Side-by-Side
For Sale
$325,000
1518 Hemlock St, Norfolk, VA 23502
Two occupied units include individual driveways, complete appliance packages, and HVAC systems approximately 2 years old.
Property Size2,078 SF
Price / SF$156.40
Days on Market57
Property Features for 1518 Hemlock St
General Information
Standard status
Active
Size
2,078 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Amenities
refrigerator
microwave
stove
washer
dryer
Building Details
Year Built
1984
Buildings
1
Listing Agency:
CapCenter
Listed By:
Brian McIntyre
(804) 968-5000
Source:
Distinctlyrealestate
Added: Aug 12
Changed: Oct 7
Last Checked: Oct 6 at 12:07AM
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 CapCenter
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two mirrored residences, each with 2 bedrooms and 1.5 baths. The 2,078 SF property was built in 1984, and both units include a refrigerator, microwave, stove, washer, and dryer. HVAC equipment in each residence is approximately 2 years old.
Separate driveways provide dedicated off-street parking for the individual units. Both residences are occupied under month-to-month verbal leases, offering an existing rental configuration at 1518 Hemlock St in Norfolk’s Coleman Place East area.
Separate driveways provide dedicated off-street parking for the individual units. Both residences are occupied under month-to-month verbal leases, offering an existing rental configuration at 1518 Hemlock St in Norfolk’s Coleman Place East area.
Key Highlights
- Two mirrored 2‑bedroom, 1.5‑bath units
- 2,078 SF duplex built in 1984
- HVAC approximately 2 years old
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,217
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$544,340
$544.3K
Cap Rate 7%
$388,814
$388.8K
Cap Rate 9%
$302,411
$302.4K
Market Conditions
NOI Build-Up for 2,078 SF
Gross rent
$41.1K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$38.9K $18.71/SF
− OpEx
−$11.7K −$5.61/SF
NOI
$27.2K $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 Rate 5%
$544,340
Cap Rate 7%
$388,814
Cap Rate 9%
$302,411
Alternative Uses
Best Use
Multifamily LT 5
$388.8K
$340.2K – $453.6K
NOI $27,217 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$349.2K
$305.5K – $407.4K
NOI $24,443 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$440.8K
$385.7K – $514.3K
NOI $30,857 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Explore this area
Business Placement
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units include individual driveways, complete appliance packages, and HVAC systems approximately 2 years old.
Where is this duplex located?
The property is located at 1518 Hemlock St Norfolk, VA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two mirrored 2‑bedroom, 1.5‑bath units; 2,078 SF duplex built in 1984; HVAC approximately 2 years old
