Waterfront Over-Under
For Sale
$204,900
1121 35th Street, Newport News, VA 23607
Multi Family Residential, Over/Under, Newport News, VA
Property Size1,518 SF
Price / SF$134.98
Days on Market12
Property Features for 1121 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Subdivision
ALL OTHERS AREA 106
Elementary school
Newsome Park Elementary
Middle school
Crittenden Middle
Standard status
Active
Size
1,518 SF
Taxes and HOA fees
Tax Annual Amount
1367
Utilities
Water front features
Waterfront
Building Details
Year built
1930
Roof type
Composition
Architectural style
Other
Listing Agency:
Better Homes & Gdns Ntv Am Grp
(757) 495-5500
Listed By:
Susan Jenkins
(757) 672-6732
Added: Aug 13
Changed: Aug 19
Last Checked: Aug 24 at 9:06PM
MLS# 10649123
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 1,518-square-foot duplex contains two vertically arranged residences, each with 2 bedrooms and 1 bathroom. Separate entrances provide distinct access to both units. Interior features include kitchens with LPV flooring and storage, along with bathrooms finished with contemporary fixtures. The property was built in 1930 and has a composition roof.
Located in Newport News, the property carries R4 zoning and includes a waterfront feature. Its address is 1121 35th Street, Newport News, VA 23607. The over-under configuration and two-unit layout provide a clear residential income property format within the city.
Located in Newport News, the property carries R4 zoning and includes a waterfront feature. Its address is 1121 35th Street, Newport News, VA 23607. The over-under configuration and two-unit layout provide a clear residential income property format within the city.
Key Highlights
- Two‑unit over‑under duplex with 1,518 square feet
- Each residence includes 2 bedrooms and 1 bathroom
- Separate entrances serve the individual units
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
$17,524
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
8.55%
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%
$350,480
$350.5K
Cap Rate 7%
$250,343
$250.3K
Cap Rate 9%
$194,711
$194.7K
Market Conditions
NOI Build-Up for 1,518 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
$26.4K $17.40/SF
− Vacancy
−$1.4K −$0.91/SF
EGI
$25.0K $16.49/SF
− OpEx
−$7.5K −$4.95/SF
NOI
$17.5K $11.54/SF
Area
Newport News, VA
Vacancy
5.22%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$350,480
Cap Rate 7%
$250,343
Cap Rate 9%
$194,711
Alternative Uses
Best Use
Multifamily LT 5
$250.3K
$219.1K – $292.1K
NOI $17,524 @ 7.0% cap · market cap 8.55%
Second Best
Apartment 5plus
$223.2K
$195.3K – $260.4K
NOI $15,622 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$322.4K
$282.1K – $376.1K
NOI $22,567 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Explore this area
Business Placement
Demographics for 23607, VA
23,498
Population
10,764
Households
2.2
Avg Household Size
33
Median Age
14%
College-Educated
85%
High-School Grad
6.0 sq mi
ZIP Area
3,916
Density / Sq Mi
$42,904
Median Household Income
$33,746
Median Earnings
$1,104
Median Rent
$146,400
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 private entrances support separate access to the paired residences.
Where is this duplex located?
The property is located at 1121 35th Street Newport News, VA.
What is the asking price?
The asking price for this property is $204,900.
What are key features of this property?
This property features: Two‑unit over‑under duplex with 1,518 square feet; Each residence includes 2 bedrooms and 1 bathroom; Separate entrances serve the individual units
