Side-by-Side Duplex with
For Sale
$345,000
3231 Vimy Ridge Avenue, Norfolk, VA 23509
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,500 SF
Price / SF$230
Days on Market45
Property Features for 3231 Vimy Ridge Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
FAIRMOUNT MANOR
Lot features
Wooded
Elementary school
Willard Model Elementary
Middle school
Norview Middle
Standard status
Active
Size
1,500 SF
Taxes and HOA fees
Tax Annual Amount
2506
Utilities
Water front features
Waterfront
Building Details
Year built
1966
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty Twn Ctr
(757) 499-5911
Listed By:
Kim Martinez
(757) 499-5911
Added: Jul 16
Changed: Aug 19
Last Checked: Aug 29 at 9:06PM
MLS# 10644542
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 offers two residential units with functional floor plans. Unit B was recently renovated in 2025 and is move-in ready, featuring an updated kitchen and bathroom, fresh interior paint, and a new hot water heater. A washer and dryer convey with Unit B. Both units feature laminate/LVP flooring, and the property includes private driveway parking. Tenants are responsible for their own utilities.
Unit A is currently tenant occupied, providing immediate rental income potential. The exterior has seen multiple recent upgrades, including newer roofs, replacement windows, vinyl siding, new soffits (2024), and a freshly painted exterior (2026).
Zoned R-11, this duplex provides a straightforward owner-occupant or investor setup with separate units and dedicated parking via a private driveway.
Unit A is currently tenant occupied, providing immediate rental income potential. The exterior has seen multiple recent upgrades, including newer roofs, replacement windows, vinyl siding, new soffits (2024), and a freshly painted exterior (2026).
Zoned R-11, this duplex provides a straightforward owner-occupant or investor setup with separate units and dedicated parking via a private driveway.
Key Highlights
- Side‑by‑side duplex in Norfolk with Waterfront feature
- Unit B renovated in 2025: updated kitchen and bathroom, fresh interior paint, new hot water heater
- Unit B includes washer/dryer that convey and is move‑in ready
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
$19,647
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
5.69%
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%
$392,940
$392.9K
Cap Rate 7%
$280,671
$280.7K
Cap Rate 9%
$218,300
$218.3K
Market Conditions
NOI Build-Up for 1,500 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
$29.7K $19.80/SF
− Vacancy
−$1.6K −$1.09/SF
EGI
$28.1K $18.71/SF
− OpEx
−$8.4K −$5.61/SF
NOI
$19.6K $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%
$392,940
Cap Rate 7%
$280,671
Cap Rate 9%
$218,300
Alternative Uses
Best Use
Multifamily LT 5
$280.7K
$245.6K – $327.5K
NOI $19,647 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,644 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$318.2K
$278.4K – $371.2K
NOI $22,274 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
Explore this area
Business Placement
Demographics for 23509, VA
12,963
Population
5,920
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
86%
High-School Grad
2.5 sq mi
ZIP Area
5,185
Density / Sq Mi
$70,715
Median Household Income
$38,850
Median Earnings
$1,259
Median Rent
$238,500
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 - Side-by-side duplex with two residential units, private driveway parking, and utility responsibility on tenants.
Where is this duplex located?
The property is located at 3231 Vimy Ridge Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Side‑by‑side duplex in Norfolk with Waterfront feature; Unit B renovated in 2025: updated kitchen and bathroom, fresh interior paint, new hot water heater; Unit B includes washer/dryer that convey and is move‑in ready
