Two-Unit
For Sale
$405,000
409 38th Street, Norfolk, VA 23508
Multi Family Residential, Converted S.F., Norfolk, VA
Property Size2,160 SF
Price / SF$187.50
Days on Market8
Property Features for 409 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
COLONIAL PLACE
Elementary school
Granby Elementary
Middle school
Blair Middle
Standard status
Active
Size
2,160 SF
Taxes and HOA fees
Tax Annual Amount
4759
Building Details
Year built
1960
Roof type
Shingle
Architectural style
Other
Listing Agency:
Iron Valley Real Estate HR
Listed By:
Matthew Blow
(757) 645-9700
Added: Sep 29
Changed: Oct 2
Last Checked: Oct 6 at 6:06AM
MLS# 10655446
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 Norfolk duplex contains two separate units within 2,160 square feet. Built in 1960, the property has a shingle roof and R-8 zoning. Its address is 409 38th Street, Norfolk, Virginia 23508. Downtown shopping, dining, entertainment, museums, and parks are described as nearby.
Key Highlights
- Two separate residential units
- 2,160 square feet
- Built in 1960
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,291
Cap Rate
6.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$565,820
$565.8K
Cap Rate 7%
$404,157
$404.2K
Cap Rate 9%
$314,344
$314.3K
Market Conditions
NOI Build-Up for 2,160 SF
Gross rent
$42.8K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$40.4K $18.71/SF
− OpEx
−$12.1K −$5.61/SF
NOI
$28.3K $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%
$565,820
Cap Rate 7%
$404,157
Cap Rate 9%
$314,344
Alternative Uses
Best Use
Multifamily LT 5
$404.2K
$353.6K – $471.5K
NOI $28,291 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$363.0K
$317.6K – $423.5K
NOI $25,408 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$458.2K
$400.9K – $534.6K
NOI $32,075 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
Explore this area
Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The property contains two separate residential units.
Where is this duplex located?
The property is located at 409 38th Street Norfolk, VA.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Two separate residential units; 2,160 square feet; Built in 1960
