Over/Under
For Sale
$275,000
2229 Reservoir Avenue, Norfolk, VA 23504
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,760 SF
Price / SF$156.25
Days on Market15
Property Features for 2229 Reservoir Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
BARRAUD PARK
Elementary school
Jacox Elementary
Middle school
Ruffner Middle
Standard status
Active
Size
1,760 SF
Taxes and HOA fees
Tax Annual Amount
1684
Utilities
Water front features
Waterfront
Building Details
Year built
1923
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Coastal Virginia Chesapeake · Keller Williams Realty
(757) 361-0106
Listed By:
Jermaine Anderson
(757) 361-0106
Added: Aug 15
Changed: Aug 19
Last Checked: Aug 29 at 5:06PM
MLS# 10648954
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 1,760-square-foot duplex is arranged as two residential units under one roof, with one apartment on each level. The lower unit includes three bedrooms and one bathroom, while the upper unit provides two bedrooms and one bathroom. Both units are occupied under existing leases, and the property is offered in its current as-is condition.
Built in 1923, the property carries R-8 zoning and is identified with waterfront features. The building has a shingle roof and provides a two-unit configuration for continued residential rental use.
Built in 1923, the property carries R-8 zoning and is identified with waterfront features. The building has a shingle roof and provides a two-unit configuration for continued residential rental use.
Key Highlights
- Two‑unit over/under duplex with 1,760 square feet
- Downstairs unit has 3 bedrooms and 1 bathroom
- Upstairs unit has 2 bedrooms and 1 bathroom
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
$23,052
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
8.38%
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%
$461,040
$461.0K
Cap Rate 7%
$329,314
$329.3K
Cap Rate 9%
$256,133
$256.1K
Market Conditions
NOI Build-Up for 1,760 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
$34.8K $19.80/SF
− Vacancy
−$1.9K −$1.09/SF
EGI
$32.9K $18.71/SF
− OpEx
−$9.9K −$5.61/SF
NOI
$23.1K $13.10/SF
Area
Norfolk, VA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$461,040
Cap Rate 7%
$329,314
Cap Rate 9%
$256,133
Alternative Uses
Best Use
Multifamily LT 5
$329.3K
$288.2K – $384.2K
NOI $23,052 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$295.7K
$258.8K – $345.0K
NOI $20,702 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$373.4K
$326.7K – $435.6K
NOI $26,135 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
273
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
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 leased residences share a waterfront property with separate upstairs and downstairs layouts.
Where is this duplex located?
The property is located at 2229 Reservoir Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit over/under duplex with 1,760 square feet; Downstairs unit has 3 bedrooms and 1 bathroom; Upstairs unit has 2 bedrooms and 1 bathroom
