Duplex with Updated Exterior
For Sale
$350,000
4308 Tides Court, Norfolk, VA 23518
MULTI_FAMILY - Norfolk, VA
Property Size1,739 SF
Price / SF$201.27
Days on Market15
Property Features for 4308 Tides Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
DUPLEX
Subdivision
OCEAN VIEW EAST
Lot features
Cul-De-Sac
Elementary school
Little Creek Elementary
Middle school
Azalea Gardens Middle
Standard status
Active
Size
1,739 SF
Taxes and HOA fees
Tax Annual Amount
2787
Utilities
Water front features
Waterfront
Amenities
fully fenced backyard
Building Details
Year built
1978
Roof type
Shingle
Architectural style
Other
Listing Agency:
VA Realty Professionals
(757) 997-1108
Listed By:
Laura Mcguire
(757) 310-9311
Added: Jul 29
Changed: Jul 31
Last Checked: Aug 12 at 8:06AM
MLS# 10645260
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 duplex offers two separate living units with a practical owner-occupant or rental setup. The front unit is vacant and features 2 bedrooms and 1 bathroom, while the rear unit is tenant occupied with 3 bedrooms and 1.5 bathrooms. The home was built in 1978 and includes a shingle roof, with recent improvements such as a new roof in 2024 along with updated HVAC, water heater, and windows.
Outside, a fully fenced backyard provides privacy and usable outdoor space for tenants or future residents. The property is described as having waterfront features and is set in the Ocean View area of Norfolk, VA. It is positioned minutes from JEB Little Creek, Naval Station Norfolk, Chesapeake Bay, Ocean View beaches, Norfolk International Airport, I-64, shopping, dining, and public transportation.
Overall, the combination of updated building systems, a vacant front unit, and a tenant-occupied rear unit supports flexible near-term occupancy and ongoing rental potential.
Outside, a fully fenced backyard provides privacy and usable outdoor space for tenants or future residents. The property is described as having waterfront features and is set in the Ocean View area of Norfolk, VA. It is positioned minutes from JEB Little Creek, Naval Station Norfolk, Chesapeake Bay, Ocean View beaches, Norfolk International Airport, I-64, shopping, dining, and public transportation.
Overall, the combination of updated building systems, a vacant front unit, and a tenant-occupied rear unit supports flexible near-term occupancy and ongoing rental potential.
Key Highlights
- Front unit is vacant with 2 beds and 1 bath
- Rear unit is tenant occupied with 3 beds and 1.5 baths
- New roof completed in 2024 plus updated HVAC, water heater, and 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
$22,777
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
6.51%
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%
$455,540
$455.5K
Cap Rate 7%
$325,386
$325.4K
Cap Rate 9%
$253,078
$253.1K
Market Conditions
NOI Build-Up for 1,739 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
$34.4K $19.80/SF
− Vacancy
−$1.9K −$1.09/SF
EGI
$32.5K $18.71/SF
− OpEx
−$9.8K −$5.61/SF
NOI
$22.8K $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%
$455,540
Cap Rate 7%
$325,386
Cap Rate 9%
$253,078
Alternative Uses
Best Use
Multifamily LT 5
$325.4K
$284.7K – $379.6K
NOI $22,777 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$292.2K
$255.7K – $340.9K
NOI $20,455 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$368.9K
$322.8K – $430.4K
NOI $25,823 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
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 - Well-maintained duplex with a vacant front unit and tenant-occupied rear unit, plus a fenced backyard.
Where is this duplex located?
The property is located at 4308 Tides Court Norfolk, VA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Front unit is vacant with 2 beds and 1 bath; Rear unit is tenant occupied with 3 beds and 1.5 baths; New roof completed in 2024 plus updated HVAC, water heater, and windows
