Side-by-Side Duplex with
For Sale
$380,000
1031 Woronoca Avenue, Norfolk, VA 23503
MULTI_FAMILY - Norfolk, VA
Property Size1,500 SF
Price / SF$253.33
Days on Market9
Property Features for 1031 Woronoca Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
OCEAN VIEW
Lot features
Patio, Shed
Elementary school
Oceanair Elementary
Middle school
Northside Middle School
Standard status
Active
Size
1,500 SF
Taxes and HOA fees
Tax Annual Amount
3627
Utilities
Water front features
Waterfront
Building Details
Year built
1965
Roof type
Shingle
Architectural style
Other
Listing Agency:
World Class Realty & Prop Mgmt
(757) 228-7773
Listed By:
Megan Oldfield
(757) 270-1623
Added: Jul 23
Changed: Jul 26
Last Checked: Jul 31 at 2:06AM
MLS# 10645794
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 move-in ready side-by-side duplex offers two residential units with separate driveways and outdoor space. Renovations completed in 2022 include updated kitchens with soft-close cabinets, dishwashers, washers/dryers, and refrigerators. Unit B features a newer HVAC installed in 2023. Additional major updates include a roof that is approximately 7 years old and water heaters installed in 2016. Both units have thermal pane windows, rear patios, and individual storage sheds.
The property is zoned R-8 and includes separate driveways with up to 4 parking spaces per side. One unit is currently rented, while the other is vacant and ready to move in or lease.
Each unit is equipped with in-unit laundry and modern kitchen appliances, supporting straightforward day-to-day occupancy.
The property is zoned R-8 and includes separate driveways with up to 4 parking spaces per side. One unit is currently rented, while the other is vacant and ready to move in or lease.
Each unit is equipped with in-unit laundry and modern kitchen appliances, supporting straightforward day-to-day occupancy.
Key Highlights
- Side‑by‑side duplex built in 1965 with one unit currently rented for $1,500/month and the other vacant
- Renovated in 2022 with updated kitchens, soft‑close cabinets, dishwashers, washers/dryers, and refrigerators
- Unit B has newer HVAC installed in 2023
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 | $29.7k | $19.80 |
| − Vacancy | −$1.6k | −$1.09 |
| EGI | $28.1k | $18.71 |
| − OpEx | −$8.4k | −$5.61 |
| NOI | $19.6k | $13.10 |
1,500 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$280.7K
$245.6K – $327.5K
NOI $19,647 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,644 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$318.2K
$278.4K – $371.2K
NOI $22,274 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
181
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Move-in ready side-by-side duplex features updated kitchens, patios, and separate driveways for parking.
Where is this duplex located?
The property is located at 1031 Woronoca Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Side‑by‑side duplex built in 1965 with one unit currently rented for $1,500/month and the other vacant; Renovated in 2022 with updated kitchens, soft‑close cabinets, dishwashers, washers/dryers, and refrigerators; Unit B has newer HVAC installed in 2023
