2305 Palmyra Street, Norfolk, VA 23513
- Added:
- Jun 16, 2026
- Days on Market:
- 11
- Last Refresh:
- Jun 26 at 11:06 am
Property Features for 2305 Palmyra Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-11
- Standard status
- Active
- Size
- 1,596 SF
Taxes and HOA fees
- Tax Annual Amount
- 3193
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1983
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Conner Walters (757) 270-1623
Listing office World Class Realty & Prop Mgmt 5705 Lynnhaven Parkway #109, Virginia Beach, VA (757) 228-7773
Listing date Jun 16, 2026
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.
HighLights
- All‑brick side‑by‑side duplex built in 1983 in Central Norfolk
- Mirror‑image units with spacious living area and eat‑in kitchen with laundry hookups
- Each unit has 2 bedrooms and a common hall bath
- Upgraded roof (shingle) and vinyl replacement windows
- Separate private driveways for each unit
- Unit A rented for $1,400/month through 5/31/2027; Unit B offered vacant
Overview
The duplex is located in Central Norfolk and is zoned R-11. One unit is currently rented while the other is offered vacant, supporting either an owner-occupant scenario or a plan to attract a new tenant. Rental terms mentioned in the listing indicate Unit A is leased at $1,400 per month through 5/31/2027.
For tenants and owner-occupants, the layout supports straightforward daily living with two bedroom options and in-unit laundry hookups. For investors, the two-unit configuration allows for flexible occupancy planning, with one unit already operating under an in-place lease while Unit B is positioned for a future tenant or for use by the owner.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $31.6k | $19.80 |
| − Vacancy | −$1.7k | −$1.09 |
| EGI | $29.9k | $18.71 |
| − OpEx | −$9.0k | −$5.61 |
| NOI | $20.9k | $13.10 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.239224
- Latitude
- 36.8679293