Side-by-Side
For Sale
$360,000
1149 Modoc Ave, Norfolk, VA 23503
Matching floor plans support owner occupancy on one side with rental use on the other.
Property Size1,446 SF
Price / SF$248.96
Days on Market51
Property Features for 1149 Modoc Ave
General Information
Standard status
Active
Size
1,446 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Oceanview
Building Details
Year Built
1983
Listing Agency:
CENTURY 21 Nachman Realty
Listed By:
Ken Belkofer
(800) 539-8014
Source:
Veritygroup
Added: Sep 6
Changed: Oct 26
Last Checked: Oct 24 at 6:24PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1983 duplex property at 1149 Modoc Ave in Bayview features two units with matching floor plans. The configuration supports a range of ownership approaches, including occupying one unit while leasing the other, as stated in the property information.
The property is located five blocks from the beach. The adjacent duplex at 1137 Modoc Ave is also offered for sale, creating a side-by-side opportunity for a buyer considering both properties.
The property is located five blocks from the beach. The adjacent duplex at 1137 Modoc Ave is also offered for sale, creating a side-by-side opportunity for a buyer considering both properties.
Key Highlights
- Two‑unit duplex with matching floor plans
- Built in 1983
- Five blocks from the beach
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,939
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
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
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 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 5.26%
Second Best
Apartment 5plus
$243.0K
$212.6K – $283.5K
NOI $17,009 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$306.7K
$268.4K – $357.9K
NOI $21,472 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Matching floor plans support owner occupancy on one side with rental use on the other.
Where is this duplex located?
The property is located at 1149 Modoc Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two‑unit duplex with matching floor plans; Built in 1983; Five blocks from the beach
