Waterfront Duplex with Separate
For Sale
$335,000
3549 Seay Avenue, Norfolk, VA 23502
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,910 SF
Price / SF$175.39
Days on Market12
Property Features for 3549 Seay Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-7
Subdivision
INGLESIDE
Lot features
Shed
Elementary school
Ingleside Elementary School
Middle school
Norview Middle
Standard status
Active
Size
1,910 SF
Taxes and HOA fees
Tax Annual Amount
3909
Utilities
Water front features
Waterfront
Building Details
Year built
1962
Roof type
Shingle
Architectural style
Other
Listing Agency:
Better Homes & Gdns Ntv Am Grp
(757) 495-5500
Listed By:
Ernie Gutierrez
(757) 672-6732
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 27 at 4:06PM
MLS# 10653706
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 1,910-square-foot side-by-side duplex in Norfolk was built in 1962 and includes two separately metered units. Unit A has a long-term tenant, while Unit B is vacant and prepared for occupancy. Both residences pay their own utilities, and each received a new HVAC system in 2021. Unit B also has a 2022 water heater, fresh paint, and a new toilet.
The property is designated R-7 and includes waterfront features. A 3.625% VA assumable loan is associated with the property for a qualified veteran buyer. The duplex is offered as-is, where-is, with a shingle roof and an address on Seay Avenue in Norfolk, Virginia.
The property is designated R-7 and includes waterfront features. A 3.625% VA assumable loan is associated with the property for a qualified veteran buyer. The duplex is offered as-is, where-is, with a shingle roof and an address on Seay Avenue in Norfolk, Virginia.
Key Highlights
- 1,910 SF side‑by‑side duplex on a waterfront property
- Unit A has a long‑term tenant; Unit B is vacant and ready for occupancy
- Separate meters serve both units, with tenants paying all utilities
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
$25,017
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
7.47%
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%
$500,340
$500.3K
Cap Rate 7%
$357,386
$357.4K
Cap Rate 9%
$277,967
$278.0K
Market Conditions
NOI Build-Up for 1,910 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
$37.8K $19.80/SF
− Vacancy
−$2.1K −$1.09/SF
EGI
$35.7K $18.71/SF
− OpEx
−$10.7K −$5.61/SF
NOI
$25.0K $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%
$500,340
Cap Rate 7%
$357,386
Cap Rate 9%
$277,967
Alternative Uses
Best Use
Multifamily LT 5
$357.4K
$312.7K – $417.0K
NOI $25,017 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$321.0K
$280.8K – $374.5K
NOI $22,467 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$405.2K
$354.5K – $472.7K
NOI $28,362 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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-unit property with one occupied residence and one vacant unit ready for occupancy.
Where is this duplex located?
The property is located at 3549 Seay Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,910 SF side‑by‑side duplex on a waterfront property; Unit A has a long‑term tenant; Unit B is vacant and ready for occupancy; Separate meters serve both units, with tenants paying all utilities
