Side-by-Side
New
For Sale
$344,900
1228 Commerce Avenue, Chesapeake, VA 23324
Multi Family Residential, Side by Side, Chesapeake, VA
Property Size1,624 SF
Price / SF$212.38
Days on Market4
Property Features for 1228 Commerce Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RSFA1
Subdivision
SOUTH NORFOLK
Elementary school
Rena B. Wright Primary
Middle school
Oscar Smith Middle
Standard status
Active
Size
1,624 SF
Taxes and HOA fees
Tax Annual Amount
2682
Utilities
Water front features
Waterfront
Building Details
Year built
1960
Roof type
Shingle
Architectural style
Other
Listing Agency:
Creed Realty
(757) 502-4070
Listed By:
Sadie Arseneault
(757) 502-4070
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 24 at 3:06PM
MLS# 10650320
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 side-by-side duplex contains 1,624 square feet with two separate residences. Each unit provides two bedrooms, one full bathroom, and a single-level floor plan. One residence is occupied, while the other is vacant and available for its next occupant. A new HVAC unit and shingle roofing are among the documented property features.
Built in 1960, the property carries RSFA1 zoning and is identified as waterfront. The duplex is located in South Norfolk within Chesapeake, with access to major highways, Downtown Norfolk, shopping, and dining. Its two-unit configuration supports both owner-occupancy and continued rental use, subject to applicable requirements.
Built in 1960, the property carries RSFA1 zoning and is identified as waterfront. The duplex is located in South Norfolk within Chesapeake, with access to major highways, Downtown Norfolk, shopping, and dining. Its two-unit configuration supports both owner-occupancy and continued rental use, subject to applicable requirements.
Key Highlights
- Two‑unit side‑by‑side duplex totaling 1,624 square feet
- Each unit includes 2 bedrooms and 1 full bathroom
- One‑level layouts in both residences
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
$18,396
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
5.33%
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%
$367,920
$367.9K
Cap Rate 7%
$262,800
$262.8K
Cap Rate 9%
$204,400
$204.4K
Market Conditions
NOI Build-Up for 1,624 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
$28.3K $17.40/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$26.3K $16.18/SF
− OpEx
−$7.9K −$4.85/SF
NOI
$18.4K $11.33/SF
Area
Chesapeake, VA
Vacancy
7.00%
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%
$367,920
Cap Rate 7%
$262,800
Cap Rate 9%
$204,400
Alternative Uses
Best Use
Multifamily LT 5
$262.8K
$230.0K – $306.6K
NOI $18,396 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$236.2K
$206.7K – $275.6K
NOI $16,536 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$480.0K
$420.0K – $560.0K
NOI $33,597 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 23324, VA
24,239
Population
9,834
Households
2.5
Avg Household Size
34
Median Age
21%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,618
Density / Sq Mi
$57,774
Median Household Income
$39,642
Median Earnings
$1,145
Median Rent
$242,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One-level configuration includes an occupied residence and a second unit available for immediate occupancy.
Where is this duplex located?
The property is located at 1228 Commerce Avenue Chesapeake, VA.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex totaling 1,624 square feet; Each unit includes 2 bedrooms and 1 full bathroom; One‑level layouts in both residences
