Duplex With Two Separate
For Sale
$234,900
1252 Norview Avenue, Norfolk, VA 23513
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,423 SF
Price / SF$165.07
Days on Market13
Property Features for 1252 Norview Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
NORVIEW
Elementary school
Norview Elementary
Middle school
Norview Middle
Standard status
Active
Size
1,423 SF
Taxes and HOA fees
Tax Annual Amount
2486
Utilities
Water front features
Waterfront
Building Details
Year built
1972
Roof type
Shingle
Architectural style
Other
Listing Agency:
Better Homes & Gdns Ntv Am Grp
(757) 495-5500
Listed By:
Susan Jenkins
(757) 672-6732
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 24 at 10:06PM
MLS# 10648918
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 1,423-square-foot duplex contains two separate units and was built in 1972. The property is identified as waterfront and has a shingle roof. R-11 zoning supports its existing duplex configuration, while the building requires renovation work for a buyer planning updates or repositioning.
The property is located on Norview Avenue in Norfolk, near Norfolk International Airport, Norfolk Naval Station, Norfolk Naval Shipyard, shopping, dining, schools, and major employers. Access to I-64 connects the site with destinations throughout Hampton Roads.
The two-unit layout can accommodate separate household arrangements, including rental use, multigenerational occupancy, or an owner-occupied setup, subject to applicable requirements. Its existing configuration and need for improvements provide a clear framework for a renovation project.
The property is located on Norview Avenue in Norfolk, near Norfolk International Airport, Norfolk Naval Station, Norfolk Naval Shipyard, shopping, dining, schools, and major employers. Access to I-64 connects the site with destinations throughout Hampton Roads.
The two-unit layout can accommodate separate household arrangements, including rental use, multigenerational occupancy, or an owner-occupied setup, subject to applicable requirements. Its existing configuration and need for improvements provide a clear framework for a renovation project.
Key Highlights
- Two separate units within a duplex configuration
- 1,423 square feet of building area
- R‑11 zoning
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R-11-zoned duplex with separate living units and renovation needs.
Where is this duplex located?
The property is located at 1252 Norview Avenue 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 duplex configuration; 1,423 square feet of building area; R‑11 zoning
