Remodeled Two-Unit
For Sale
$385,000
2520 Barre St, Norfolk, VA 23504
Two-bedroom residences feature updated HVAC, water heaters, windows, and roofing.
Property Size1,800 SF
Price / SF$213.89
Days on Market12
Property Features for 2520 Barre St
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi-Family
Building Details
Year Built
1908
Listing Agency:
Own Real Estate LLC
(757) 276-3330
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 30 at 4:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Own Real Estate LLC
Investment Insights
Based on property information with market context.
This 1,800-square-foot duplex contains two spacious two-bedroom units. The property was built in 1908 and has been updated with new HVAC systems, water heaters, windows, and a roof, giving both residences a refreshed mechanical and exterior package.
Located at 2520 Barre St in Norfolk, VA 23504, the property is configured for two separate residential units. Its combination of unit count, bedroom layout, and completed improvements provides a straightforward multifamily format for an investor or an owner-occupant.
Located at 2520 Barre St in Norfolk, VA 23504, the property is configured for two separate residential units. Its combination of unit count, bedroom layout, and completed improvements provides a straightforward multifamily format for an investor or an owner-occupant.
Key Highlights
- Two‑unit duplex with two spacious 2‑bedroom residences
- 1,800 square feet of total property size
- New HVAC systems in both units
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
$23,576
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
6.12%
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%
$471,520
$471.5K
Cap Rate 7%
$336,800
$336.8K
Cap Rate 9%
$261,956
$262.0K
Market Conditions
NOI Build-Up for 1,800 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
$35.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$33.7K $18.71/SF
− OpEx
−$10.1K −$5.61/SF
NOI
$23.6K $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%
$471,520
Cap Rate 7%
$336,800
Cap Rate 9%
$261,956
Alternative Uses
Best Use
Multifamily LT 5
$336.8K
$294.7K – $392.9K
NOI $23,576 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$302.5K
$264.7K – $352.9K
NOI $21,173 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$381.8K
$334.1K – $445.5K
NOI $26,729 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
387
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom residences feature updated HVAC, water heaters, windows, and roofing.
Where is this duplex located?
The property is located at 2520 Barre St Norfolk, VA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two‑unit duplex with two spacious 2‑bedroom residences; 1,800 square feet of total property size; New HVAC systems in both units
