Over-Under
For Sale
$350,000
1045 W 37th Street, Norfolk, VA 23508
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,600 SF
Price / SF$218.75
Days on Market58
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
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
Changed: Oct 2
Last Checked: Oct 15 at 8:06AM
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.
Built in 1921, this occupied duplex has an over-under layout and 1,600 square feet. The lower residence contains three bedrooms and one bathroom; upstairs are one bedroom, a bonus room, and one bathroom. A composition roof and driveway parking are among the property’s physical features, with street parking also available.
The property is near Old Dominion University, downtown Norfolk, and shopping.
The property is near Old Dominion University, downtown Norfolk, and shopping.
Key Highlights
- 1,600‑square‑foot duplex with upper and lower residences
- Lower unit has 3 bedrooms and 1 bathroom
- Upper unit includes 1 bedroom, a bonus room, and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,956
Cap Rate
5.99%
Suggested Prices Based on Cap Rates
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
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 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 5.99%
Second Best
Apartment 5plus
$268.9K
$235.3K – $313.7K
NOI $18,820 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$339.4K
$297.0K – $396.0K
NOI $23,759 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
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 - The occupied residence offers separate upper and lower living areas with 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 $350,000.
What are key features of this property?
This property features: 1,600‑square‑foot duplex with upper and lower residences; Lower unit has 3 bedrooms and 1 bathroom; Upper unit includes 1 bedroom, a bonus room, and 1 bathroom
