Two-Unit Duplex Requiring
For Sale
$234,900
1252 Norview Ave, Norfolk, VA 23513
Two separate residences support rental, multigenerational, or owner-occupied use.
Property Size1,423 SF
Price / SF$165.07
Days on Market16
Property Features for 1252 Norview Ave
General Information
Standard status
Active
Size
1,423 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
does require work
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1972
Listing Agency:
Better Homes & Gdns Ntv Am Grp
Listed By:
Susan Jenkins · License #37018
Source:
Atlanticsir
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 29 at 6:23AM
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 Better Homes & Gdns Ntv Am Grp
Investment Insights
Based on property information with market context.
Built in 1972, this 1,423-square-foot duplex includes two separate units and offers a residential income property configuration. The building requires work, providing a renovation project for a buyer planning improvements or repositioning.
The property is located at 1252 Norview Ave in Norfolk, near Norfolk International Airport, Norfolk Naval Station, Norfolk Naval Shipyard, shopping, dining, schools, and major employers. Access to I-64 connects the property with destinations throughout Hampton Roads.
The two-unit layout can accommodate rental use, multigenerational living, or an owner-occupied arrangement, subject to the buyer’s plans and applicable requirements.
The property is located at 1252 Norview Ave in Norfolk, near Norfolk International Airport, Norfolk Naval Station, Norfolk Naval Shipyard, shopping, dining, schools, and major employers. Access to I-64 connects the property with destinations throughout Hampton Roads.
The two-unit layout can accommodate rental use, multigenerational living, or an owner-occupied arrangement, subject to the buyer’s plans and applicable requirements.
Key Highlights
- Two separate units within a single duplex property
- 1,423 square feet; built in 1972
- Renovation work is needed
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
$18,638
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
7.93%
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%
$372,760
$372.8K
Cap Rate 7%
$266,257
$266.3K
Cap Rate 9%
$207,089
$207.1K
Market Conditions
NOI Build-Up for 1,423 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
$28.2K $19.80/SF
− Vacancy
−$1.5K −$1.09/SF
EGI
$26.6K $18.71/SF
− OpEx
−$8.0K −$5.61/SF
NOI
$18.6K $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%
$372,760
Cap Rate 7%
$266,257
Cap Rate 9%
$207,089
Alternative Uses
Best Use
Multifamily LT 5
$266.3K
$233.0K – $310.6K
NOI $18,638 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$239.1K
$209.2K – $279.0K
NOI $16,738 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$301.9K
$264.1K – $352.2K
NOI $21,131 @ 7.0% cap · market cap 9.00%
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
400
Businesses Nearby
Explore this area
Business Placement
Demographics for 23513, VA
29,105
Population
13,040
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
87%
High-School Grad
5.1 sq mi
ZIP Area
5,707
Density / Sq Mi
$66,875
Median Household Income
$39,547
Median Earnings
$1,187
Median Rent
$226,900
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 separate residences support rental, multigenerational, or owner-occupied use.
Where is this duplex located?
The property is located at 1252 Norview Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Two separate units within a single duplex property; 1,423 square feet; built in 1972; Renovation work is needed
