2-Unit Over-Under
For Sale
$275,000
2229 Reservoir Avenue, Norfolk, VA 23504
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,760 SF
Price / SF$156.25
Days on Market78
Property Features for 2229 Reservoir Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
BARRAUD PARK
Elementary school
Jacox Elementary
Middle school
Ruffner Middle
Standard status
Active
Size
1,760 SF
Taxes and HOA fees
Tax Annual Amount
1684
Building Details
Year built
1923
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Coastal Virginia Chesapeake · Keller Williams Realty
Listed By:
Jermaine Anderson
(757) 361-0106
Added: Aug 15
Changed: Oct 2
Last Checked: Oct 31 at 7:06PM
MLS# 10648954
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 1,760-square-foot duplex in Norfolk has two apartments arranged one above the other. The lower unit includes three bedrooms and one bathroom; the upper apartment has two bedrooms and one bathroom. Built in 1923, the property has a shingle roof and R-8 zoning. Both units are currently leased, and the sale is as-is.
Key Highlights
- Two apartments, each currently leased
- Lower unit: 3 bedrooms and 1 bathroom; upper unit: 2 bedrooms and 1 bathroom
- 1,760 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,052
Cap Rate
8.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$461,040
$461.0K
Cap Rate 7%
$329,314
$329.3K
Cap Rate 9%
$256,133
$256.1K
Market Conditions
NOI Build-Up for 1,760 SF
Gross rent
$34.8K $19.80/SF
− Vacancy
−$1.9K −$1.09/SF
EGI
$32.9K $18.71/SF
− OpEx
−$9.9K −$5.61/SF
NOI
$23.1K $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%
$461,040
Cap Rate 7%
$329,314
Cap Rate 9%
$256,133
Alternative Uses
Best Use
Multifamily LT 5
$329.3K
$288.2K – $384.2K
NOI $23,052 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$295.7K
$258.8K – $345.0K
NOI $20,702 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$373.4K
$326.7K – $435.6K
NOI $26,135 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
273
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
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are leased, with a three-bedroom layout below and a two-bedroom unit above.
Where is this duplex located?
The property is located at 2229 Reservoir Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two apartments, each currently leased; Lower unit: 3 bedrooms and 1 bathroom; upper unit: 2 bedrooms and 1 bathroom; 1,760 square feet
