2315 CARY Street, Norfolk, VA 23504
- Added:
- Jun 5, 2026
- Days on Market:
- 7
- Last Refresh:
- Jun 11 at 8:06 pm
Property Features for 2315 CARY Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-11
- Standard status
- Active
- Size
- 1,600 SF
Taxes and HOA fees
- Tax Annual Amount
- 2459
Utilities
- Water front features
- Waterfront
Building Details
- Year built
- 1987
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Nikita Houchins (800) 539-8014
Listing office CENTURY 21 Nachman Realty 3325 Taylor Rd. #107, Newport News, VA (757) 638-5700
Listing date Jun 5, 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
- Brick duplex built in 1987 with 2 bedrooms and 1 bathroom per unit
- Large lot with 2 separate driveways
- Each unit has separate utilities, metered separately
- One unit currently vacant, while the other has a long‑term tenant
- Shingle roof
Overview
The duplex is located in Norfolk, Virginia and is zoned R-11. It is described as being neighbored by single-family homes, which may align with tenant preferences for a residential setting. One unit is currently vacant, while the other has a long-term tenant in place.
For buyers seeking an owner-occupant option or an income strategy, the vacant unit provides flexibility to select a new tenant. The second unit’s existing tenancy may appeal to those looking for immediate occupancy alongside the ability to stabilize the other unit. The property’s separately metered utilities and independent drive access are practical features for managing two households under one roof.
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 | $31.7k | $19.80 |
| − Vacancy | −$1.7k | −$1.09 |
| EGI | $29.9k | $18.71 |
| − OpEx | −$9.0k | −$5.61 |
| NOI | $21.0k | $13.10 |
Alternative Uses
Current Use by Public Records
Map
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.2667
- Latitude
- 36.8577
