Updated Over-Under
For Sale
$350,000
415 Middlesex Street, Norfolk, VA 23523
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,580 SF
Price / SF$221.52
Days on Market57
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
Amenities
central air & heating
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: Jul 10
Changed: Aug 19
Last Checked: Sep 4 at 8:06AM
MLS# 10643837
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 over-under duplex contains 1,580 square feet across two residential units, with each unit configured with 2 bedrooms and 1 bathroom. Recent updates have been completed, and both units include central air and heating. Tenants are responsible for their own utilities. The property was built in 1915 and has a shingle roof.
Located at 415 Middlesex Street in Norfolk, VA, the offering also includes an adjacent vacant lot. Waterfront features are identified for the property, and zoning is R-8. The duplex and additional land create a combined offering for buyers seeking a small multifamily asset with separately metered utility responsibility and future site flexibility, subject to buyer due diligence.
Located at 415 Middlesex Street in Norfolk, VA, the offering also includes an adjacent vacant lot. Waterfront features are identified for the property, and zoning is R-8. The duplex and additional land create a combined offering for buyers seeking a small multifamily asset with separately metered utility responsibility and future site flexibility, subject to buyer due diligence.
Key Highlights
- Over‑under duplex totaling 1,580 square feet
- Both units offer 2 bedrooms and 1 bathroom
- Central air and heating in each unit
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
5.91%
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 5.91%
Second Best
Apartment 5plus
$265.5K
$232.3K – $309.8K
NOI $18,585 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$335.2K
$293.3K – $391.0K
NOI $23,462 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Two residential units provide matching bedroom and bathroom layouts 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 $350,000.
What are key features of this property?
This property features: Over‑under duplex totaling 1,580 square feet; Both units offer 2 bedrooms and 1 bathroom; Central air and heating in each unit
