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NorfolkMONTICELLO VILLAGE540 Ashlawn Dr✓ Source: REIN MLS #10637678 · record updated Jun 11, 2026 · synced every 5 min · your inquiry is never resold
540 Ashlawn DR, NORFOLK VA 23503 - Main photo
540 Ashlawn DR, NORFOLK VA 23503 - Photo 2
540 Ashlawn DR, NORFOLK VA 23503 - Photo 3
540 Ashlawn DR, NORFOLK VA 23503 - Photo 4
540 Ashlawn DR, NORFOLK VA 23503 - Photo 5
$750,000
8days on market

540 Ashlawn Dr, Norfolk, VA 23503

ActiveApartments 3+ · built 1978 · MONTICELLO VILLAGE

About this home

The listing, in the seller's words

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.

Listing courtesy of Carrie Copenhaver · Iron Valley Real Est Norfolk · REIN MLS #10637678

VaHome team overview

Our read on this home

At a glance

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 the full overview ↓

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.

More buyer 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.

Schools

Info provided by GreatSchools

Facts & features

The record, sourced

Type

Apartments 3+

Year built

1978

HOA

None

Taxes

$6,400/yr

County

Norfolk VA

MLS #

10637678

Sources: REIN MLS record · city assessor · null fields are suppressed, never faked

Flood & environment

The flood answer first — quantified, not buried

FEMA flood zone X · outside the high-risk area · FIRM 510104

Flood Risk

Looking up FEMA flood zone…

Hurricane Evacuation Zone

Evacuation Zone C

Source: Virginia Dept. of Emergency Management — Know Your Zone

Location intelligence

Minutes to real places, not a score

Location & Neighborhood

Places within ~1 mile, ordered by distance from this property. Powered by Google Places.

Military Commute

Drive times to nearest bases

Drive 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.

The numbers

Run the real carrying cost

Estimates only — taxes come from the public record; confirm rates with your lender. VA-eligible buyers: $0-down financing may apply.

Estimate your monthly payment

$4,644/mo

Principal & 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.

Value & history

Judge value on real ground

Asking vs. assessment

144% of $520,300

City assessment record · taxes $6,400/yr

Land share of assessed value

11% — $57,900

Improvements $462,400 · assessor record ✓

Why we show no algorithmic estimate.

National AVMs misprice homes whose value drivers they can't see. Instead: the sourced assessment above, the carrying cost, real price history, and honest comparables below.

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)

EventDatePriceDetail
ListedJun 3, 2026$750,000
Currently listed$750,000

Public-Records Assessment

Source: City Assessor via Hampton Roads Regional Parcels.

44% above assessment

Total Assessed

$520,300

Land

$57,900

Improvement

$462,400

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:

Norfolk Real Estate Assessor

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.

Market tempo

8 days on market — read it in context

Days on market reflects pricing, season, and inventory — compare it against similar nearby homes below before reading anything into it.

Questions buyers ask

Real questions, answered from the record

Is 540 Ashlawn Dr in a good school zone?+
The assigned zones on the listing record are Crossroads Elementary (GreatSchools 5/10), Norview Middle (GreatSchools 4/10), Granby (GreatSchools 5/10). School attendance zones can change — always confirm enrollment with the local school division.
Is 540 Ashlawn Dr in a flood zone?+
FEMA maps this parcel in Zone X, outside the high-risk Special Flood Hazard Area. See the flood section on this page for details and sources.
Is there a gym near 540 Ashlawn Dr?+
Yes — Planet Fitness is about 0.2 miles away, per the cached nearby-places record for this address.
Are there parks near 540 Ashlawn Dr?+
Pennstock Triangle is about 0.3 miles away.
Where is the nearest grocery store to 540 Ashlawn Dr?+
LA K-TRACHITA STORE is about 0.1 miles away. The closest dining on record is El Sabor K-tracho (0.1 mi).
Does 540 Ashlawn Dr have an HOA?+
No — there are no HOA, condo, or association dues on the listing record for this property.
When was 540 Ashlawn Dr built?+
It was built in 1978, per the listing record.

Answers generated from the listing record, verified school zones, FEMA data, and cached nearby-places data — never invented.

The people

You'll talk to a person, not a lead queue

TD

Tom & Dariya Milan

LPT Realty · Hampton Roads · answer their own phone

✓ Your inquiry goes to Tom & Dariya — never sold to strangers

Listing courtesy of Carrie Copenhaver · Iron Valley Real Est Norfolk · REIN MLS #10637678

Call or text (757) 777-7577

Ask Dariya — instant answers

Schools, flood, drive times, what it really costs to own — answered from this page's data, by chat or voice.

Schedule a private tour

Free, no obligation — your inquiry goes to Tom & Dariya, never resold.

See it in person — the record only says so much.

Call or text (757) 777-7577

540 Ashlawn Dr, Norfolk, Virginia 23503 · MLS #10637678 · Source: REIN MLS + public record. Information deemed reliable but not guaranteed — verify independently. School zones subject to change; confirm with the local school division. All locations are described by neutral geographic fact. Equal Housing Opportunity.