Waterfront Side-by-Side
New
For Sale
$250,000
3315 Clark Circle, Norfolk, VA 23509
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,208 SF
Price / SF$206.95
Days on Market7
Property Features for 3315 Clark Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
WINONA
Lot features
Corner
Elementary school
Willard Model Elementary
Middle school
Norview Middle
Standard status
Active
Size
1,208 SF
Taxes and HOA fees
Tax Annual Amount
2033
Utilities
Water front features
Waterfront
Building Details
Year built
1920
Roof type
Shingle
Architectural style
Other
Listing Agency:
Prodigy Realty
(757) 805-2515
Listed By:
Alysia Work
(757) 636-5187
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 9 at 1:06AM
MLS# 10652262
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 at 3315 Clark Circle includes 1,208 square feet of property area and was built in 1920. One unit is occupied, while the second is vacant, creating a two-unit configuration with storage space. The property is identified as waterfront and has a shingle roof.
Located in Norfolk, Virginia, the property is zoned R-8. Its existing occupancy profile includes a long-term tenant in one side, while the other side is available for occupancy. The duplex format and separate side-by-side layout provide a straightforward residential income property configuration.
Located in Norfolk, Virginia, the property is zoned R-8. Its existing occupancy profile includes a long-term tenant in one side, while the other side is available for occupancy. The duplex format and separate side-by-side layout provide a straightforward residential income property configuration.
Key Highlights
- Side‑by‑side duplex with one occupied unit and one vacant unit
- 1,208 square feet of property area
- Waterfront property in Norfolk, VA
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
$15,822
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
6.33%
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%
$316,440
$316.4K
Cap Rate 7%
$226,029
$226.0K
Cap Rate 9%
$175,800
$175.8K
Market Conditions
NOI Build-Up for 1,208 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
$23.9K $19.80/SF
− Vacancy
−$1.3K −$1.09/SF
EGI
$22.6K $18.71/SF
− OpEx
−$6.8K −$5.61/SF
NOI
$15.8K $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%
$316,440
Cap Rate 7%
$226,029
Cap Rate 9%
$175,800
Alternative Uses
Best Use
Multifamily LT 5
$226.0K
$197.8K – $263.7K
NOI $15,822 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$203.0K
$177.6K – $236.8K
NOI $14,209 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$256.3K
$224.2K – $299.0K
NOI $17,938 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
327
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side duplex with one occupied unit, one vacant unit, storage space, and R-8 zoning.
Where is this duplex located?
The property is located at 3315 Clark Circle Norfolk, VA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Side‑by‑side duplex with one occupied unit and one vacant unit; 1,208 square feet of property area; Waterfront property in Norfolk, VA
