Renovated Duplex with Fenced
New
For Sale
$295,000
606 Walker Ave, Norfolk, VA 23523
Two separately metered residences offer flexible owner-occupant or rental use near downtown Norfolk.
Property Size1,676 SF
Price / SF$176.01
Days on Market2
Property Features for 606 Walker Ave
General Information
Standard status
Active
Size
1,676 SF
Property subtype
Multi-Family
Occupancy
50%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit washer/dryer
fenced-in backyard
storage shed
front porch
separate unit meters
Building Details
Year Built
1910
Buildings
1
Tenancy
Single
Listing Agency:
BHHS RW Towne Realty
Listed By:
Crush Real State Group
(757) 690-2300
Source:
Wesellhamptonroadsva
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 19 at 9:25AM
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 BHHS RW Towne Realty
Investment Insights
Based on property information with market context.
The 1,676-square-foot duplex at 606 Walker Ave includes two 2-bedroom, 1-bath units, each with a kitchen and living room. The property was built in 1910 and recently renovated with LVP flooring, newer appliances, in-unit laundry, a fenced backyard, storage shed, and front porch. Each residence is separately metered.
One unit is leased through 11/30/26, while the second is vacant for an owner occupant or a new tenant. The property is located minutes from downtown Norfolk and near major hospitals, universities, and employment centers.
One unit is leased through 11/30/26, while the second is vacant for an owner occupant or a new tenant. The property is located minutes from downtown Norfolk and near major hospitals, universities, and employment centers.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a 1,676‑square‑foot duplex
- Recently renovated with LVP flooring and newer appliances
- Each unit is separately metered and includes in‑unit laundry
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
$21,952
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
7.44%
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%
$439,040
$439.0K
Cap Rate 7%
$313,600
$313.6K
Cap Rate 9%
$243,911
$243.9K
Market Conditions
NOI Build-Up for 1,676 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
$33.2K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$31.4K $18.71/SF
− OpEx
−$9.4K −$5.61/SF
NOI
$22.0K $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%
$439,040
Cap Rate 7%
$313,600
Cap Rate 9%
$243,911
Alternative Uses
Best Use
Multifamily LT 5
$313.6K
$274.4K – $365.9K
NOI $21,952 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$281.6K
$246.4K – $328.6K
NOI $19,714 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$355.5K
$311.1K – $414.8K
NOI $24,888 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
50%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
296
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences offer flexible owner-occupant or rental use near downtown Norfolk.
Where is this duplex located?
The property is located at 606 Walker Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units within a 1,676‑square‑foot duplex; Recently renovated with LVP flooring and newer appliances; Each unit is separately metered and includes in‑unit laundry
