Side-by-Side
New
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 Market4
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
Utilities
Water front features
Waterfront
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
Last Checked: Aug 30 at 4:06PM
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.
This side-by-side duplex at 1149 Modoc Avenue contains 1,446 square feet and dates to 1983. Both units share the same floor plan, creating a consistent configuration across the property. The building has a shingle roof and is designated R-8 zoning.
The property is identified as waterfront and is located in Norfolk’s Bayview area, approximately five blocks from the beach. Its duplex format supports a range of residential ownership approaches, including occupying one unit while leasing the other, as explicitly described in the property information.
The property is identified as waterfront and is located in Norfolk’s Bayview area, approximately five blocks from the beach. Its duplex format supports a range of residential ownership approaches, including occupying one unit while leasing the other, as explicitly described in the property information.
Key Highlights
- Side‑by‑side duplex with matching floor plans
- 1,446 square feet
- Built in 1983
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
5.26%
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 5.26%
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.
Property Analytics
Property Profile
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
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 - Two matching residential units offer a consistent layout within an R-8-zoned property near 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: Side‑by‑side duplex with matching floor plans; 1,446 square feet; Built in 1983
