Over-Under
New
For Sale
$199,900
1618 Berkley Avenue, Norfolk, VA 23523
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,258 SF
Price / SF$158.90
Days on Market4
Property Features for 1618 Berkley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-9
Subdivision
BERKLEY
Elementary school
Southside STEM Academy at Campostella
Middle school
Lake Taylor School
Standard status
Active
Size
1,258 SF
Taxes and HOA fees
Tax Annual Amount
1539
Building Details
Year built
1910
Roof type
Shingle
Architectural style
Other
Listing Agency:
Better Homes & Gdns Ntv Am Grp
(757) 495-5500
Listed By:
Susan Jenkins
(757) 672-6732
Added: Oct 14
Changed: Oct 17
Last Checked: Oct 17 at 10:06AM
MLS# 10652641
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.
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Investment Insights
Based on property information with market context.
This over-under duplex contains 1,258 square feet and was built in 1910. The building has a shingle roof and is zoned R-9.
Key Highlights
- Over‑under duplex configuration
- 1,258 square feet of building area
- Built in 1910
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.
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Current Use
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
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
Frequently Asked Questions
What type of property is this?
Duplex - R-9 zoning and a two-level unit arrangement define this residential property.
Where is this duplex located?
The property is located at 1618 Berkley Avenue 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: Over‑under duplex configuration; 1,258 square feet of building area; Built in 1910
