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    Well-Maintained Duplex Near Waterfront Title is generated by Realmo AI

    624 Georgia Avenue, Norfolk, VA 23508

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    For Sale
    $469,000

    MULTI_FAMILY - Norfolk, VA

    Property size:
    3,000 SF
    Price / SF:
    $156/SF
    Added:
    May 28, 2026
    Days on Market:
    4
    Last Refresh:
    May 31 at 5:06 pm

    Property Features for 624 Georgia Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RESIDENT
    Standard status
    Active
    Size
    3,000 SF

    Taxes and HOA fees

    Tax Annual Amount
    5093

    Utilities

    Water front features
    Waterfront

    Building Details

    Year built
    1921
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Bobby Lawrence

    Listing agent Bobby Lawrence

    Listing office BHHS RW Towne Realty 312 W 21st Street, Chesapeake, VA

    Listing date May 28, 2026

    MLS# 10636749

    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.

    HighLights

    • Prime location: Close to shopping, restaurants, interstate, beaches, naval bases, and Mayflower Rd. waterfront.
    • Unit B features a renovated kitchen with maple cabinets, granite countertops, stainless steel appliances, and recessed lighting, leading to a large deck.
    • Architectural roof (2024) and recently repaired/new gutters (2025).
    • Unit B includes a third‑floor primary suite with upgraded bath and washer/dryer, plus mini‑split systems installed in 2024 and 2025.
    • No flood insurance required.
    • Unit A has refinished floors (2021), tall ceilings, and fresh paint (2021).

    Overview

    This well-maintained duplex is located in close proximity to shopping, restaurants, the interstate, beaches, naval bases, and the Mayflower Road waterfront. Unit A features refinished floors from 2021, tall ceilings, and paint also from 2021. The hot water heater was replaced in 2019, and windows were updated in 2007 and 2021. A new back door was installed in 2021, with kitchen flooring updated in 2025 and tiled bathroom flooring in 2021. The fireplace is decorative, and the unit includes a washer and dryer. Unit B offers an open living space with wood floors. The kitchen has been renovated with maple cabinets, granite countertops, stainless steel appliances, and recessed lighting, leading to a large deck. New kitchen flooring was installed in 2026. A gas hot water heater was installed in 2023, and the gas fireplace was serviced in 2024. A second-floor mini-split system was added in 2024, and a third-floor primary suite includes an upgraded bath and washer/dryer, with a third-floor mini-split system installed in 2025. The architectural roof was replaced in 2024, and gutters were newly installed and repaired in 2025. A two-story deck was built in 2008. The wood on the basement stairs has been replaced and reinforced. Exterior doors have also been replaced. The property does not require flood insurance. The property size is approximately 3000 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $59.4k $19.80
    − Vacancy −$3.3k −$1.09
    EGI $56.1k $18.71
    − OpEx −$16.8k −$5.61
    NOI $39.3k $13.10
    3,000 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $561.3K
    $491.2K – $654.9K (±1% cap)
    NOI $39,293 @ 7.0% cap · market cap 8.38%
    Second Best
    Apartment 5plus
    $504.1K
    $441.1K – $588.1K (±1% cap)
    NOI $35,288 @ 7.0% cap · market cap 7.52%
    Theoretical Best
    Office A
    $636.4K
    $556.9K – $742.5K (±1% cap)
    NOI $44,548 @ 7.0% cap · market cap 9.50%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2912459
    Latitude
    36.881129

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    FAQs

    What type of property is this?
    Duplex - Duplex near amenities with updated features and no flood insurance.
    Where is this duplex located?
    The property is located at 624 Georgia Avenue Norfolk, VA.
    What is the asking price?
    The asking price for this property is $469,000.
    What are key features of this property?
    This property features: Prime location: Close to shopping, restaurants, interstate, beaches, naval bases, and Mayflower Rd. waterfront.; Unit B features a **renovated kitchen with maple cabinets, granite countertops, stainless steel appliances, and recessed lighting**, leading to a large deck.; Architectural roof (2024) and recently repaired/new gutters (2025).
    (757) 690-0439
    We can help!
    Listing Contact
    Bobby Lawrence
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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