114 W 38th Street, Norfolk, VA 23504
- Added:
- Apr 8, 2026
- Days on Market:
- 81
- Last Refresh:
- Jun 27 at 4:06 pm
Property Features for 114 W 38th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Active
- Size
- 2,274 SF
Taxes and HOA fees
- Tax Annual Amount
- 3980
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1918
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Fred Helm (757) 690-0439
Listing office BHHS RW Towne Realty 1215 Volvo Parkway Suite 100, Chesapeake, VA (757) 549-2000
Listing date Apr 8, 2026
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.
HighLights
- Two‑level layout with upper and lower levels that are identical
- Freshly painted interior and new LVP flooring
- Lower unit currently occupied by a tenant
- Must be sold as‑is with the vacant lot at 116 W. 38th Street, Norfolk, VA 23508
- Shingle roof; year built 1918
- Seller will make no repairs
Overview
The lower unit is currently occupied by a tenant. The seller requires that the duplex be sold together with the adjacent vacant lot at 116 W. 38th Street, Norfolk, VA 23508. The listing also notes the home is being sold as-is, with the seller making no repairs.
For buyers or investors looking for a residential income property with two comparable units, the identical configuration can simplify leasing and maintenance considerations. The presence of tenant occupancy in the lower unit may appeal to owners seeking a duplex structure with immediate in-place rental continuity, subject to the terms and condition reflected in an as-is sale.
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 | $45.0k | $19.80 |
| − Vacancy | −$2.5k | −$1.09 |
| EGI | $42.5k | $18.71 |
| − OpEx | −$12.8k | −$5.61 |
| NOI | $29.8k | $13.10 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.282848
- Latitude
- 36.880849
