Renovated 8-Unit Apartment
For Sale
$1,390,000
350 Staten Street, Norfolk, VA 23503
ResidentialIncome, Norfolk, VA
Property Size3,700 SF
Lot Size0.16 Acres
Price / SF$375.68
Days on Market173
Property Features for 350 Staten Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-12
Parking features
Assigned
Fencing
Privacy, Fenced
Appliances
ElectricWaterHeater
Lot features
Dead End, Level
Elementary school
Ocean View
Middle school
Northside
High school
Granby
Directions
From 64, take 4th View towards the pier. Take a RIGHT onto Staten Street and building will be on the left.
Subdivision
128 - Norfolk
Standard status
Active
APN
29032820
Size
3,700 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
1 & 2 BLK 1
Tax Annual Amount
8446
Legal Description
1 & 2 BLK 1
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
on-site laundry
assigned parking
Building Details
Year built
1970
Floors in Building
2
Building materials
Brick, Drywall
Roof type
Asphalt
Architectural style
Other
Listing Agency:
RE/MAX Commonwealth · RE/MAX International
(804) 360-5200
Listed By:
Kelley Dirom · License #0225088988
(804) 741-5995
Added: Mar 12
Changed: Aug 26
Last Checked: Aug 31 at 2:06AM
MLS# 2613562
Copyright © 2026 Central Virginia Regional Multiple Listing Service. 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 8-unit apartment building in Norfolk features brick construction, 3,700 square feet, and a 0.1607-acre lot. The units have been remodeled with custom cabinets, granite countertops, new appliances, updated windows, and furnishings. On-site laundry and assigned parking serve the property, which also includes privacy fencing, an asphalt roof, public water, and public sewer.
All eight units are occupied, including two operated as mid-term rentals. The property is located near the Ocean View Pier, the beach, highways, parks, basketball courts, and bike paths. The property was built in 1970 and is situated at 350 Staten Street in Norfolk, Virginia.
All eight units are occupied, including two operated as mid-term rentals. The property is located near the Ocean View Pier, the beach, highways, parks, basketball courts, and bike paths. The property was built in 1970 and is situated at 350 Staten Street in Norfolk, Virginia.
Key Highlights
- 8‑unit apartment building with 3,700 square feet on a 0.1607‑acre lot
- All eight units occupied; two are operated as mid‑term rentals
- Remodeled units include furnishings, granite countertops, custom cabinets, new appliances, and new windows
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
$43,522
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
3.13%
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%
$870,440
$870.4K
Cap Rate 7%
$621,743
$621.7K
Cap Rate 9%
$483,578
$483.6K
Market Conditions
NOI Build-Up for 3,700 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
$83.5K $22.56/SF
− Vacancy
−$4.3K −$1.17/SF
EGI
$79.1K $21.39/SF
− OpEx
−$35.6K −$9.62/SF
NOI
$43.5K $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 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%
$870,440
Cap Rate 7%
$621,743
Cap Rate 9%
$483,578
Alternative Uses
Best Use
Apartment 5plus
$621.7K
$544.0K – $725.4K
NOI $43,522 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$784.9K
$686.8K – $915.7K
NOI $54,943 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 23503, VA
31,932
Population
15,350
Households
2.1
Avg Household Size
35
Median Age
31%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
6,386
Density / Sq Mi
$62,428
Median Household Income
$42,850
Median Earnings
$1,195
Median Rent
$273,100
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?
Apartment building - All units are furnished and remodeled, with granite countertops, custom cabinetry, new appliances, and on-site laundry.
Where is this apartment building located?
The property is located at 350 Staten Street Norfolk, VA.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: 8‑unit apartment building with 3,700 square feet on a 0.1607‑acre lot; All eight units occupied; two are operated as mid‑term rentals; Remodeled units include furnishings, granite countertops, custom cabinets, new appliances, and new windows
