Duplex with Storage
For Sale
$240,000
Pending
3315 Clark Circle, Norfolk, VA 23509
Two-unit residential property with one occupied unit and one available for occupancy.
Property Size1,208 SF
Days on Market52
Property Features for 3315 Clark Circle
General Information
Standard status
Pending
Size
1,208 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Layfayette
Additional Details
Multifamily Units
2
Amenities
storage space
Building Details
Year Built
1920
Listing Agency:
Atlantic Sothebys Int'l Realty
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Sep 5
Changed: Oct 26
Last Checked: Oct 24 at 5:25PM
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 Atlantic Sothebys Int'l Realty
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Investment Insights
Based on property information with market context.
This 1,208-square-foot duplex, constructed in 1920, includes two residential units and dedicated storage space. One unit is currently occupied by a long-term tenant, while the second unit is vacant, providing a flexible ownership configuration.
The property is located at 3315 Clark Circle in Norfolk, Virginia. Its existing occupancy and separate vacant unit create a straightforward setup for continued rental use or an owner-occupancy arrangement, subject to the buyer’s plans.
The property is located at 3315 Clark Circle in Norfolk, Virginia. Its existing occupancy and separate vacant unit create a straightforward setup for continued rental use or an owner-occupancy arrangement, subject to the buyer’s plans.
Key Highlights
- 1,208‑square‑foot duplex built in 1920
- One unit occupied by a long‑term tenant
- Second unit is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,822
Cap Rate
6.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$316,440
$316.4K
Cap Rate 7%
$226,029
$226.0K
Cap Rate 9%
$175,800
$175.8K
Market Conditions
NOI Build-Up for 1,208 SF
Gross rent
$23.9K $19.80/SF
− Vacancy
−$1.3K −$1.09/SF
EGI
$22.6K $18.71/SF
− OpEx
−$6.8K −$5.61/SF
NOI
$15.8K $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%
$316,440
Cap Rate 7%
$226,029
Cap Rate 9%
$175,800
Alternative Uses
Best Use
Multifamily LT 5
$226.0K
$197.8K – $263.7K
NOI $15,822 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$203.0K
$177.6K – $236.8K
NOI $14,209 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$256.3K
$224.2K – $299.0K
NOI $17,938 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
327
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 - Two-unit residential property with one occupied unit and one available for occupancy.
Where is this duplex located?
The property is located at 3315 Clark Circle Norfolk, VA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 1,208‑square‑foot duplex built in 1920; One unit occupied by a long‑term tenant; Second unit is vacant
