Corner Lot Duplex with Detached
1059 Warwick Avenue Norfolk, VA 23503
1059 Warwick Avenue, Norfolk, VA, 23503
$394,000
For Sale
$394,000
MULTI_FAMILY - Norfolk, VA
Property Size1,566 SF
Price / SF$251.60
Days on Market59
Property Features for 1059 Warwick Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Zoning
- R-11
- Standard status
- Active
- Size
- 1,566 SF
Taxes and HOA fees
- Tax Annual Amount
- 2633
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1953
- Roof type
- Shingle
- Architectural style
- Other
Listing Agency
World Class Realty
(757) 228-7773
5705 Lynnhaven Parkway #109, Virginia Beach, VA
Listed by
Janice Hollowell
(757) 288-7773
Added: May 24 Updated: Jul 18 at 6:27 am Checked: Jul 21 at 5:06 am
MLS# 10636388
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Investment Insights
Based on property information with market context.
This duplex for sale offers an owner-occupant opportunity and includes a corner lot setting with a large detached garage. The property is described as being in a quiet residential environment, making it well-suited for those looking for a self-occupied investment or rental setup.
The home is located at 1059 Warwick Avenue in Norfolk, Virginia, within the R-11 zoning district. The corner lot configuration and detached garage are standout physical features noted in the listing materials.
Zoning for the property is listed as R-11. No additional unit mix, interior details, or rental terms were provided in the available information.
The home is located at 1059 Warwick Avenue in Norfolk, Virginia, within the R-11 zoning district. The corner lot configuration and detached garage are standout physical features noted in the listing materials.
Zoning for the property is listed as R-11. No additional unit mix, interior details, or rental terms were provided in the available information.
Key Highlights
- Waterfront property
- Huge detached garage
- Corner lot
Local 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 | $31.0k | $19.80 |
| − Vacancy | −$1.7k | −$1.09 |
| EGI | $29.3k | $18.71 |
| − OpEx | −$8.8k | −$5.61 |
| NOI | $20.5k | $13.10 |
1,566 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$293.0K
$256.4K – $341.9K
NOI $20,511 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$263.2K
$230.3K – $307.0K
NOI $18,421 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$332.2K
$290.7K – $387.6K
NOI $23,254 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Duplex property on a corner lot with a large detached garage in Norfolk’s R-11 zoning district.
Where is this duplex located?
The property is located at 1059 Warwick Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $394,000.
What are key features of this property?
This property features: Waterfront property; Huge detached garage; Corner lot
