Two-Unit
New
For Sale
$315,000
3100 Vimy Ridge Avenue, Norfolk, VA 23509
The upper and lower residences each offer three bedrooms and one bathroom, with tenants responsible for all utilities.
Property Size1,750 SF
Price / SF$180
Days on Market2
Property Features for 3100 Vimy Ridge Avenue
General Information
Standard status
Active
Size
1,750 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1922
Listing Agency:
BHHS RW Towne Realty
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Oct 16
Last Checked: Oct 16 at 2:08PM
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 BHHS RW Towne Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This two-unit duplex is arranged across an upper and lower residence, each with three bedrooms and one bathroom. The property contains 1,750 square feet and was built in 1922. It is being offered in as-is condition.
Both residences are occupied by long-term tenants, who pay all utilities.
Both residences are occupied by long-term tenants, who pay all utilities.
Key Highlights
- Two residences, each with 3 bedrooms and 1 bathroom
- 1,750 square feet
- Built in 1922
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,921
Cap Rate
7.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$458,420
$458.4K
Cap Rate 7%
$327,443
$327.4K
Cap Rate 9%
$254,678
$254.7K
Market Conditions
NOI Build-Up for 1,750 SF
Gross rent
$34.7K $19.80/SF
− Vacancy
−$1.9K −$1.09/SF
EGI
$32.7K $18.71/SF
− OpEx
−$9.8K −$5.61/SF
NOI
$22.9K $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 Rate 5%
$458,420
Cap Rate 7%
$327,443
Cap Rate 9%
$254,678
Alternative Uses
Best Use
Multifamily LT 5
$327.4K
$286.5K – $382.0K
NOI $22,921 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$294.1K
$257.3K – $343.1K
NOI $20,585 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$371.2K
$324.8K – $433.1K
NOI $25,987 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 23509, VA
12,963
Population
5,920
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
86%
High-School Grad
2.5 sq mi
ZIP Area
5,185
Density / Sq Mi
$70,715
Median Household Income
$38,850
Median Earnings
$1,259
Median Rent
$238,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The upper and lower residences each offer three bedrooms and one bathroom, with tenants responsible for all utilities.
Where is this duplex located?
The property is located at 3100 Vimy Ridge Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 1 bathroom; 1,750 square feet; Built in 1922
