Townhome-Style Apartment
For Sale
$1,400,000
307 W Little Creek Rd, Norfolk, VA 23505
Ten-unit multifamily property with spacious two-bedroom, one-bath townhome-style apartments and upgraded finishes.
Property Size8,512 SF
Days on Market111
Property Features for 307 W Little Creek Rd
General Information
Standard status
Active
Size
8,512 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
10
Building Details
Building Size
8,512 SF
Year Built
1950
Tenancy
Multi
Listing Agency:
S.L. Nusbaum Realty Co
Listed By:
Anthony Grecco · License #0225264786
(757) 235-1496
Source:
Slnusbaum
Added: May 18
Changed: Sep 5
Last Checked: Sep 5 at 5:50AM
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 S.L. Nusbaum Realty Co
Investment Insights
Based on property information with market context.
307-311 W Little Creek Road is a 10-unit multifamily property featuring spacious two-bedroom, one-bath, townhome-style apartment layouts. The apartments include upgraded finishes.
The property is located in Norfolk’s Ward’s Corner neighborhood and is positioned near major employers, including Naval Station Norfolk, Sentara Medical Center, and Old Dominion University.
This configuration supports a mix of apartment households seeking townhome-style living within a compact 10-unit building.
The property is located in Norfolk’s Ward’s Corner neighborhood and is positioned near major employers, including Naval Station Norfolk, Sentara Medical Center, and Old Dominion University.
This configuration supports a mix of apartment households seeking townhome-style living within a compact 10-unit building.
Key Highlights
- 10‑unit multifamily property built in 1950
- Townhome‑style units with spacious 2‑bedroom, 1‑bath layouts
- Upgraded finishes throughout the apartments
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
$100,125
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
7.15%
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%
$2,002,500
$2.0M
Cap Rate 7%
$1,430,357
$1.4M
Cap Rate 9%
$1,112,500
$1.1M
Market Conditions
NOI Build-Up for 8,512 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
$192.0K $22.56/SF
− Vacancy
−$10.0K −$1.17/SF
EGI
$182.0K $21.39/SF
− OpEx
−$81.9K −$9.62/SF
NOI
$100.1K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$2,002,500
Cap Rate 7%
$1,430,357
Cap Rate 9%
$1,112,500
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,125 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,399 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 23505, VA
27,785
Population
13,715
Households
2
Avg Household Size
32
Median Age
32%
College-Educated
91%
High-School Grad
6.6 sq mi
ZIP Area
4,210
Density / Sq Mi
$55,678
Median Household Income
$40,814
Median Earnings
$1,279
Median Rent
$318,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Ten-unit multifamily property with spacious two-bedroom, one-bath townhome-style apartments and upgraded finishes.
Where is this apartment building located?
The property is located at 307 W Little Creek Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 10‑unit multifamily property built in 1950; Townhome‑style units with spacious 2‑bedroom, 1‑bath layouts; Upgraded finishes throughout the apartments
