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
Days on Market104
Property Features for 350 Staten St
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,446
Building Details
Building Size
3,700 SF
Year Built
1970
Stories
2
Listing Agency:
RE/MAX Commonwealth
(804) 741-5995
Listed By:
Kelley Dirom · License #0225088988
(804) 741-5995
Source:
Elliman
Added: May 19
Changed: Aug 15
Last Checked: Aug 30 at 2:50PM
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 = 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
$43,522
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
3.13%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
