Side-by-Side
For Sale
$344,900
1228 Commerce Ave, Chesapeake, VA 23324
One-level units include a vacant side and a tenant-occupied side.
Property Size1,624 SF
Price / SF$212.38
Days on Market9
Property Features for 1228 Commerce Ave
General Information
Standard status
Active
Size
1,624 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1960
Listing Agency:
Creed Realty
(757) 276-3330
Listed By:
Sadie Arseneault
Source:
Distinctlyrealestate
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 8:02PM
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 Creed Realty
Investment Insights
Based on property information with market context.
This side-by-side duplex at 1228 Commerce Ave comprises 1,624 SF and was built in 1960. Both residences use a one-level layout with 2 bedrooms and 1 full bath. Unit B is vacant and ready for occupancy, while Unit A is tenant occupied. Recent ownership work includes multiple updates and a new HVAC unit.
The property is located in South Norfolk, within Chesapeake, with access to major highways, Downtown Norfolk, shopping, and dining. Its two-unit configuration provides separate residences within a single multifamily property, with one side available for an occupant or tenant and the other currently leased.
The property is located in South Norfolk, within Chesapeake, with access to major highways, Downtown Norfolk, shopping, and dining. Its two-unit configuration provides separate residences within a single multifamily property, with one side available for an occupant or tenant and the other currently leased.
Key Highlights
- Side‑by‑side duplex containing 1,624 SF
- Each unit has 2 bedrooms and 1 full bath
- One‑level floor plans in both residences
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
$18,396
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
5.33%
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%
$367,920
$367.9K
Cap Rate 7%
$262,800
$262.8K
Cap Rate 9%
$204,400
$204.4K
Market Conditions
NOI Build-Up for 1,624 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
$28.3K $17.40/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$26.3K $16.18/SF
− OpEx
−$7.9K −$4.85/SF
NOI
$18.4K $11.33/SF
Area
Chesapeake, VA
Vacancy
7.00%
Lease Rate
$17.40 /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%
$367,920
Cap Rate 7%
$262,800
Cap Rate 9%
$204,400
Alternative Uses
Best Use
Multifamily LT 5
$262.8K
$230.0K – $306.6K
NOI $18,396 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$236.2K
$206.7K – $275.6K
NOI $16,536 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$480.0K
$420.0K – $560.0K
NOI $33,597 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 23324, VA
24,239
Population
9,834
Households
2.5
Avg Household Size
34
Median Age
21%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,618
Density / Sq Mi
$57,774
Median Household Income
$39,642
Median Earnings
$1,145
Median Rent
$242,000
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 - One-level units include a vacant side and a tenant-occupied side.
Where is this duplex located?
The property is located at 1228 Commerce Ave Chesapeake, VA.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: Side‑by‑side duplex containing 1,624 SF; Each unit has 2 bedrooms and 1 full bath; One‑level floor plans in both residences
