Renovated Multifamily Building Near
For Sale
$1,390,000
350 Staten St, Norfolk, VA 23503
Fully renovated, eight-unit apartment building near Ocean View Pier.
Property Size3,700 SF
Price / SF$375.68
Days on Market150
Property Features for 350 Staten St
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Multi-Family
Building Details
Year Built
1970
Listing Agency:
RE/MAX Commonwealth
Listed By:
Kelley Dirom · License #0225088988
(804) 360-5200
Source:
Riverfoxrealty
Added: May 19
Changed: Oct 2
Last Checked: Oct 5 at 7:47PM
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 Commonwealth
Investment Insights
Based on property information with market context.
This is an eight-unit apartment building constructed of brick. The property has been fully renovated, with each unit featuring furnishings, custom cabinets, granite countertops, and new appliances. New windows have been installed throughout. All eight units are occupied, with two units operating as mid-term rentals. On-site laundry facilities and assigned parking are available. The property is located near Ocean View Pier and the beach, with convenient access to highways, parks, basketball courts, and bike paths. The location has a bike score of 49, indicating it is somewhat bikeable, a walk score of 23, indicating car-dependence, and a transit score of 41, indicating some transit options.
Key Highlights
- Fully renovated eight‑unit apartment building with immediate cash flow
- Prime location steps from Ocean View Pier and the beach
- All units are fully furnished and occupied, including two thriving mid‑term rental units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,522
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$870,440
$870.4K
Cap Rate 7%
$621,743
$621.7K
Cap Rate 9%
$483,578
$483.6K
Market Conditions
NOI Build-Up for 3,700 SF
Gross rent
$83.5K $22.56/SF
− Vacancy
−$4.3K −$1.17/SF
EGI
$79.1K $21.39/SF
− OpEx
−$35.6K −$9.62/SF
NOI
$43.5K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$870,440
Cap Rate 7%
$621,743
Cap Rate 9%
$483,578
Alternative Uses
Best Use
Apartment 5plus
$621.7K
$544.0K – $725.4K
NOI $43,522 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$784.9K
$686.8K – $915.7K
NOI $54,943 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Explore this area
Business Placement
Demographics for 23503, VA
31,932
Population
15,350
Households
2.1
Avg Household Size
35
Median Age
31%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
6,386
Density / Sq Mi
$62,428
Median Household Income
$42,850
Median Earnings
$1,195
Median Rent
$273,100
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated, eight-unit apartment building near Ocean View Pier.
Where is this apartment building located?
The property is located at 350 Staten St Norfolk, VA.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Fully renovated eight‑unit apartment building with immediate cash flow; Prime location steps from Ocean View Pier and the beach; All units are fully furnished and occupied, including two thriving mid‑term rental units
