Two-Unit Waterfront
New
For Sale
$650,000
8100 Turner Road, Norfolk, VA 23518
MULTI_FAMILY - Norfolk, VA
Property Size2,192 SF
Price / SF$296.53
Days on Market6
Property Features for 8100 Turner Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
R-C
Subdivision
LITTLE CREEK AREA
Lot features
Corner
Elementary school
Little Creek Elementary
Middle school
Azalea Gardens Middle
Standard status
Active
Size
2,192 SF
Taxes and HOA fees
Tax Annual Amount
7990
Utilities
Water front features
Waterfront
Building Details
Year built
2026
Roof type
Shingle
Architectural style
Other
Listing Agency:
Judy Boone Realty Inc.
(757) 587-2800
Listed By:
Lori Kraft
(757) 587-2800
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 12 at 8:06AM
MLS# 10648202
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 two-unit duplex contains approximately 2,192 square feet and is identified as a waterfront property in Norfolk. The residences provide distinct living arrangements, with Unit 1 offering approximately 775 square feet, two bedrooms, and one full bath, while Unit 2 includes approximately 1,417 square feet, three bedrooms, and two full baths. Both units feature a living room, dining area, kitchen, laundry space, and private garage.
The property is located at 8100 Turner Road in Norfolk’s Ocean View/Little Creek area and was built in 2026. City water and sewer serve the property, with off-street parking also provided. Zoning is R-C, supporting the property’s duplex configuration.
The property is located at 8100 Turner Road in Norfolk’s Ocean View/Little Creek area and was built in 2026. City water and sewer serve the property, with off-street parking also provided. Zoning is R-C, supporting the property’s duplex configuration.
Key Highlights
- Two‑unit duplex totaling approximately 2,192 square feet
- Unit 1: approximately 775 square feet with 2 bedrooms and 1 full bath
- Unit 2: approximately 1,417 square feet with 3 bedrooms and 2 full baths
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
$28,710
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
4.42%
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%
$574,200
$574.2K
Cap Rate 7%
$410,143
$410.1K
Cap Rate 9%
$319,000
$319.0K
Market Conditions
NOI Build-Up for 2,192 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
$43.4K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$41.0K $18.71/SF
− OpEx
−$12.3K −$5.61/SF
NOI
$28.7K $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%
$574,200
Cap Rate 7%
$410,143
Cap Rate 9%
$319,000
Alternative Uses
Best Use
Multifamily LT 5
$410.1K
$358.9K – $478.5K
NOI $28,710 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$368.3K
$322.3K – $429.7K
NOI $25,784 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$465.0K
$406.9K – $542.5K
NOI $32,550 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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 - Newly built duplex with separate living spaces, kitchens, laundry areas, and garages for each residence.
Where is this duplex located?
The property is located at 8100 Turner Road Norfolk, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit duplex totaling approximately 2,192 square feet; Unit 1: approximately 775 square feet with 2 bedrooms and 1 full bath; Unit 2: approximately 1,417 square feet with 3 bedrooms and 2 full baths
