Updated Duplex with Separate
3549 Seay Ave, Norfolk, VA 23502
For Sale
$335,000
Pending
Two separately metered units support flexible owner-occupant or rental use.
Property Size1,910 SF
Days on Market58
Property Features for 3549 Seay Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Listing Agency:
Prodigy Realty
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Sep 18
Changed: Nov 12
Last Checked: Nov 12 at 7:15AM
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 Prodigy Realty
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Investment Insights
Based on property information with market context.
This 1,910-square-foot duplex, built in 1962, includes two separately metered units. Unit A has a long-term tenant, while Unit B is vacant and prepared for occupancy. Both residences received HVAC replacements in 2021. Unit B also has a 2022 water heater, fresh paint, and a new toilet. Tenants pay their own utilities, supporting straightforward operating arrangements.
Located at 3549 Seay Ave in Norfolk, the property can accommodate an owner-occupant arrangement or continued rental use. The 3.625% VA loan is assumable by a qualified veteran buyer. The property is offered as-is, where-is.
Located at 3549 Seay Ave in Norfolk, the property can accommodate an owner-occupant arrangement or continued rental use. The 3.625% VA loan is assumable by a qualified veteran buyer. The property is offered as-is, where-is.
Key Highlights
- 1,910‑square‑foot duplex with two separate units
- Unit A has a long‑term tenant; Unit B is vacant and ready for occupancy
- Both units received new HVAC systems in 2021
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,017
Cap Rate
7.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,340
$500.3K
Cap Rate 7%
$357,386
$357.4K
Cap Rate 9%
$277,967
$278.0K
Market Conditions
NOI Build-Up for 1,910 SF
Gross rent
$37.8K $19.80/SF
− Vacancy
−$2.1K −$1.09/SF
EGI
$35.7K $18.71/SF
− OpEx
−$10.7K −$5.61/SF
NOI
$25.0K $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%
$500,340
Cap Rate 7%
$357,386
Cap Rate 9%
$277,967
Alternative Uses
Best Use
Multifamily LT 5
$357.4K
$312.7K – $417.0K
NOI $25,017 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$321.0K
$280.8K – $374.5K
NOI $22,467 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$405.2K
$354.5K – $472.7K
NOI $28,362 @ 7.0% cap · market cap 8.47%
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
219
Businesses Nearby
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Business Placement
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Norfolk, VA
Properties on Market for Duplexes in Norfolk
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered units support flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 3549 Seay Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,910‑square‑foot duplex with two separate units; Unit A has a long‑term tenant; Unit B is vacant and ready for occupancy; Both units received new HVAC systems in 2021
