Side-by-Side
For Sale
$275,000
6351 Wellington Street, Norfolk, VA 23513
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,624 SF
Price / SF$169.33
Days on Market8
Property Features for 6351 Wellington Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
NORVIEW
Elementary school
Norview Elementary
Middle school
Norview Middle
Standard status
Active
Size
1,624 SF
Taxes and HOA fees
Tax Annual Amount
3045
Utilities
Water front features
Waterfront
Amenities
washer/dryer hookups
Building Details
Year built
1979
Roof type
Shingle
Architectural style
Other
Listing Agency:
Next Chapter VA Realty Inc
Listed By:
Kristen Boyd
(757) 364-9922
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 10 at 6:06AM
MLS# 10652010
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 contains 1,624 square feet with two separate residences, each configured with 2 bedrooms and 1 full bathroom. Both units are vacant, and each includes its own washer and dryer hookups. Electricity and water are separately metered by unit, supporting distinct utility management. Built in 1979, the property has a shingle roof and is designated R-11.
The property is identified as waterfront and is located in Norfolk, VA 23513. Its two-unit layout provides separate residential spaces within one duplex structure, with the existing configuration preserved for future occupancy or leasing decisions.
The property is identified as waterfront and is located in Norfolk, VA 23513. Its two-unit layout provides separate residential spaces within one duplex structure, with the existing configuration preserved for future occupancy or leasing decisions.
Key Highlights
- Two‑unit duplex with 1,624 square feet
- Each unit includes 2 bedrooms and 1 full bathroom
- Both units are currently vacant
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
$21,271
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
7.73%
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%
$425,420
$425.4K
Cap Rate 7%
$303,871
$303.9K
Cap Rate 9%
$236,344
$236.3K
Market Conditions
NOI Build-Up for 1,624 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
$32.2K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$30.4K $18.71/SF
− OpEx
−$9.1K −$5.61/SF
NOI
$21.3K $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%
$425,420
Cap Rate 7%
$303,871
Cap Rate 9%
$236,344
Alternative Uses
Best Use
Multifamily LT 5
$303.9K
$265.9K – $354.5K
NOI $21,271 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$272.9K
$238.8K – $318.4K
NOI $19,103 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$344.5K
$301.5K – $401.9K
NOI $24,116 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 23513, VA
29,105
Population
13,040
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
87%
High-School Grad
5.1 sq mi
ZIP Area
5,707
Density / Sq Mi
$66,875
Median Household Income
$39,547
Median Earnings
$1,187
Median Rent
$226,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 vacant residences offer separate utility metering and individual washer and dryer hookups.
Where is this duplex located?
The property is located at 6351 Wellington Street Norfolk, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,624 square feet; Each unit includes 2 bedrooms and 1 full bathroom; Both units are currently vacant
