4-Unit Over-Under
New
For Sale
$450,000
419 Craig St, Norfolk, VA 23523
Multi Family Residential, Over/Under, Norfolk, VA
Property Size3,000 SF
Price / SF$150
Days on Market5
Property Features for 419 Craig St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-8
Subdivision
BERKLEY
Lot features
Corner
Elementary school
Southside STEM Academy at Campostella
Middle school
Blair Middle
Standard status
Active
Size
3,000 SF
Taxes and HOA fees
Tax Annual Amount
4446
Amenities
in-unit laundry
Building Details
Year built
1964
Roof type
Shingle
Architectural style
Other
Listing Agency:
Proactive Real Estate Services
Listed By:
Genelle Smith
(757) 383-9510
Added: Oct 16
Changed: Oct 19
Last Checked: Oct 20 at 3:06PM
MLS# 10658175
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.
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Investment Insights
Based on property information with market context.
This 3,000-square-foot quadplex contains four two-bedroom, one-bathroom apartments arranged in an over-under configuration. Each unit has in-unit laundry. The building dates to 1964 and has a shingle roof; zoning is R-8.
Three apartments are occupied, while the fourth offers flexibility for renovation. One renovated unit is represented in the listing photos.
Three apartments are occupied, while the fourth offers flexibility for renovation. One renovated unit is represented in the listing photos.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 bathroom
- 3,000 square feet in an over‑under configuration
- In‑unit laundry in all four apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,293
Cap Rate
8.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$785,860
$785.9K
Cap Rate 7%
$561,329
$561.3K
Cap Rate 9%
$436,589
$436.6K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$59.4K $19.80/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$56.1K $18.71/SF
− OpEx
−$16.8K −$5.61/SF
NOI
$39.3K $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%
$785,860
Cap Rate 7%
$561,329
Cap Rate 9%
$436,589
Alternative Uses
Best Use
Multifamily LT 5
$561.3K
$491.2K – $654.9K
NOI $39,293 @ 7.0% cap · market cap 8.73%
Second Best
Apartment 5plus
$504.1K
$441.1K – $588.1K
NOI $35,288 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$636.4K
$556.9K – $742.5K
NOI $44,548 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - The apartments each offer in-unit laundry, with three residences currently occupied.
Where is this quadplex located?
The property is located at 419 Craig St Norfolk, VA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 bathroom; 3,000 square feet in an over‑under configuration; In‑unit laundry in all four apartments
