Duplex with Separate
For Sale
$280,000
1551 Spruce Street, Norfolk, VA 23502
Multi Family Residential, Over/Under, Norfolk, VA
Property Size2,100 SF
Price / SF$133.33
Days on Market9
Property Features for 1551 Spruce Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
COLEMAN PLACE
Elementary school
Coleman Place Elementary
Middle school
Norview Middle
Standard status
Active
Size
2,100 SF
Taxes and HOA fees
Tax Annual Amount
2312
Building Details
Year built
1951
Roof type
Shingle
Architectural style
Other
Listing Agency:
Coastal Group Inc.
(757) 720-2463
Listed By:
Alex Winfield
(757) 233-9595
Added: Oct 7
Changed: Oct 11
Last Checked: Oct 15 at 5:06AM
MLS# 10656917
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.
Built in 1951, this duplex contains two rental residences with separate backyard areas. One unit has 3 bedrooms, 2 bathrooms, and approximately 1,300 square feet; the other has 2 bedrooms, 1 bathroom, and approximately 828 square feet. The property is zoned R-11 and has a shingle roof. Utility costs are the tenants’ responsibility.
Key Highlights
- Two rental units, each with a designated backyard area
- 3‑bedroom, 2‑bathroom unit with approximately 1,300 square feet
- 2‑bedroom, 1‑bathroom unit with 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.
How Realmo checks its estimates
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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
Check the figures for this property
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 - Each residence has its own backyard area, and occupants are responsible for utilities.
Where is this duplex located?
The property is located at 1551 Spruce Street 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: Two rental units, each with a designated backyard area; 3‑bedroom, 2‑bathroom unit with approximately 1,300 square feet; 2‑bedroom, 1‑bathroom unit with approximately 828 square feet
