Updated Duplex with Separate
For Sale
$335,000
Pending
3549 Seay Ave, Norfolk, VA 23502
Two separately metered units support flexible owner-occupant or rental use.
Property Size1,910 SF
Days on Market10
Property Features for 3549 Seay Ave
General Information
Standard status
Pending
Size
1,910 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1962
Listing Agency:
World Class Realty & Prop Mgmt
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 7:10AM
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 World Class Realty & Prop Mgmt
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 = 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
$25,017
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
7.47%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
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
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?
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
