Residential Income
For Sale
$455,000
3941 Omohundro Avenue, Norfolk, VA 23504
MULTI_FAMILY - Norfolk, VA
Property Size2,730 SF
Price / SF$166.67
Days on Market244
Property Features for 3941 Omohundro Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-8
Subdivision
RIVERVIEW - 202
Elementary school
Granby Elementary
Middle school
Blair Middle
Standard status
Active
Size
2,730 SF
Taxes and HOA fees
Tax Annual Amount
5460
Utilities
Water front features
Waterfront
Building Details
Year built
1922
Roof type
Shingle
Architectural style
Other
Listing Agency:
Swell Realty Co
(757) 216-9222
Listed By:
Ryan Forsberg
(757) 216-9222
Added: Dec 10, 2025
Changed: Jul 18
Last Checked: Aug 11 at 11:06PM
MLS# 10613026
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This residential income triplex is offered for sale on an as-is basis. The listing notes that there are outstanding code violations related to electrical, HVAC, decking, meter base, and plumbing, among other items. Any required corrections must be permitted and inspected by the City of Norfolk.
The sale is identified as a short sale, contingent on third-party approval. The seller will not provide utilities for inspection purposes.
Zoned R-8, the property is located at 3941 Omohundro Avenue in Norfolk, Virginia (23504).
The sale is identified as a short sale, contingent on third-party approval. The seller will not provide utilities for inspection purposes.
Zoned R-8, the property is located at 3941 Omohundro Avenue in Norfolk, Virginia (23504).
Key Highlights
- Waterfront property
- Built in 1922
- As‑is sale with short sale contingent on third‑party approval
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
$35,757
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
7.86%
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%
$715,140
$715.1K
Cap Rate 7%
$510,814
$510.8K
Cap Rate 9%
$397,300
$397.3K
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
$54.1K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$51.1K $18.71/SF
− OpEx
−$15.3K −$5.61/SF
NOI
$35.8K $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%
$715,140
Cap Rate 7%
$510,814
Cap Rate 9%
$397,300
Alternative Uses
Best Use
Multifamily LT 5
$510.8K
$447.0K – $596.0K
NOI $35,757 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$458.7K
$401.4K – $535.2K
NOI $32,112 @ 7.0% cap · market cap 7.06%
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
1,130
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?
Triplex - Triplex for sale in Norfolk, offered as-is with outstanding code violations requiring permitted city inspections.
Where is this triplex located?
The property is located at 3941 Omohundro Avenue 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: Waterfront property; Built in 1922; As‑is sale with short sale contingent on third‑party approval
