Renovated Two-Unit
New
For Sale
$295,000
606 Walker Avenue, Norfolk, VA 23523
Multi Family Residential, Side by Side, Norfolk, VA
Property Size1,676 SF
Price / SF$176.01
Days on Market4
Property Features for 606 Walker Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-11
Subdivision
BERKLEY
Elementary school
St. Helena Elementary
Middle school
Blair Middle
Standard status
Active
Size
1,676 SF
Taxes and HOA fees
Tax Annual Amount
3101
Utilities
Water front features
Waterfront
Amenities
in-unit washer and dryer
fenced-in backyard
storage shed
front porch
Building Details
Year built
1910
Roof type
Shingle
Architectural style
Other
Listing Agency:
Providence Realty Inc.
(757) 472-8001
Listed By:
Christopher Walton
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 19 at 11:06PM
MLS# 10653875
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.
Investment Insights
Based on property information with market context.
Located at 606 Walker Avenue, this recently renovated duplex contains two side-by-side residences within 1,676 square feet. Each unit offers 2 bedrooms, 1 bathroom, a kitchen, and a living room. Durable LVP flooring runs throughout, while the property also includes a fenced backyard, storage shed, welcoming front porch, and shingle roof. The home was built in 1910 and is zoned R-11.
Both residences are separately metered and include a washer and dryer. One unit is leased through 11/30/26, while the other is vacant for a new occupant or tenant. The property is minutes from downtown Norfolk and near major hospitals, universities, and employment centers. Waterfront features are also identified for the property.
Both residences are separately metered and include a washer and dryer. One unit is leased through 11/30/26, while the other is vacant for a new occupant or tenant. The property is minutes from downtown Norfolk and near major hospitals, universities, and employment centers. Waterfront features are also identified for the property.
Key Highlights
- Two‑unit duplex at 606 & 608 Walker Ave
- 1,676 square feet with two 2‑bedroom, 1‑bath units
- One unit leased through 11/30/26; the other is vacant
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
Yes
Utilities to site
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
Check the figures for this property
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 - Side-by-side residential layout with separate metering, private outdoor space, and flexible occupancy for an owner or tenant.
Where is this duplex located?
The property is located at 606 Walker Avenue 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‑unit duplex at 606 & 608 Walker Ave; 1,676 square feet with two 2‑bedroom, 1‑bath units; One unit leased through 11/30/26; the other is vacant
