Two-Unit
New
For Sale
$260,000
1557 Birch Street, Norfolk, VA 23502
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,590 SF
Price / SF$163.52
Days on Market4
Property Features for 1557 Birch Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
COLEMAN PLACE
Lot features
Corner
Elementary school
Coleman Place Elementary
Middle school
Norview Middle
Standard status
Active
Size
1,590 SF
Taxes and HOA fees
Tax Annual Amount
3077
Utilities
Water front features
Waterfront
Building Details
Year built
1978
Roof type
Shingle
Architectural style
Other
Listing Agency:
Thrive Realty
(757) 744-3456
Listed By:
Jackielyn Espiritu
(757) 748-4087
Added: Sep 29
Changed: Oct 2
Last Checked: Oct 2 at 3:06AM
MLS# 10655426
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 1,590-square-foot duplex in Norfolk contains two occupied residences, each configured with two bedrooms and one full bathroom. The property was built in 1978 and has a shingle roof. HVAC systems were replaced in Unit A in 2018 and Unit B in 2020; Unit A’s water heater was replaced in 2017.
The property is identified as waterfront and is zoned R-11. It is offered in as-is, where-is condition.
The property is identified as waterfront and is zoned R-11. It is offered in as-is, where-is condition.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- 1,590 square feet; built in 1978
- HVAC replaced in Unit A in 2018 and Unit B in 2020
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
$20,825
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
8.01%
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%
$416,500
$416.5K
Cap Rate 7%
$297,500
$297.5K
Cap Rate 9%
$231,389
$231.4K
Market Conditions
NOI Build-Up for 1,590 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
$31.5K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$29.8K $18.71/SF
− OpEx
−$8.9K −$5.61/SF
NOI
$20.8K $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%
$416,500
Cap Rate 7%
$297,500
Cap Rate 9%
$231,389
Alternative Uses
Best Use
Multifamily LT 5
$297.5K
$260.3K – $347.1K
NOI $20,825 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$267.2K
$233.8K – $311.7K
NOI $18,703 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$337.3K
$295.1K – $393.5K
NOI $23,611 @ 7.0% cap · market cap 9.08%
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Both residences are occupied, with matching two-bedroom, one-bathroom layouts.
Where is this duplex located?
The property is located at 1557 Birch Street Norfolk, VA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; 1,590 square feet; built in 1978; HVAC replaced in Unit A in 2018 and Unit B in 2020
