Duplex with New
For Sale
$415,000
856 W 43rd St, Norfolk, VA 23508
Separate upper and lower residences each include two bedrooms and one full bathroom.
Property Size1,846 SF
Price / SF$224.81
Days on Market22
Property Features for 856 W 43rd St
General Information
Standard status
Active
Size
1,846 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Dragas Companies Realty Inc
(757) 424-9007
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 28 at 10:13AM
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 Dragas Companies Realty Inc
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,846 square feet in an upstairs/downstairs configuration, with each residence offering two bedrooms and one full bathroom. Exterior updates include new siding and porches. Built in 1920, the property combines a traditional residential layout with separate living spaces suited to rental or owner-occupied use.
One unit is leased, while the other is vacant for occupancy or tenant placement. The property is two blocks from Old Dominion University and one block from Old Dominion Village, with shops, restaurants, and local amenities nearby.
One unit is leased, while the other is vacant for occupancy or tenant placement. The property is two blocks from Old Dominion University and one block from Old Dominion Village, with shops, restaurants, and local amenities nearby.
Key Highlights
- 1,846‑square‑foot duplex with two separate units
- Each unit has 2 bedrooms and 1 full bathroom
- Upstairs/downstairs layout with exterior porches
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
$24,178
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
5.83%
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%
$483,560
$483.6K
Cap Rate 7%
$345,400
$345.4K
Cap Rate 9%
$268,644
$268.6K
Market Conditions
NOI Build-Up for 1,846 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
$36.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$34.5K $18.71/SF
− OpEx
−$10.4K −$5.61/SF
NOI
$24.2K $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%
$483,560
Cap Rate 7%
$345,400
Cap Rate 9%
$268,644
Alternative Uses
Best Use
Multifamily LT 5
$345.4K
$302.2K – $403.0K
NOI $24,178 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$310.2K
$271.4K – $361.9K
NOI $21,714 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$391.6K
$342.7K – $456.9K
NOI $27,412 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,005
Businesses Nearby
Explore this area
Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
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 - Separate upper and lower residences each include two bedrooms and one full bathroom.
Where is this duplex located?
The property is located at 856 W 43rd St Norfolk, VA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 1,846‑square‑foot duplex with two separate units; Each unit has 2 bedrooms and 1 full bathroom; Upstairs/downstairs layout with exterior porches
