Side-by-Side
New
For Sale
$350,000
1147 Modoc Ave, Norfolk, VA 23503
Two-unit residential property near the beach, offering a flexible owner-occupant or rental arrangement.
Property Size1,446 SF
Price / SF$242.05
Days on Market3
Property Features for 1147 Modoc Ave
General Information
Standard status
Active
Size
1,446 SF
Property subtype
Multi-Family
Building Details
Year Built
1984
Listing Agency:
CENTURY 21 Nachman Realty
Listed By:
Ken Belkofer
(800) 539-8014
Source:
Distinctlyrealestate
Added: Sep 13
Last Checked: Sep 14 at 6:07PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Nachman Realty
Investment Insights
Based on property information with market context.
This side-by-side duplex property in Norfolk’s Bayview area contains two residential units and was built in 1984. Its configuration supports an ownership approach in which one unit can be occupied while the other is rented, as described in the property information.
The property is located at 1147 Modoc Ave, approximately 5 blocks from the beach. The two-unit layout provides a straightforward residential income property format for an investor or a buyer seeking a combination of personal use and rental occupancy.
The property is located at 1147 Modoc Ave, approximately 5 blocks from the beach. The two-unit layout provides a straightforward residential income property format for an investor or a buyer seeking a combination of personal use and rental occupancy.
Key Highlights
- Side‑by‑side duplex configuration
- Approximately 5 blocks from the beach
- Built in 1984
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
$18,939
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
5.41%
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%
$378,780
$378.8K
Cap Rate 7%
$270,557
$270.6K
Cap Rate 9%
$210,433
$210.4K
Market Conditions
NOI Build-Up for 1,446 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
$28.6K $19.80/SF
− Vacancy
−$1.6K −$1.09/SF
EGI
$27.1K $18.71/SF
− OpEx
−$8.1K −$5.61/SF
NOI
$18.9K $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%
$378,780
Cap Rate 7%
$270,557
Cap Rate 9%
$210,433
Alternative Uses
Best Use
Multifamily LT 5
$270.6K
$236.7K – $315.7K
NOI $18,939 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$243.0K
$212.6K – $283.5K
NOI $17,009 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$306.7K
$268.4K – $357.9K
NOI $21,472 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
176
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property near the beach, offering a flexible owner-occupant or rental arrangement.
Where is this duplex located?
The property is located at 1147 Modoc Ave 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: Side‑by‑side duplex configuration; Approximately 5 blocks from the beach; Built in 1984
