Norfolk
For Sale
$199,900
1618 Berkley Ave, Norfolk, VA 23523
The property carries an R-9 zoning designation.
Property Size1,258 SF
Price / SF$158.90
Days on Market11
Property Features for 1618 Berkley Ave
General Information
Standard status
Active
Size
1,258 SF
Property subtype
Multi Family Home
Zoning
R-9
Site & Location
Neighborhood
Campostella
Building Details
Building Size
1,258 SF
Year Built
1910
Listing Agency:
Better Homes & Gdns Ntv Am Grp
(757) 495-5500
Listed By:
Susan Jenkins
(757) 672-6732
Source:
Steelforgedrealestate
Added: Oct 16
Changed: Oct 26
Last Checked: Oct 26 at 4:03AM
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 Better Homes & Gdns Ntv Am Grp
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
At 1618 Berkley Ave in Norfolk, this duplex contains 1,258 square feet. Built in 1910, the property is zoned R-9.
Key Highlights
- 1,258‑square‑foot duplex
- Built in 1910
- R‑9 zoning in Norfolk
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,477
Cap Rate
8.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$329,540
$329.5K
Cap Rate 7%
$235,386
$235.4K
Cap Rate 9%
$183,078
$183.1K
Market Conditions
NOI Build-Up for 1,258 SF
Gross rent
$24.9K $19.80/SF
− Vacancy
−$1.4K −$1.09/SF
EGI
$23.5K $18.71/SF
− OpEx
−$7.1K −$5.61/SF
NOI
$16.5K $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%
$329,540
Cap Rate 7%
$235,386
Cap Rate 9%
$183,078
Alternative Uses
Best Use
Multifamily LT 5
$235.4K
$206.0K – $274.6K
NOI $16,477 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$211.4K
$185.0K – $246.6K
NOI $14,798 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$266.9K
$233.5K – $311.4K
NOI $18,681 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 23523, VA
7,061
Population
3,472
Households
2
Avg Household Size
33
Median Age
13%
College-Educated
82%
High-School Grad
2.1 sq mi
ZIP Area
3,362
Density / Sq Mi
$37,189
Median Household Income
$35,456
Median Earnings
$986
Median Rent
$222,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The property carries an R-9 zoning designation.
Where is this duplex located?
The property is located at 1618 Berkley Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,258‑square‑foot duplex; Built in 1910; R‑9 zoning in Norfolk
