Two-Story Multifamily
For Sale
$249,900
Pending
2127 Grandy Ave, Norfolk, VA 23504
Three-bedroom, two-bath residence offered as-is for renovation or owner occupancy.
Property Size1,580 SF
Days on Market29
Property Features for 2127 Grandy Ave
General Information
Standard status
Pending
Size
1,580 SF
Property subtype
Multi-Family
Building Details
Year Built
1974
Buildings
1
Stories
2
Listing Agency:
The Property Shoppe
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Sep 20
Changed: Oct 16
Last Checked: Oct 16 at 8:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Property Shoppe
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Investment Insights
Based on property information with market context.
This two-story multifamily property contains 1,580 square feet with three bedrooms and two full bathrooms. Constructed in 1974, the residence is being offered in as-is condition, with the seller making no repairs. Buyers are responsible for completing their own inspections and due diligence.
The property is located at 2127 Grandy Ave in Norfolk, Virginia, with access to shopping, dining, employment centers, and major roadways. The existing layout may suit an owner-occupant or an investor planning future improvements.
The property is located at 2127 Grandy Ave in Norfolk, Virginia, with access to shopping, dining, employment centers, and major roadways. The existing layout may suit an owner-occupant or an investor planning future improvements.
Key Highlights
- 3 bedrooms and 2 full bathrooms
- Two‑story residence with 1,580 square feet
- Built in 1974
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,585
Cap Rate
7.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$371,700
$371.7K
Cap Rate 7%
$265,500
$265.5K
Cap Rate 9%
$206,500
$206.5K
Market Conditions
NOI Build-Up for 1,580 SF
Gross rent
$35.6K $22.56/SF
− Vacancy
−$1.9K −$1.17/SF
EGI
$33.8K $21.39/SF
− OpEx
−$15.2K −$9.62/SF
NOI
$18.6K $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 Rate 5%
$371,700
Cap Rate 7%
$265,500
Cap Rate 9%
$206,500
Alternative Uses
Best Use
Apartment 5plus
$265.5K
$232.3K – $309.8K
NOI $18,585 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$335.2K
$293.3K – $391.0K
NOI $23,462 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
Explore this area
Business Placement
Demographics for 23504, VA
22,465
Population
9,462
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
83%
High-School Grad
4.1 sq mi
ZIP Area
5,479
Density / Sq Mi
$43,156
Median Household Income
$26,707
Median Earnings
$872
Median Rent
$259,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three-bedroom, two-bath residence offered as-is for renovation or owner occupancy.
Where is this multifamily property located?
The property is located at 2127 Grandy Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 3 bedrooms and 2 full bathrooms; Two‑story residence with 1,580 square feet; Built in 1974
