Two-Story Multifamily
For Sale
$249,900
2127 Grandy Ave, Norfolk, VA 23504
Three-bedroom, two-bath residence offered as-is for renovation or owner occupancy.
Property Size1,580 SF
Price / SF$158.16
Days on Market8
Property Features for 2127 Grandy Ave
General Information
Standard status
Active
Size
1,580 SF
Property subtype
Multi-Family
Building Details
Year Built
1974
Buildings
1
Stories
2
Listing Agency:
World Class Realty & Prop Mgmt
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 7:16AM
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 World Class Realty & Prop Mgmt
Investment Insights
Based on property information with market context.
This two-story multifamily property contains 1,580 square feet with three bedrooms and two full bathrooms. Constructed in 1974, the residence is being offered in as-is condition, with the seller making no repairs. Buyers are responsible for completing their own inspections and due diligence.
The property is located at 2127 Grandy Ave in Norfolk, Virginia, with access to shopping, dining, employment centers, and major roadways. The existing layout may suit an owner-occupant or an investor planning future improvements.
The property is located at 2127 Grandy Ave in Norfolk, Virginia, with access to shopping, dining, employment centers, and major roadways. The existing layout may suit an owner-occupant or an investor planning future improvements.
Key Highlights
- 3 bedrooms and 2 full bathrooms
- Two‑story residence with 1,580 square feet
- Built in 1974
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
$18,585
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
7.44%
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%
$371,700
$371.7K
Cap Rate 7%
$265,500
$265.5K
Cap Rate 9%
$206,500
$206.5K
Market Conditions
NOI Build-Up for 1,580 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
$35.6K $22.56/SF
− Vacancy
−$1.9K −$1.17/SF
EGI
$33.8K $21.39/SF
− OpEx
−$15.2K −$9.62/SF
NOI
$18.6K $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 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%
$371,700
Cap Rate 7%
$265,500
Cap Rate 9%
$206,500
Alternative Uses
Best Use
Apartment 5plus
$265.5K
$232.3K – $309.8K
NOI $18,585 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$335.2K
$293.3K – $391.0K
NOI $23,462 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
Explore this area
Business Placement
Demographics for 23504, VA
22,465
Population
9,462
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
83%
High-School Grad
4.1 sq mi
ZIP Area
5,479
Density / Sq Mi
$43,156
Median Household Income
$26,707
Median Earnings
$872
Median Rent
$259,500
Median Home Value
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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?
Multifamily property - Three-bedroom, two-bath residence offered as-is for renovation or owner occupancy.
Where is this multifamily property located?
The property is located at 2127 Grandy Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 3 bedrooms and 2 full bathrooms; Two‑story residence with 1,580 square feet; Built in 1974
