For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    All-Brick Side-by-Side Duplex Title is generated by Realmo AI

    2305 Palmyra Street, Norfolk, VA 23513

    View on Map
    Claim this Listing
    For Sale
    $312,500

    MULTI_FAMILY - Norfolk, VA

    Property size:
    1,596 SF
    Price / SF:
    $195/SF
    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

    We can help!

    Contact an agent
    Conner Walters

    Listing agent Conner Walters

    Listing office World Class Realty & Prop Mgmt 5705 Lynnhaven Parkway #109, Virginia Beach, VA

    Listing date Jun 16, 2026

    MLS# 10639840

    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

    This all-brick, side-by-side, slab-style duplex offers two mirror-image units with a spacious living area, an eat-in kitchen, and laundry hookups. Each unit includes two bedrooms with ample closet space, serviced by a common hall bath. The property also features an upgraded roof and vinyl replacement windows, providing a more updated exterior and window package. Separate private driveways are provided for each unit.

    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
    1,596 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $298.6K
    $261.3K – $348.4K (±1% cap)
    NOI $20,904 @ 7.0% cap · market cap 6.69%
    Second Best
    Apartment 5plus
    $268.2K
    $234.7K – $312.9K (±1% cap)
    NOI $18,773 @ 7.0% cap · market cap 6.01%
    Theoretical Best
    Office A
    $338.6K
    $296.3K – $395.0K (±1% cap)
    NOI $23,700 @ 7.0% cap · market cap 7.58%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Building Supply Skin Care Clinic Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.239224
    Latitude
    36.8679293

    FAQs

    What type of property is this?
    Duplex - Owner-occupy or invest in a side-by-side duplex with updated roof and separate driveways.
    Where is this duplex located?
    The property is located at 2305 Palmyra Street Norfolk, VA.
    What is the asking price?
    The asking price for this property is $312,500.
    What are key features of this property?
    This property features: 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
    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message