Building Details

Year Built 1960

Listing Agency: Creed Realty

Listed By: Sadie Arseneault Show Phone

Source: Distinctlyrealestate

Added: Aug 23 Changed: Oct 15 Last Checked: Oct 7 at 3:16PM

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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.

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 / Yr

$18,396

Cap Rate

5.36%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$367,920 $367.9K

Cap Rate 7%

$262,800 $262.8K

Cap Rate 9%

$204,400 $204.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,624 SF

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 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 (±1% cap)

NOI $18,396 @ 7.0% cap · market cap 5.36%

Second Best

Apartment 5plus

$236.2K

$206.7K – $275.6K (±1% cap)

NOI $16,536 @ 7.0% cap · market cap 4.82%

Theoretical Best

Office A

$480.0K

$420.0K – $560.0K (±1% cap)

NOI $33,597 @ 7.0% cap · market cap 9.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Bakery Kitchen & Bath Showroom Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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 $342,900.

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