Waterfront Duplex with Vacant
New
For Sale
$299,900
415 Middlesex Street, Norfolk, VA 23523
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,580 SF
Price / SF$189.81
Days on Market5
Property Features for 415 Middlesex Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
BERKLEY
Elementary school
St. Helena Elementary
Middle school
Blair Middle
Standard status
Active
Size
1,580 SF
Taxes and HOA fees
Tax Annual Amount
2728
Utilities
Water front features
Waterfront
Building Details
Year built
1915
Roof type
Shingle
Architectural style
Other
Listing Agency:
Shaffer Realty LLC
(757) 468-5000
Listed By:
Marty Miller
(757) 284-6068
Added: Sep 11
Last Checked: Sep 15 at 1:06AM
MLS# 10653284
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 1,580-square-foot duplex was built in 1915 and is arranged in an over-under configuration. Each residence includes 2 bedrooms and 1 bathroom, with central air and heating serving the units. The property has a shingle roof and is classified under R-8 zoning.
The sale includes an adjacent vacant lot, expanding the overall offering beyond the existing residential building. The property is identified as waterfront, and tenants pay their own utilities. Buyer due diligence is required, and tenant access should be coordinated without disturbance.
The sale includes an adjacent vacant lot, expanding the overall offering beyond the existing residential building. The property is identified as waterfront, and tenants pay their own utilities. Buyer due diligence is required, and tenant access should be coordinated without disturbance.
Key Highlights
- Two‑unit over‑under duplex with 2 bedrooms and 1 bathroom per unit
- 1,580 square feet on an adjacent vacant lot
- Waterfront property
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
$20,694
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
6.90%
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%
$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
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
$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 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%
$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
NOI $20,694 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$265.5K
$232.3K – $309.8K
NOI $18,585 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$335.2K
$293.3K – $391.0K
NOI $23,462 @ 7.0% cap · market cap 7.82%
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Over-under layout offers two two-bedroom, one-bath residences with central air and heating.
Where is this duplex located?
The property is located at 415 Middlesex Street Norfolk, VA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit over‑under duplex with 2 bedrooms and 1 bathroom per unit; 1,580 square feet on an adjacent vacant lot; Waterfront property
