8 days on market
$750,000
540 Ashlawn Dr
Norfolk, Virginia 23503
MLS# 10637678 · MONTICELLO VILLAGE · Norfolk VA
Updated Jun 11, 2026 · Source: REIN MLS
Est. payment
$4,644/mo
Edit below
Price / sq ft
$0
0 sq ft
Days on market
8
New listing
HOA
None
Year built
1978
48 yrs old
Beds
0
Full Baths
0
Half Baths
0
Sq Ft
0
Garage
No
Schools
- ElementaryCrossroads School5/10
- MiddleNorview Middle School2/10
- 2/10
Info provided by GreatSchools
About this home
Investment opportunity in a 6-unit brick apartment building. All units have recently renovated. Currently fully occupied, this property provides strong rental income and long-term potential. To be sold with another fully renovated and fully rented 6 unit apartment building at 511 Ashlawn Drive. A great option for those looking to expand or begin their investment portfolio.
Listed by Carrie Copenhaver · Iron Valley Real Est Norfolk
VaHome Team property overview
540 Ashlawn Drive is a multi-unit apartment property built in 1978, sitting just seven minutes from Naval Station Norfolk in a well-connected Norfolk neighborhood. Groceries, restaurants, gyms, and green space are all within easy walking distance, making daily life genuinely low-effort here.
Read full property overview ↓Show less ↑
Why this home stands out
What sets 540 Ashlawn Drive apart is its rare combination of proximity and convenience. You're literally steps from grocery options, local dining, and fitness centers, yet still only a short drive to two major military installations. For a 1978-era multi-unit building, the surrounding infrastructure is remarkably walkable — a quality that's hard to find at this distance from Naval Station Norfolk.
MONTICELLO VILLAGE and the Norfolk real estate market
540 Ashlawn Drive sits in a established residential pocket of Norfolk, Virginia 23503 — a zip code that puts you close to the water, close to the base, and close to the everyday rhythm of a working city. The streets here have a lived-in, community feel, with a mix of long-time residents and newcomers who've discovered how practical this location really is. City of Norfolk real estate in this corridor tends to attract people who want urban convenience without the downtown premium. You're in Norfolk proper, which means city services, solid infrastructure, and easy access to the broader Hampton Roads metro. The neighborhood around Ashlawn Drive is unpretentious and functional — the kind of place where you can grab groceries on foot, hit a park in the afternoon, and be on the interstate in minutes. Norfolk's Northside area has its own quiet identity, distinct from the busier corridors to the south, and 540 Ashlawn fits right into that character.
What's nearby
Day-to-day errands are almost effortless from 540 Ashlawn Drive. LA K-Trachita Store, Watergate 7, and Food Lion are all within 0.1 miles — you could walk to all three in under five minutes. For a sit-down meal or a quick bite, El Sabor K-tracho, Maya Restaurant, and Watergate 7's dining side are right there too. Tropical Smoothie Cafe and Panera Bread are just 0.3 miles away when you want a coffee run. Fitness is well covered with Planet Fitness at 0.2 miles, Somnium CrossFit at 0.5 miles, and Box-N-Go Boxing Gym under a mile out. Pennstock Triangle, Village Park, and Northside Park round out the outdoor options within easy reach.
For different buyers
For military families relocating
Naval Station Norfolk is seven minutes away, and MARFORCOM Norfolk matches that same drive time — making 540 Ashlawn Drive one of the more strategically located addresses in the 23503 zip code for active-duty households. A VA loan can make ownership here a straightforward path, and the walkable, low-maintenance surroundings mean one less thing to manage during a busy tour of duty.
For first-time buyers
If you're exploring homes for sale in Norfolk VA 23518 and the surrounding zip codes, 540 Ashlawn Drive is worth putting on your radar. As a multi-unit property, it offers flexibility that a standard single-family home simply doesn't — live in one unit and let the others help offset your costs. It's a practical entry point into Norfolk real estate with real long-term upside.
Frequently asked questions
How far is 540 Ashlawn Drive from Naval Station Norfolk?
Naval Station Norfolk is approximately seven minutes away by car from 540 Ashlawn Drive, making it one of the closer residential addresses to the base in this part of the city. MARFORCOM Norfolk is also about seven minutes out.
What type of property is 540 Ashlawn Drive?
540 Ashlawn Drive is a multi-unit apartment property (3+ units) built in 1978, located in Norfolk, Virginia 23503. It's classified as a residential income-style property rather than a single-family home.
What grocery stores are near 540 Ashlawn Drive?
Three grocery options — LA K-Trachita Store, Watergate 7, and Food Lion — are all within 0.1 miles of the property, making this one of the more walkable addresses in the neighborhood for everyday shopping.
Is 540 Ashlawn Drive in a flood zone?
Flood zone information for 540 Ashlawn Drive is available through the FloodRisk tile on this page, which pulls current FEMA map data for the property's exact parcel. We recommend reviewing that alongside any lender flood insurance requirements.
Are there parks near 540 Ashlawn Drive?
Yes — Pennstock Triangle is 0.3 miles away, Village Park is 0.5 miles, and Northside Park is about 0.7 miles from the address, giving residents multiple outdoor options within easy walking or biking distance.
Want to know more about 540 Ashlawn Drive or explore other Norfolk properties nearby? Tom and Dariya Milan at LPT Realty are ready to help you take the next step.
Summary generated by AI from public records and publicly available information.
Location & Neighborhood
Places within ~1 mile, ordered by distance from this property. Powered by Google Places.
Flood Risk
Property Details
Bedrooms
0
Full Baths
0
Half Baths
0
Approx Sq Ft
0
Stories
2
Fireplaces
0
Flooring
Vinyl
Heating
Cooling
Laundry
Interior Features
N/A
Sale & Tax History
List Price
$750,000
Price / Sq Ft
$0
Annual Taxes
$6,400
Monthly Tax
$533
HOA
None
Tax Rate (effective)
0.85%
Sale Timeline (this listing)
| Event | Date | Price | Detail |
|---|---|---|---|
| Listed | Jun 3, 2026 | $750,000 | — |
| Currently listed | — | $750,000 | — |
Public-Records Assessment
Source: City Assessor via Hampton Roads Regional Parcels. Fetched Jun 11, 2026.
Total Assessed
$520,300
Land
$57,900
Improvement
$462,400
Parcel ID: 1530817513
Looking for multi-year tax assessments or prior sales? REIN MLS only ships data for the current listing. For full property history, check the city assessor record:
Tax data above from REIN public-records sync. Sale timeline tracked from this listing's first appearance in our feed forward; prior owner sales are not included.
Comparable Properties
Comps are selected by city, bed count, square footage and price proximity. Composite similarity score weights bed match, sqft variance, price variance, and straight-line distance.
About buying in Norfolk
Homes for sale in Norfolk, VA range from historic district townhouses in Ghent (23507) and waterfront condos along the Elizabeth River to ranch-style family homes in Larchmont, Lochaven, and Lafayette-Winona. As the cultural and economic heart of Hampton Roads, Norfolk offers something for nearly every buyer: $200K starter homes in Ocean View (23503, 23518), $400K-$600K Craftsman bungalows in Ghent and West Ghent (23517), executive homes near Old Dominion University (23508), and luxury riverfront properties in Larchmont and Algonquin Park. Norfolk's biggest employer is Naval Station Norfolk — the largest naval base in the world — and the city is also home to Norfolk Naval Shipyard, Eastern Virginia Medical School, Old Dominion University, and Norfolk State University. The active-duty military and academic communities drive steady year-round demand. Public schools include Maury High School in Ghent and Granby High School in Ocean View, and historically strong specialty programs at the Governor's School for the Arts. Buyers searching the 23510 (downtown) and 23508 (West Ghent / ODU corridor) ZIP codes will find the strongest mix of urban walkability and historic architecture; 23503 and 23518 (Ocean View) offer the most affordable waterfront entry points in Hampton Roads. The Norfolk MLS inventory below updates every 5 minutes from the REIN feed.
Military Commute
Drive times to nearest basesDrive times via Google Maps with current traffic patterns. Times are typical and may vary by time of day. Use the "Analyze" button up top to see live drive time to your saved base.
Estimate your monthly payment
$4,644/moPrincipal & interest
$3,892
Property tax
$533
Home insurance
$219
PMI
None
HOA
None
Estimate only. Insurance assumed at 0.35% of home value annually. Actual taxes, insurance, and rate will vary by lender, credit, and property. Contact a lender for a personalized quote.
Listed by Iron Valley Real Est Norfolk · MLS# 10637678
Data provided by REIN MLS. Information deemed reliable but not guaranteed.
$750,000
540 Ashlawn DR, NORFOLK VA 23503
Norfolk, Virginia 23503
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