3002 Illinois Avenue, Norfolk, VA 23513
- Added:
- Jun 5, 2026
- Days on Market:
- 5
- Last Refresh:
- Jun 9 at 2:06 am
Property Features for 3002 Illinois Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-11
- Standard status
- Active
- Size
- 1,596 SF
Taxes and HOA fees
- Tax Annual Amount
- 2918
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1979
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Conner Walters (757) 270-1623
Listing office World Class Realty & Prop Mgmt 5705 Lynnhaven Parkway #109, Virginia Beach, VA (757) 228-7773
Listing date Jun 5, 2026
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.
HighLights
- All‑brick, side‑by‑side slab duplex built in 1979
- 2‑unit property with two spacious bedrooms per unit and a shared hall bath layout
- Washer & dryer hookups in each unit
- Private driveway and spacious corner yard
- Shingle roof
Overview
The duplex is located at 3002 Illinois Avenue in Norfolk, Virginia (23513). The listing notes that the home is built on a slab, which can help reduce exterior maintenance complexity compared with traditional basements.
The layout lends itself to investors seeking an owner-occupant-friendly setup, as the property is described as having long-term tenants already in place. For buyers who plan to live on-site, the side-by-side design provides clear separation between units while still keeping shared exterior grounds manageable through the private driveway and corner-yard setting. Zoning is listed as R-11, supporting residential income use consistent with the property’s current duplex structure.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $31.6k | $19.80 |
| − Vacancy | −$1.7k | −$1.09 |
| EGI | $29.9k | $18.71 |
| − OpEx | −$9.0k | −$5.61 |
| NOI | $20.9k | $13.10 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.2488839
- Latitude
- 36.8740458
