Building Details

Year Built 1915

Listing Agency: Shaffer Realty LLC

Listed By: Marty Miller Show Phone

Source: Distinctlyrealestate

Added: Jul 12 Changed: Oct 9 Last Checked: Oct 12 at 10:28PM

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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 Shaffer Realty LLC

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,694

Cap Rate

5.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$413,880 $413.9K

Cap Rate 7%

$295,629 $295.6K

Cap Rate 9%

$229,933 $229.9K

Market Conditions

NOI Build-Up for 1,580 SF

Gross rent

$31.3K $19.80/SF

− Vacancy

−$1.7K −$1.09/SF

EGI

$29.6K $18.71/SF

− OpEx

−$8.9K −$5.61/SF

NOI

$20.7K $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%

$413,880

Cap Rate 7%

$295,629

Cap Rate 9%

$229,933

Alternative Uses

Best Use

Multifamily LT 5

$295.6K

$258.7K – $344.9K (±1% cap)

NOI $20,694 @ 7.0% cap · market cap 5.91%

Second Best

Apartment 5plus

$265.5K

$232.3K – $309.8K (±1% cap)

NOI $18,585 @ 7.0% cap · market cap 5.31%

Theoretical Best

Office A

$335.2K

$293.3K – $391.0K (±1% cap)

NOI $23,462 @ 7.0% cap · market cap 6.70%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Kitchen & Bath Showroom Big Box & Wholesale Store Auto Parts Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

331

Businesses Nearby

Explore this area Business Placement

Demographics for 23523, VA

7,061

Population

3,472

Households

2

Avg Household Size

33

Median Age

13%

College-Educated

82%

High-School Grad

2.1 sq mi

ZIP Area

3,362

Density / Sq Mi

$37,189

Median Household Income

$35,456

Median Earnings

$986

Median Rent

$222,000

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

Where is this duplex located?

The property is located at 415 Middlesex St Norfolk, VA.

What is the asking price?

The asking price for this property is $350,000.