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 Market157
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 - Corporate
Listed By:
Anthony Grecco · License #0225264786
(757) 235-1496
Source:
Slnusbaum
Added: May 18
Changed: Oct 9
Last Checked: Oct 20 at 6:58PM
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 - Corporate
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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 / Yr
$100,125
Cap Rate
7.15%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
