Side-by-Side Duplex with Separate
New
For Sale
$280,000
1551 Spruce St, Norfolk, VA 23502
Two units provide distinct bedroom and bathroom layouts, and tenants pay their own utilities.
Property Size2,100 SF
Price / SF$133.33
Days on Market2
Property Features for 1551 Spruce St
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi-Family
Financials
Asking Price
$280,000
Gross Income
$32,400
Units
Unit Mix
1 x 3BR/2BA (1,300 SF), 1 x 2BR/1BA (828 SF)
Multifamily Units
2
Building Details
Year Built
1951
Buildings
1
Listing Agency:
EXP Realty LLC
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 9 at 6:33PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Built in 1951, this Norfolk duplex contains two side-by-side rental units. Unit A has 3 bedrooms, 2 bathrooms, and approximately 1,300 square feet. Unit B includes 2 bedrooms, 1 bathroom, and approximately 828 square feet. Each unit has a separate backyard area.
Both units are currently rented, with tenants responsible for utilities. The property is offered individually and is also part of a four-duplex portfolio, with the seller open to package offers.
Both units are currently rented, with tenants responsible for utilities. The property is offered individually and is also part of a four-duplex portfolio, with the seller open to package offers.
Key Highlights
- Side‑by‑side duplex with two rental units
- Unit A: 3 bedrooms, 2 bathrooms, approximately 1,300 square feet
- Unit B: 2 bedrooms, 1 bathroom, approximately 828 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,702
Cap Rate
8.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$494,040
$494.0K
Cap Rate 7%
$352,886
$352.9K
Cap Rate 9%
$274,467
$274.5K
Market Conditions
NOI Build-Up for 2,100 SF
Gross rent
$47.4K $22.56/SF
− Vacancy
−$2.5K −$1.17/SF
EGI
$44.9K $21.39/SF
− OpEx
−$20.2K −$9.62/SF
NOI
$24.7K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$494,040
Cap Rate 7%
$352,886
Cap Rate 9%
$274,467
Alternative Uses
Best Use
Multifamily LT 5
$392.9K
$343.8K – $458.4K
NOI $27,505 @ 7.0% cap · market cap 9.82%
Second Best
Apartment 5plus
$352.9K
$308.8K – $411.7K
NOI $24,702 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$445.5K
$389.8K – $519.7K
NOI $31,184 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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 units provide distinct bedroom and bathroom layouts, and tenants pay their own utilities.
Where is this duplex located?
The property is located at 1551 Spruce St Norfolk, VA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Side‑by‑side duplex with two rental units; Unit A: 3 bedrooms, 2 bathrooms, approximately 1,300 square feet; Unit B: 2 bedrooms, 1 bathroom, approximately 828 square feet
