Side-by-Side Duplex with
New
For Sale
$325,000
1518 Hemlock Street, Norfolk, VA 23502
MULTI_FAMILY - Norfolk, VA
Property Size2,078 SF
Price / SF$156.40
Days on Market6
Property Features for 1518 Hemlock Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
COLEMAN PLACE EAST
Elementary school
Coleman Place Elementary
Middle school
Lake Taylor School
Standard status
Active
Size
2,078 SF
Taxes and HOA fees
Tax Annual Amount
3558
Utilities
Water front features
Waterfront
Amenities
refrigerator
microwave
stove
washer
dryer
Building Details
Year built
1984
Roof type
Shingle
Architectural style
Other
Listing Agency:
CapCenter
(804) 968-5000
Listed By:
Brian Mcintyre
(804) 968-5000
Added: Aug 7
Last Checked: Aug 12 at 3:06AM
MLS# 10648179
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 side-by-side duplex in Norfolk contains two mirrored residences, each with 2 bedrooms and 1.5 baths. Both units include a refrigerator, microwave, stove, washer, and dryer, while HVAC systems are approximately 2 years old. Separate driveways provide off-street parking for the individual residences. The property also includes a shingle roof and was built in 1984.
Located at 1518 Hemlock Street in Norfolk’s Coleman Place East, the 2,078-square-foot property carries R-11 zoning and is identified with a waterfront feature. Both units are occupied under month-to-month verbal leases, providing an existing residential income setup.
Located at 1518 Hemlock Street in Norfolk’s Coleman Place East, the 2,078-square-foot property carries R-11 zoning and is identified with a waterfront feature. Both units are occupied under month-to-month verbal leases, providing an existing residential income setup.
Key Highlights
- Two mirrored 2‑bedroom, 1.5‑bath units
- 2,078 square feet on a waterfront property
- HVAC approximately 2 years old
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
$27,217
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
8.37%
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%
$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
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
$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 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%
$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
Property Profile
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
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 occupied residences include separate driveways, updated HVAC, and full appliance packages.
Where is this duplex located?
The property is located at 1518 Hemlock Street 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 square feet on a waterfront property; HVAC approximately 2 years old
