Waterfront
For Sale
$315,000
9243 Atwood Ave, Norfolk, VA 23503
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,652 SF
Price / SF$190.68
Days on Market9
Property Features for 9243 Atwood Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
OCEAN VIEW
Elementary school
Ocean View Elementary
Middle school
Northside Middle School
Standard status
Active
Size
1,652 SF
Taxes and HOA fees
Tax Annual Amount
3170
Utilities
Water front features
Waterfront
Building Details
Year built
1971
Roof type
Shingle
Architectural style
Other
Listing Agency:
Proactive Real Estate Services
Listed By:
Beatrice Daniels
(757) 383-9510
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 26 at 1:06PM
MLS# 10654286
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 contains 1,652 square feet across two side-by-side residences, with each unit offering two bedrooms and one bathroom. Both units are tenant occupied. Hardwood flooring is featured throughout, and the property has a shingle roof installed in 2022.
Built in 1971 and zoned R-8, the property is located at 9243 Atwood Ave in Norfolk, VA 23503. Waterfront features provide an additional physical characteristic for the asset.
Built in 1971 and zoned R-8, the property is located at 9243 Atwood Ave in Norfolk, VA 23503. Waterfront features provide an additional physical characteristic for the asset.
Key Highlights
- Two side‑by‑side units, each with 2 bedrooms and 1 bathroom
- Both units are tenant occupied
- 1,652 square feet of total property size
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
$21,637
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
6.87%
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%
$432,740
$432.7K
Cap Rate 7%
$309,100
$309.1K
Cap Rate 9%
$240,411
$240.4K
Market Conditions
NOI Build-Up for 1,652 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
$32.7K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$30.9K $18.71/SF
− OpEx
−$9.3K −$5.61/SF
NOI
$21.6K $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%
$432,740
Cap Rate 7%
$309,100
Cap Rate 9%
$240,411
Alternative Uses
Best Use
Multifamily LT 5
$309.1K
$270.5K – $360.6K
NOI $21,637 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$277.6K
$242.9K – $323.9K
NOI $19,432 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$350.4K
$306.6K – $408.9K
NOI $24,531 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 23503, VA
31,932
Population
15,350
Households
2.1
Avg Household Size
35
Median Age
31%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
6,386
Density / Sq Mi
$62,428
Median Household Income
$42,850
Median Earnings
$1,195
Median Rent
$273,100
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences feature hardwood flooring, updated roofing, and a two-bedroom, one-bath layout in each unit.
Where is this duplex located?
The property is located at 9243 Atwood Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two side‑by‑side units, each with 2 bedrooms and 1 bathroom; Both units are tenant occupied; 1,652 square feet of total property size
