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We present realistic expectations for the number and properties of neutronstar binary mergers to be detected as multi-messenger sources during theupcoming fourth observing run (O4) of the LIGO-Virgo-KAGRA gravitational wave(GW) detectors, with the aim of providing guidance for the optimization ofobserving strategies. Our predictions are based on a population synthesis modelwhich includes the GW signal-to-noise ratio, the kilonova (KN) optical andnear-infrared light curves, the relativistic jet gamma-ray burst (GRB) promptemission peak photon flux, and the afterglow light curves in radio, optical andX-rays. Within our assumptions, the rate of GW events to be confidentlydetected during O4 is $7.7^{+11.9}_{-5.7}$ yr$^{-1}$ (calendar year), 78% ofwhich will produce a KN, and a lower 52% will also produce a relativistic jet.The typical depth of current optical electromagnetic search and follow upstrategies is still sufficient to detect most of the KNe in O4, but only forthe first night or two. The prospects for detecting relativistic jet emissionare not promising. While closer events (within z<0.02) will likely still have adetectable cocoon shock breakout, most events will have their GRB emission(both prompt and afterglow) missed unless seen under a favorably small viewingangle. This reduces the fraction of events with detectable jets to 2% (promptemission, serendipitous) and 10% (afterglow, deep radio monitoring),corresponding to detection rates of $0.17^{+0.26}_{-0.13}$ and$0.78^{+1.21}_{-0.58}$ yr$^{-1}$, respectively. When considering a GWsub-threshold search triggered by a GRB detection, our predicted rate of GW+GRBprompt emission detections increases up to a more promising$0.75^{+1.16}_{-0.55}$ yr$^{-1}$.

Multi-messenger observations of binary neutron star mergers in the O4 run