Two-Unit
New
For Sale
$272,000
3102 Vimy Ridge Avenue, Norfolk, VA 23509
The upper and lower units each have one bedroom and one bathroom.
Property Size1,300 SF
Price / SF$209.23
Days on Market2
Property Features for 3102 Vimy Ridge Avenue
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1922
Listing Agency:
The Property Shoppe
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Oct 16
Last Checked: Oct 16 at 5:21AM
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 The Property Shoppe
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Investment Insights
Based on property information with market context.
This two-unit duplex has an upper apartment and a lower apartment, each configured with one bedroom and one bathroom. The building contains 1,300 square feet and dates to 1922.
Water is paid by the landlord; tenants cover the other utilities. The property has a history of rental activity.
Water is paid by the landlord; tenants cover the other utilities. The property has a history of rental activity.
Key Highlights
- Two units arranged in an upper‑and‑lower configuration
- Each apartment has 1 bedroom and 1 bathroom
- 1,300 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,027
Cap Rate
6.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,540
$340.5K
Cap Rate 7%
$243,243
$243.2K
Cap Rate 9%
$189,189
$189.2K
Market Conditions
NOI Build-Up for 1,300 SF
Gross rent
$25.7K $19.80/SF
− Vacancy
−$1.4K −$1.09/SF
EGI
$24.3K $18.71/SF
− OpEx
−$7.3K −$5.61/SF
NOI
$17.0K $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%
$340,540
Cap Rate 7%
$243,243
Cap Rate 9%
$189,189
Alternative Uses
Best Use
Multifamily LT 5
$243.2K
$212.8K – $283.8K
NOI $17,027 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$218.5K
$191.2K – $254.9K
NOI $15,292 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$275.8K
$241.3K – $321.7K
NOI $19,304 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
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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?
Duplex - The upper and lower units each have one bedroom and one bathroom.
Where is this duplex located?
The property is located at 3102 Vimy Ridge Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $272,000.
What are key features of this property?
This property features: Two units arranged in an upper‑and‑lower configuration; Each apartment has 1 bedroom and 1 bathroom; 1,300 square feet
