As-Is Multifamily
For Sale
$455,000
3941 Omohundro Ave, Norfolk, VA 23504
Older multifamily asset requiring permitted repairs and city inspections before code-compliant occupancy.
Property Size2,730 SF
Price / SF$166.67
Days on Market44
Property Features for 3941 Omohundro Ave
General Information
Standard status
Active
Size
2,730 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
Outstanding code violations include electrical, HVAC, decking, meter base, plumbing, etc.
Building Details
Year Built
1922
Listing Agency:
Swell Realty Co
(757) 216-9222
Listed By:
Ryan Forsberg
Source:
Veritygroup
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 30 at 8:38PM
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 Swell Realty Co
Investment Insights
Based on property information with market context.
This multifamily property contains 2,730 square feet and was built in 1922. The building is offered in its existing condition and requires substantial corrective work before the outstanding municipal code issues are resolved.
Reported deficiencies include electrical, HVAC, decking, meter base, and plumbing components. Required corrections must be permitted and inspected by the City of Norfolk. Utilities will not be available for inspections.
Reported deficiencies include electrical, HVAC, decking, meter base, and plumbing components. Required corrections must be permitted and inspected by the City of Norfolk. Utilities will not be available for inspections.
Key Highlights
- 2,730‑square‑foot multifamily property
- Constructed in 1922
- Offered in its existing condition
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
$32,112
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
7.06%
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%
$642,240
$642.2K
Cap Rate 7%
$458,743
$458.7K
Cap Rate 9%
$356,800
$356.8K
Market Conditions
NOI Build-Up for 2,730 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
$61.6K $22.56/SF
− Vacancy
−$3.2K −$1.17/SF
EGI
$58.4K $21.39/SF
− OpEx
−$26.3K −$9.62/SF
NOI
$32.1K $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%
$642,240
Cap Rate 7%
$458,743
Cap Rate 9%
$356,800
Alternative Uses
Best Use
Apartment 5plus
$458.7K
$401.4K – $535.2K
NOI $32,112 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$579.1K
$506.7K – $675.7K
NOI $40,539 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
Business Placement
Demographics for 23504, VA
22,465
Population
9,462
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
83%
High-School Grad
4.1 sq mi
ZIP Area
5,479
Density / Sq Mi
$43,156
Median Household Income
$26,707
Median Earnings
$872
Median Rent
$259,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Older multifamily asset requiring permitted repairs and city inspections before code-compliant occupancy.
Where is this multifamily property located?
The property is located at 3941 Omohundro Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: 2,730‑square‑foot multifamily property; Constructed in 1922; Offered in its existing condition
