Duplex with Updated Upper
New
For Sale
$300,000
517 W 29th St, Norfolk, VA 23508
Both residences are vacant, allowing a new owner to occupy one or lease both.
Property Size2,158 SF
Price / SF$139.02
Days on Market2
Property Features for 517 W 29th St
General Information
Standard status
Active
Size
2,158 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1912
Listing Agency:
Coastal Group Inc
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 14 at 10:26PM
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 Coastal Group Inc
Investment Insights
Based on property information with market context.
This duplex contains 2,158 square feet across two units. The upstairs residence has fresh interior paint and new carpeting, while both units are vacant and ready for occupancy or new tenants. Built in 1912, the property offers a two-unit residential configuration for an owner or rental operator.
The property is at 517 W 29th St in Norfolk, near Old Dominion University, Ghent, Colonial Place, and Downtown Norfolk. Local tunnels, major highways, shopping, and dining are also within convenient reach.
The property is at 517 W 29th St in Norfolk, near Old Dominion University, Ghent, Colonial Place, and Downtown Norfolk. Local tunnels, major highways, shopping, and dining are also within convenient reach.
Key Highlights
- 2,158‑square‑foot duplex
- Both units are vacant
- Upper unit features fresh interior paint and new carpeting
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,384
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$507,680
$507.7K
Cap Rate 7%
$362,629
$362.6K
Cap Rate 9%
$282,044
$282.0K
Market Conditions
NOI Build-Up for 2,158 SF
Gross rent
$48.7K $22.56/SF
− Vacancy
−$2.5K −$1.17/SF
EGI
$46.2K $21.39/SF
− OpEx
−$20.8K −$9.62/SF
NOI
$25.4K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$507,680
Cap Rate 7%
$362,629
Cap Rate 9%
$282,044
Alternative Uses
Best Use
Multifamily LT 5
$403.8K
$353.3K – $471.1K
NOI $28,265 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$362.6K
$317.3K – $423.1K
NOI $25,384 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$457.8K
$400.6K – $534.1K
NOI $32,045 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,886
Businesses Nearby
Explore this area
Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
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
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are vacant, allowing a new owner to occupy one or lease both.
Where is this duplex located?
The property is located at 517 W 29th St Norfolk, VA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 2,158‑square‑foot duplex; Both units are vacant; Upper unit features fresh interior paint and new carpeting
