use property with retail and residential units plus office space, sold as-is with 100% occupancy.

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Norfolk Multifamily Investment Opportunity

9631 Salem St, Norfolk, VA 23503

$2,610,000

2.83 AC lot

Eighteen-unit multifamily property in Norfolk, Virginia, on 2.83 acres.

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Renovated Duplex with Shared Backyard

9220 Atwood Avenue, Norfolk, VA 23503

$389,000

1,600 sqft

Over/under duplex features new flooring, cabinets, countertops, and appliances, with a large shared backyard.

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Renovated Over-Under Duplex

169 D VIEW Avenue, Norfolk, VA 23503

$389,000

2,000 sqft

Over-under duplex with two renovated 2-bedroom units, private backyard, and new exterior improvements plus on-site storage.

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Norfolk Multifamily Investment Opportunity

230 E 40th St, Norfolk, VA 23504

$3,195,000

0.33 AC lot

16-unit multifamily community in Norfolk, Virginia.

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Turnkey Quadplex with Private Decks

1439 W Ocean View Avenue, Norfolk, VA 23503

$898,000

3,200 sqft

Turnkey quadplex offers separate electric metering and private decks for each unit.

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Norfolk Multifamily Investment Opportunity

1208 W Ocean View Ave, Norfolk, VA 23503

$1,800,000

4,347 sqft 0.46 AC lot

Thirteen-unit multifamily property in Norfolk, Virginia.

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Three-Unit Triplex with Back Deck

244 Ethel Avenue, Norfolk, VA 23504

$499,900

2,250 sqft

Triplex with three separate units, including a renovated third unit and a back deck.

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Norfolk Multifamily Investment Opportunity

717 Guy Avenue, Norfolk, VA 23505

Contact for pricing

21,300 sqft 2.08 AC lot

32-unit apartment building in Norfolk, VA, built in 1985.

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Duplex with Bay-View Apartment

1607 E Ocean View Avenue, Norfolk, VA 23503

$499,900

2,228 sqft

Duplex with two separately equipped units, including an upstairs 1-bedroom with water views.

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Renovated Multifamily Building Near Ocean

350 Staten St, Norfolk, VA 23503

$1,390,000

Fully renovated, eight-unit apartment building near Ocean View Pier.

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Bayfront Duplex with Direct Beach Access

842 W Ocean View (A-B) Avenue, Norfolk, VA 23503

$1,850,000

3,332 sqft

Two must-sell duplex addresses include 840 and 842 W Ocean View Ave with shared waterfront setting.

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Norfolk, VA Multifamily Properties Market Trends and Statistics

Explore 63 multifamily properties for sale in Norfolk, VA, showcased through 32 active listings on our real estate platform. These investment opportunities span a total of 133,750 square feet of properties for sale, with an estimated market value of $21,760,500.

Sale prices for multifamily properties in Norfolk, VA start at $230,000, averaging $870,420, and reaching up to $1,949,800 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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Top Commercial Asset Segments

Commercial property segments ranked by active listings on the market

Demographics Overview

Population 235K

Population Growth (5Y) -4.3%

Median Household Income $64,747

College Educated 29.0%

High-Yield Neighborhoods for Investment

Identify Norfolk submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

Neighborhood	Average Price
23509	$230K
23513	$285K
23517	$474.5K
23518	$885K
23523	$925K

Taxes & Financing

Tax Rate (average for all types) 1.27%

Property Tax per SF $9.43 per SF

Tax Rate vs County Average 0.01 pp below county avg

Average Loan-to-Value 65.0%

Listings Trend

New vs delisted commercial listings in Norfolk city

New Delisted

Total CRE Inventory on Market (SF)

Average Property Price per SF

For-sale pricing trends across core commercial property types in Norfolk city

Office

Property Size Breakdown

The majority of commercial real estate listings in Norfolk fall within the 100,000+ square foot range.

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