Over-Under
For Sale
$425,000
1045 W 37th Street, Norfolk, VA 23508
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,600 SF
Price / SF$265.63
Days on Market11
Property Features for 1045 W 37th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
KENSINGTON
Lot features
Deck
Elementary school
Walter Herron Taylor Elementary
Middle school
Blair Middle
Standard status
Active
Size
1,600 SF
Taxes and HOA fees
Tax Annual Amount
3005
Utilities
Water front features
Waterfront
Building Details
Year built
1921
Roof type
Composition
Architectural style
Other
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Coco Hanauer
(757) 340-5555
Added: Aug 19
Last Checked: Aug 29 at 3:06PM
MLS# 10649967
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 occupied duplex contains 1,600 square feet in an over-under arrangement. The lower residence offers 3 bedrooms and 1 bathroom, while the upper residence includes 1 bedroom, a bonus room, and 1 bathroom. The property was built in 1921 and has a composition roof. Parking is available in the driveway and along the street.
Located at 1045 W 37th Street in Norfolk, the property is near Old Dominion University, Downtown Norfolk, and shopping. Waterfront features add a distinct physical characteristic to the property. The parcel is identified in ZIP code 23508.
Located at 1045 W 37th Street in Norfolk, the property is near Old Dominion University, Downtown Norfolk, and shopping. Waterfront features add a distinct physical characteristic to the property. The parcel is identified in ZIP code 23508.
Key Highlights
- Occupied over‑under duplex with 1,600 square feet
- Lower residence includes 3 beds and 1 ba
- Upper residence offers 1 bed, a bonus room, and 1 ba
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
$20,956
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
4.93%
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%
$419,120
$419.1K
Cap Rate 7%
$299,371
$299.4K
Cap Rate 9%
$232,844
$232.8K
Market Conditions
NOI Build-Up for 1,600 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
$31.7K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$29.9K $18.71/SF
− OpEx
−$9.0K −$5.61/SF
NOI
$21.0K $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%
$419,120
Cap Rate 7%
$299,371
Cap Rate 9%
$232,844
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$262.0K – $349.3K
NOI $20,956 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$268.9K
$235.3K – $313.7K
NOI $18,820 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$339.4K
$297.0K – $396.0K
NOI $23,759 @ 7.0% cap · market cap 5.59%
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
1,405
Businesses Nearby
Explore this area
Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
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 - Waterfront duplex with separate upper and lower residences and both driveway and street parking.
Where is this duplex located?
The property is located at 1045 W 37th Street Norfolk, VA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Occupied over‑under duplex with 1,600 square feet; Lower residence includes 3 beds and 1 ba; Upper residence offers 1 bed, a bonus room, and 1 ba
