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171-179 W Balview Ave 20 Unit Apartment Building $3,763,725 CAD ($188,186 CAD/Unit) 7.51% Cap Rate Norfolk, VA 23503
Investment Highlights
- TRANSIT ORIENTED Easy access to I-64, I-264, I-564, and Granby Street
- Within 10 minutes from Norfolk International Air - port, IKEA, and Simon Premium Outlet Mall
- EASY ACCESS TO NUMEROUS EMPLOYMENT CENTERS
Executive Summary
Marcus & Millichap is pleased to present the offering memorandum for 171-179 W Balview Avenue in Norfolk, VA. The property consists of twenty units total. There are eight, one-bedroom and one-bathroom units and twelve, two-bedroom one-bathroom units across two, two-story buildings built in 1987 and situated on +/- 0.24 acres. Norfolk, VA is in the heart of the Hampton Roads metropolitan area, which is home to over 1.7 million people. It’s central location within the region makes it an important economic and cultural hub, attracting a diverse population and providing a stable demand for housing. Norfolk benefits from a robust and diversified economy. It is home to major military installations, including the Naval Station Norfolk, which is the largest naval base in the world. The presence of military personnel and related industries provide a consistent demand for rental properties.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
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| Vacancy Loss |
-
|
-
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| Effective Gross Income |
-
|
-
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| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,763,725 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $188,186 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 7.51% | Building Size | 12,720 SF |
| Gross Rent Multiplier | 9.18 | No. Stories | 2 |
| No. Units | 20 | Year Built | 1987 |
| Property Type | Multifamily | Parking Ratio | 1.57/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R-12 | ||
| Price | $3,763,725 CAD |
| Price Per Unit | $188,186 CAD |
| Sale Type | Investment |
| Cap Rate | 7.51% |
| Gross Rent Multiplier | 9.18 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 12,720 SF |
| No. Stories | 2 |
| Year Built | 1987 |
| Parking Ratio | 1.57/1,000 SF |
| Zoning | R-12 |
Amenities
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 04095180 | Improvements Assessment | $804,708 CAD |
| Land Assessment | $157,998 CAD | Total Assessment | $962,705 CAD |
Property Taxes
Parcel Number
04095180
Land Assessment
$157,998 CAD
Improvements Assessment
$804,708 CAD
Total Assessment
$962,705 CAD
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171-179 W Balview Ave
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