Renovated Side-by-Side
For Sale
$385,000
325 W 37th Street, Norfolk, VA 23508
MULTI_FAMILY - Norfolk, VA
Property Size2,150 SF
Price / SF$179.07
Days on Market9
Property Features for 325 W 37th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
PARK PLACE - 187
Lot features
Corner
Elementary school
James Monroe Elementary
Middle school
Blair Middle
Standard status
Active
Size
2,150 SF
Taxes and HOA fees
Tax Annual Amount
2100
Utilities
Water front features
Waterfront
Amenities
in-unit washer/dryer hookups
Building Details
Year built
1953
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Real Estate Group
(757) 410-8500
Listed By:
Tyde Sims
(757) 410-8500
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 12 at 7:06AM
MLS# 10647493
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,150 square feet and was built in 1953. The side-by-side residences are currently vacant and have been renovated with new flooring, fresh interior paint, butcher block countertops, white cabinetry, stainless steel appliances, and washer-dryer hookups within each unit. A shingle roof and waterfront features are also included.
The property is located at 325 W 37th Street in Norfolk’s Park Place area, near shopping, dining, schools, and other local amenities. R-8 zoning supports the property’s multifamily classification. With both units available for occupancy, the layout accommodates an owner occupant who wants to reside in one residence while leasing the other, subject to applicable requirements.
The property is located at 325 W 37th Street in Norfolk’s Park Place area, near shopping, dining, schools, and other local amenities. R-8 zoning supports the property’s multifamily classification. With both units available for occupancy, the layout accommodates an owner occupant who wants to reside in one residence while leasing the other, subject to applicable requirements.
Key Highlights
- 2,150‑square‑foot duplex with two side‑by‑side residences
- Both units are vacant and available for occupancy
- Renovated interiors include flooring, paint, countertops, cabinetry, and stainless steel appliances
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
$28,160
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
7.31%
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%
$563,200
$563.2K
Cap Rate 7%
$402,286
$402.3K
Cap Rate 9%
$312,889
$312.9K
Market Conditions
NOI Build-Up for 2,150 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
$42.6K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$40.2K $18.71/SF
− OpEx
−$12.1K −$5.61/SF
NOI
$28.2K $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%
$563,200
Cap Rate 7%
$402,286
Cap Rate 9%
$312,889
Alternative Uses
Best Use
Multifamily LT 5
$402.3K
$352.0K – $469.3K
NOI $28,160 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$361.3K
$316.1K – $421.5K
NOI $25,290 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$456.1K
$399.1K – $532.1K
NOI $31,926 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
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?
Duplex - Two vacant residences offer flexible owner-occupant or rental use with updated interiors and R-8 zoning.
Where is this duplex located?
The property is located at 325 W 37th Street 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: 2,150‑square‑foot duplex with two side‑by‑side residences; Both units are vacant and available for occupancy; Renovated interiors include flooring, paint, countertops, cabinetry, and stainless steel appliances
