Brick Triplex with Furnished
New
For Sale
$899,900
1035 Gates Avenue, Norfolk, VA 23507
Multi Family Residential, Over/Under, Norfolk, VA
Property Size4,400 SF
Price / SF$204.52
Days on Market5
Property Features for 1035 Gates Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-8
Subdivision
WEST GHENT
Elementary school
Walter Herron Taylor Elementary
Middle school
Blair Middle
Standard status
Active
Size
4,400 SF
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Annual Amount
7734
Amenities
individual heat pumps
off-street parking
backyard
Building Details
Year built
1950
Roof type
Shingle
Architectural style
Other
Listing Agency:
Bayview Realty
Listed By:
Jason Baez
(757) 588-3000
Added: Nov 2
Changed: Nov 5
Last Checked: Nov 6 at 8:06AM
MLS# 10660329
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.
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Investment Insights
Based on property information with market context.
This 4,400-square-foot brick triplex was built in 1950 and is zoned R-8. The property contains three units: two are configured with three bedrooms and two bathrooms, while the third has two bedrooms and one bathroom. In one unit, a bedroom and bathroom are set aside for storage. Individual heat pumps serve the residences.
The second and third units are furnished and include full kitchens with small appliances and cutlery. A long driveway provides off-street parking, and the property also has a backyard. The address is on Gates Avenue in Norfolk.
The second and third units are furnished and include full kitchens with small appliances and cutlery. A long driveway provides off-street parking, and the property also has a backyard. The address is on Gates Avenue in Norfolk.
Key Highlights
- 4,400‑square‑foot brick triplex built in 1950
- Three units: two with 3 bedrooms and 2 bathrooms; one with 2 bedrooms and 1 bathroom
- Individual heat pumps serve the residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,630
Cap Rate
6.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,152,600
$1.2M
Cap Rate 7%
$823,286
$823.3K
Cap Rate 9%
$640,333
$640.3K
Market Conditions
NOI Build-Up for 4,400 SF
Gross rent
$87.1K $19.80/SF
− Vacancy
−$4.8K −$1.09/SF
EGI
$82.3K $18.71/SF
− OpEx
−$24.7K −$5.61/SF
NOI
$57.6K $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 Rate 5%
$1,152,600
Cap Rate 7%
$823,286
Cap Rate 9%
$640,333
Alternative Uses
Best Use
Multifamily LT 5
$823.3K
$720.4K – $960.5K
NOI $57,630 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$739.4K
$647.0K – $862.6K
NOI $51,756 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$933.4K
$816.7K – $1.09M
NOI $65,338 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,694
Businesses Nearby
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Business Placement
Demographics for 23507, VA
6,460
Population
3,530
Households
1.8
Avg Household Size
35
Median Age
76%
College-Educated
98%
High-School Grad
0.9 sq mi
ZIP Area
7,178
Density / Sq Mi
$107,650
Median Household Income
$59,128
Median Earnings
$1,422
Median Rent
$560,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three residences have individual heat pumps and a long driveway for off-street parking.
Where is this triplex located?
The property is located at 1035 Gates Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 4,400‑square‑foot brick triplex built in 1950; Three units: two with 3 bedrooms and 2 bathrooms; one with 2 bedrooms and 1 bathroom; Individual heat pumps serve the residences
