Side-by-Side
For Sale
$360,000
1149 Modoc Avenue, Norfolk, VA 23503
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,446 SF
Price / SF$248.96
Days on Market50
Property Features for 1149 Modoc Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
BAYVIEW BEACH
Elementary school
Oceanair Elementary
Middle school
Northside Middle School
Standard status
Active
Size
1,446 SF
Taxes and HOA fees
Tax Annual Amount
1381
Building Details
Year built
1983
Roof type
Shingle
Architectural style
Other
Listing Agency:
CENTURY 21 Nachman Realty · Century 21 Real Estate
(252) 331-1300
Listed By:
Ken Belkofer
(800) 539-8014
Added: Aug 27
Changed: Oct 2
Last Checked: Oct 15 at 4:06AM
MLS# 10650577
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.
The property comprises side-by-side duplexes, with the same floor plan in each unit. The listed property size is 1,446 square feet. Built in 1983, the building has a shingle roof and R-8 zoning.
At 1149 Modoc Avenue in Norfolk, the property is five blocks from the beach. The adjoining duplex at 1137 Modoc Avenue is also offered for sale.
At 1149 Modoc Avenue in Norfolk, the property is five blocks from the beach. The adjoining duplex at 1137 Modoc Avenue is also offered for sale.
Key Highlights
- 1,446 square feet of property size
- Side‑by‑side duplexes with matching floor plans in all units
- Built in 1983 with a shingle roof
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
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Current Use
Lease Details
4
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The property is zoned R-8 and sits five blocks from the beach.
Where is this duplex located?
The property is located at 1149 Modoc Avenue 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: 1,446 square feet of property size; Side‑by‑side duplexes with matching floor plans in all units; Built in 1983 with a shingle roof
