Quadruplex with Individually Metered
For Sale
$750,000
410 W 28th Street, Norfolk, VA 23508
Multi Family Residential, Over/Under, Norfolk, VA
Property Size3,700 SF
Price / SF$202.70
Days on Market51
Property Features for 410 W 28th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-11
Subdivision
PARK PLACE - 187
Lot features
Corner
Elementary school
James Monroe Elementary
Middle school
Blair Middle
Standard status
Active
Size
3,700 SF
Taxes and HOA fees
Tax Annual Amount
3859
Utilities
Water front features
Waterfront
Building Details
Year built
1964
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Alliance · RE/MAX International
(757) 456-2345
Listed By:
Eric Hovik · License #225214347
(757) 456-2345
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 21 at 10:06AM
MLS# 10642554
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 for-sale quadruplex at 410 W 28th Street consists of four units, each approximately 925 square feet. The units are individually metered, supporting separate utility metering for each household. The property is described as recently updated.
Set in Norfolk’s Park Place neighborhood, the home is positioned near Norfolk’s shipyards and downtown Norfolk. It is also stated to fall within the Maury High, Blair Middle, and St. Helena Elementary School Districts. Zoning is listed as R-11.
For buyers seeking a small multifamily residential income property, the individual metering and multi-unit configuration can simplify operations compared with a single-meter setup. Its four-unit layout may appeal to owner-operators or investors looking for a compact portfolio asset, with the proximity to major Norfolk employment and education areas serving as a practical consideration for tenant sourcing.
Set in Norfolk’s Park Place neighborhood, the home is positioned near Norfolk’s shipyards and downtown Norfolk. It is also stated to fall within the Maury High, Blair Middle, and St. Helena Elementary School Districts. Zoning is listed as R-11.
For buyers seeking a small multifamily residential income property, the individual metering and multi-unit configuration can simplify operations compared with a single-meter setup. Its four-unit layout may appeal to owner-operators or investors looking for a compact portfolio asset, with the proximity to major Norfolk employment and education areas serving as a practical consideration for tenant sourcing.
Key Highlights
- Waterfront property (Waterfront feature) in Norfolk
- Quadruplex built in 1964 with shingle roof
- Four units, each approximately 925 sq ft
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
$48,461
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
6.46%
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%
$969,220
$969.2K
Cap Rate 7%
$692,300
$692.3K
Cap Rate 9%
$538,456
$538.5K
Market Conditions
NOI Build-Up for 3,700 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
$73.3K $19.80/SF
− Vacancy
−$4.0K −$1.09/SF
EGI
$69.2K $18.71/SF
− OpEx
−$20.8K −$5.61/SF
NOI
$48.5K $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%
$969,220
Cap Rate 7%
$692,300
Cap Rate 9%
$538,456
Alternative Uses
Best Use
Multifamily LT 5
$692.3K
$605.8K – $807.7K
NOI $48,461 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$621.7K
$544.0K – $725.4K
NOI $43,522 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$784.9K
$686.8K – $915.7K
NOI $54,943 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,734
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four recently updated units with individual meters offer a straightforward residential income setup in Norfolk’s Park Place area.
Where is this quadplex located?
The property is located at 410 W 28th Street Norfolk, VA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Waterfront property (Waterfront feature) in Norfolk; Quadruplex built in 1964 with shingle roof; Four units, each approximately 925 sq ft
