Over-Under
New
For Sale
$300,000
517 W 29th Street, Norfolk, VA 23508
Multi Family Residential, Over/Under, Norfolk, VA
Property Size2,158 SF
Price / SF$139.02
Days on Market5
Property Features for 517 W 29th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
PARK PLACE - 187
Elementary school
James Monroe Elementary
Middle school
Blair Middle
Standard status
Active
Size
2,158 SF
Taxes and HOA fees
Tax Annual Amount
3050
Building Details
Year built
1912
Roof type
Shingle
Architectural style
Other
Listing Agency:
Iron Valley Real Estate HR
Listed By:
Yvonne Avila
(757) 645-9700
Added: Oct 13
Changed: Oct 16
Last Checked: Oct 17 at 1:06AM
MLS# 10657601
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 2,158-square-foot duplex has an over-under layout and was built in 1912. Both units are vacant, and the upper residence has fresh interior paint and new carpeting. The property is zoned R-11 and has a shingle roof.
The address is 517 W 29th Street in Norfolk, Virginia. Nearby areas named include Old Dominion University, Ghent, Colonial Place, and Downtown Norfolk; the property also has access to local tunnels and major highways.
The address is 517 W 29th Street in Norfolk, Virginia. Nearby areas named include Old Dominion University, Ghent, Colonial Place, and Downtown Norfolk; the property also has access to local tunnels and major highways.
Key Highlights
- 2,158 square feet in an over‑under duplex
- Both units are vacant
- Upper unit has 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.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
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
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are vacant, with fresh paint and new carpeting in the upper unit.
Where is this duplex located?
The property is located at 517 W 29th Street 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 feet in an over‑under duplex; Both units are vacant; Upper unit has fresh interior paint and new carpeting
