Duplex with Detached Storage
New
For Sale
$500,000
1139 E Leicester Avenue, Norfolk, VA 23503
Multi Family Residential, Over/Under, Norfolk, VA
Property Size2,400 SF
Price / SF$208.33
Days on Market7
Property Features for 1139 E Leicester Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
OCEAN VIEW
Elementary school
Oceanair Elementary
Middle school
Northside Middle School
Standard status
Active
Size
2,400 SF
Taxes and HOA fees
Tax Annual Amount
2433
Building Details
Year built
1931
Roof type
Shingle
Architectural style
Other
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 217-4200
Listed By:
Katie Howlett
(757) 690-0439
Added: Oct 5
Changed: Oct 9
Last Checked: Oct 11 at 1:06AM
MLS# 10656332
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 1931, this 2,400-square-foot Norfolk duplex contains two over-under residences, each with three bedrooms and two bathrooms. A detached garage provides separate storage space. One unit is vacant, while the other is occupied by a long-term tenant.
Improvements include a newer roof and windows, updated appliances, new flooring and downstairs HVAC, a reworked first-floor layout, an added second bathroom, and a tankless water heater. The property is located at 1139 E Leicester Avenue in Norfolk, Virginia.
Improvements include a newer roof and windows, updated appliances, new flooring and downstairs HVAC, a reworked first-floor layout, an added second bathroom, and a tankless water heater. The property is located at 1139 E Leicester Avenue in Norfolk, Virginia.
Key Highlights
- Two residences, each with 3 bedrooms and 2 bathrooms
- 2,400 square feet in an over‑under duplex configuration
- Detached storage garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,434
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$628,680
$628.7K
Cap Rate 7%
$449,057
$449.1K
Cap Rate 9%
$349,267
$349.3K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$47.5K $19.80/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$44.9K $18.71/SF
− OpEx
−$13.5K −$5.61/SF
NOI
$31.4K $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%
$628,680
Cap Rate 7%
$449,057
Cap Rate 9%
$349,267
Alternative Uses
Best Use
Multifamily LT 5
$449.1K
$392.9K – $523.9K
NOI $31,434 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$403.3K
$352.9K – $470.5K
NOI $28,231 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$509.1K
$445.5K – $594.0K
NOI $35,639 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
176
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
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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 - Each residence offers three bedrooms and two bathrooms, with one unit vacant and the other occupied by a long-term tenant.
Where is this duplex located?
The property is located at 1139 E Leicester Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 bathrooms; 2,400 square feet in an over‑under duplex configuration; Detached storage garage
