Updated Over-Under
415 Middlesex Street Norfolk, VA 23523
415 Middlesex Street, Norfolk, VA, 23523
$350,000
For Sale
$350,000
MULTI_FAMILY - Norfolk, VA
Property Size1,580 SF
Price / SF$221.52
Days on Market11
Property Features for 415 Middlesex Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Zoning
- R-8
- 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
Chesapeake, VA
Listed by
Marty Miller
(757) 468-5000
Added: Jul 10 Updated: Jul 18 at 6:27 am Checked: Jul 20 at 4:06 pm
MLS# 10643837
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Investment Insights
Based on property information with market context.
This over-under duplex has been recently updated and features two-bedroom, one-bath layouts on both units. Each unit includes central air and heating, and tenants are responsible for their own utilities. The property is configured as a residential income use and comes with an adjacent vacant lot.
The duplex is located at 415 Middlesex Street in Norfolk, Virginia, within R-8 zoning. Sale includes the adjacent vacant lot, and buyers are advised to conduct their own due diligence. Tenants are currently in place, so showings should not disturb occupants.
Both units are presently set up to support the current 2-bedroom, 1-bath configuration with central comfort systems and utility responsibility assigned to tenants.
The duplex is located at 415 Middlesex Street in Norfolk, Virginia, within R-8 zoning. Sale includes the adjacent vacant lot, and buyers are advised to conduct their own due diligence. Tenants are currently in place, so showings should not disturb occupants.
Both units are presently set up to support the current 2-bedroom, 1-bath configuration with central comfort systems and utility responsibility assigned to tenants.
Key Highlights
- Over/under duplex with waterfront feature
- Built in 1915 with shingle roof
- Each unit offers 2 bedrooms and 1 bathroom
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $31.3k | $19.80 |
| − Vacancy | −$1.7k | −$1.09 |
| EGI | $29.6k | $18.71 |
| − OpEx | −$8.9k | −$5.61 |
| NOI | $20.7k | $13.10 |
1,580 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Over-under duplex with recent updates, offering two-bedroom, one-bath units 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 with waterfront feature; Built in 1915 with shingle roof; Each unit offers 2 bedrooms and 1 bathroom
