244 Ethel Avenue, West Norfolk, VA 23504

Property Description

Rare opportunity to own a versatile and beautifully positioned triplex in Norfolk's desirable River View neighborhood! This well-maintained property offers location, flexibility, and income potential in one exceptional opportunity. Featuring three separate living spaces, this triplex provides strong rental potential and flexibility for various ownership goals, including income generation, owner occupancy, or multigenerational living. The exterior showcases durable Hardie board plank siding and a back deck, adding curb appeal and outdoor enjoyment. Apt 1 features 2 bedrooms, 1 full bathroom, a spacious living area, and full kitchen. Currently leased at $1,225/month on a month-to-month agreement, this unit provides immediate rental income with estimated market rent potential of approximately $1,500/month. Apt 2 offers a 1-bedroom efficiency layout with its own kitchen and full bathroom. Currently leased at $900/month with a one-year lease, this unit provides additional income potential with estimated market rent of approximately $1,000/month. Apt 3 is the standout renovation, showcasing exceptional craftsmanship and modern finishes throughout. This beautifully updated unit features a brand-new kitchen with custom cabinetry, quartz countertops, tiled walk-in shower, dedicated office space, and scenic Lafayette River views. With projected market rents approaching $3,700+ per month, this property offers notable future income potential while providing flexibility rarely found in today's market. The triplex layout allows for multiple possibilities, including living in one unit while generating income from additional units, creating a multigenerational living arrangement, or adding a valuable long-term real estate asset. Conveniently located near major highways, military bases, shopping, dining, and waterfront recreation, this property offers a unique combination of location, updates, versatility, and opportunity. Whether seeking additional income, flexible living options, or long-term real estate potential, this exceptional triplex is ready to impress.