Waterfront Two-Unit
For Sale
$308,500
1013 Elkin Street, Norfolk, VA 23523
MULTI_FAMILY - Norfolk, VA
Property Size2,205 SF
Price / SF$139.91
Days on Market8
Property Features for 1013 Elkin Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
CAMPOSTELLA
Elementary school
Southside STEM Academy at Campostella
Middle school
Southside STEM Academy at Campostella
Standard status
Active
Size
2,205 SF
Taxes and HOA fees
Tax Annual Amount
3100
Utilities
Water front features
Waterfront
Building Details
Year built
1914
Roof type
Shingle
Listing Agency:
Next Chapter VA Realty Inc
(757) 364-9922
Listed By:
Tanya Zeigler
(757) 364-9922
Added: Aug 5
Changed: Aug 7
Last Checked: Aug 12 at 5:06PM
MLS# 10647794
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This waterfront duplex contains 2,205 square feet and is arranged as two separate residences with independent entrances and utility meters. The lower-level unit includes 3 bedrooms and 1 full bath, while the upper-level unit provides 2 bedrooms and 1 full bath. Built in 1914, the property has a shingle roof and a two-story configuration suited to owner occupancy or separate rental use.
The property is in Norfolk, VA, near shopping, dining, military bases, downtown Norfolk, and major interstates. Its waterfront setting adds a distinct physical characteristic to the residential income property.
The property is in Norfolk, VA, near shopping, dining, military bases, downtown Norfolk, and major interstates. Its waterfront setting adds a distinct physical characteristic to the residential income property.
Key Highlights
- Waterfront duplex with 2,205 square feet
- Two separate residences with independent entrances
- Separate utility meters for each living space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,937
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$518,740
$518.7K
Cap Rate 7%
$370,529
$370.5K
Cap Rate 9%
$288,189
$288.2K
Market Conditions
NOI Build-Up for 2,205 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$49.7K $22.56/SF
− Vacancy
−$2.6K −$1.17/SF
EGI
$47.2K $21.39/SF
− OpEx
−$21.2K −$9.62/SF
NOI
$25.9K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$518,740
Cap Rate 7%
$370,529
Cap Rate 9%
$288,189
Alternative Uses
Best Use
Multifamily LT 5
$412.6K
$361.0K – $481.3K
NOI $28,880 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$370.5K
$324.2K – $432.3K
NOI $25,937 @ 7.0% cap · market cap 8.41%
Theoretical Best
Office A
$467.8K
$409.3K – $545.7K
NOI $32,743 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 23523, VA
7,061
Population
3,472
Households
2
Avg Household Size
33
Median Age
13%
College-Educated
82%
High-School Grad
2.1 sq mi
ZIP Area
3,362
Density / Sq Mi
$37,189
Median Household Income
$35,456
Median Earnings
$986
Median Rent
$222,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately accessed residences offer flexible occupancy with individually metered utilities.
Where is this duplex located?
The property is located at 1013 Elkin Street Norfolk, VA.
What is the asking price?
The asking price for this property is $308,500.
What are key features of this property?
This property features: Waterfront duplex with 2,205 square feet; Two separate residences with independent entrances; Separate utility meters for each living space
