One-Story
For Sale
$249,900
2127 Grandy Avenue, Norfolk, VA 23504
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,580 SF
Price / SF$158.16
Days on Market11
Property Features for 2127 Grandy Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
BALLENTINE PLACE
Elementary school
Coleman Place Elementary
Middle school
Ruffner Middle
Standard status
Active
Size
1,580 SF
Taxes and HOA fees
Tax Annual Amount
2977
Utilities
Water front features
Waterfront
Building Details
Year built
1974
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: Sep 17
Changed: Sep 24
Last Checked: Sep 27 at 12:06PM
MLS# 10654278
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 1,580-square-foot duplex contains two separate units, each with two bedrooms and one full bath. The one-story property was built in 1974 and has a shingle roof. It is zoned R-11 and includes a waterfront feature.
The property is offered as-is, with no repairs to be made by the seller.
The property is offered as-is, with no repairs to be made by the seller.
Key Highlights
- Two separate units, each with 2 bedrooms and 1 full bath
- 1,580 square feet in a one‑story duplex
- Waterfront feature
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
$20,694
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
8.28%
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%
$413,880
$413.9K
Cap Rate 7%
$295,629
$295.6K
Cap Rate 9%
$229,933
$229.9K
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
$31.3K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$29.6K $18.71/SF
− OpEx
−$8.9K −$5.61/SF
NOI
$20.7K $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%
$413,880
Cap Rate 7%
$295,629
Cap Rate 9%
$229,933
Alternative Uses
Best Use
Multifamily LT 5
$295.6K
$258.7K – $344.9K
NOI $20,694 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$265.5K
$232.3K – $309.8K
NOI $18,585 @ 7.0% cap · market cap 7.44%
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
Lease Details
2
Residential units
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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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 of the two residences has two bedrooms and one full bath.
Where is this duplex located?
The property is located at 2127 Grandy Avenue 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: Two separate units, each with 2 bedrooms and 1 full bath; 1,580 square feet in a one‑story duplex; Waterfront feature
