Individually Metered
For Sale
$675,000
410 W 28th Street, Norfolk, VA 23508
Multi Family Residential, Over/Under, Norfolk, VA
Property Size3,700 SF
Price / SF$182.43
Days on Market96
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
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) 277-8487
Added: Jul 2
Changed: Oct 2
Last Checked: Oct 5 at 5:06PM
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 Norfolk quadplex contains four residential units in an over-under arrangement. The building totals 3,700 square feet, with each unit measuring approximately 925 square feet. Each residence has its own utility meter. Built in 1964, the property has a shingle roof and R-11 zoning.
The property is located in Norfolk’s Park Place neighborhood at 410 W 28th Street. Downtown Norfolk and the city’s shipyards are identified as nearby destinations.
The property is located in Norfolk’s Park Place neighborhood at 410 W 28th Street. Downtown Norfolk and the city’s shipyards are identified as nearby destinations.
Key Highlights
- Four‑unit residential property in an over‑under configuration
- Approximately 925 square feet per unit
- Each unit is individually metered
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,461
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
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
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 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 7.18%
Second Best
Apartment 5plus
$621.7K
$544.0K – $725.4K
NOI $43,522 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$784.9K
$686.8K – $915.7K
NOI $54,943 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - The four residences are configured in an over-under layout.
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 $675,000.
What are key features of this property?
This property features: Four‑unit residential property in an over‑under configuration; Approximately 925 square feet per unit; Each unit is individually metered
