Duplex with Storage
New
For Sale
$250,000
3315 Clark Circle, Norfolk, VA 23509
Two-unit residential property with one occupied unit and one available for occupancy.
Property Size1,208 SF
Price / SF$206.95
Days on Market6
Property Features for 3315 Clark Circle
General Information
Standard status
Active
Size
1,208 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
storage space
Building Details
Year Built
1920
Listing Agency:
RE/MAX Allegiance
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Sep 5
Changed: Sep 9
Last Checked: Sep 9 at 7:46AM
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 RE/MAX Allegiance
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 = 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
$15,822
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
6.33%
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%
$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
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
$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 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%
$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 6.33%
Second Best
Apartment 5plus
$203.0K
$177.6K – $236.8K
NOI $14,209 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$256.3K
$224.2K – $299.0K
NOI $17,938 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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-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 $250,000.
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
