Apartment Building with Carriage
For Sale
$869,000
Pending
607 W Princess Anne Rd, Norfolk, VA 23517
Six residences span the main building and a carriage house with studio apartments.
Property Size4,300 SF
Days on Market16
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Property Features for 607 W Princess Anne Rd
General Information
Standard status
Pending
Size
4,300 SF
Property subtype
Multi-Family
Building Details
Year Built
1933
Listing Agency:
Coastal Group Inc
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Sep 30
Changed: Oct 15
Last Checked: Oct 14 at 10:41PM
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.
The 4,300-square-foot property includes a main building with four apartments and a carriage house containing two studio apartments of approximately 300 square feet each. Interior features include tiled baths with granite countertops and hardwood floors. The first-floor apartment has two en-suite bathrooms and a washer and dryer; a separate laundry room serves the other units. A boiler provides winter heat to both buildings, with three hot water heaters used during warmer periods. The property also includes a side lot under the same parcel, and the driveway accommodates 4–5 vehicles.
Set in Ghent, the property is near Colley Avenue restaurants and shops, dog parks, coffeehouses, EVMS, CHKD, and Sentara Heart Pavilion. The exterior has been painted, and the electrical system and sewer line were replaced in the 1970s. Fireplaces are offered as-is, and flood insurance is not required.
Set in Ghent, the property is near Colley Avenue restaurants and shops, dog parks, coffeehouses, EVMS, CHKD, and Sentara Heart Pavilion. The exterior has been painted, and the electrical system and sewer line were replaced in the 1970s. Fireplaces are offered as-is, and flood insurance is not required.
Key Highlights
- Six apartments across the main building and carriage house
- 4,300 square feet; carriage house includes two studios of approximately 300 square feet each
- Side lot is included in the same parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,580
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,011,600
$1.0M
Cap Rate 7%
$722,571
$722.6K
Cap Rate 9%
$562,000
$562.0K
Market Conditions
NOI Build-Up for 4,300 SF
Gross rent
$97.0K $22.56/SF
− Vacancy
−$5.0K −$1.17/SF
EGI
$92.0K $21.39/SF
− OpEx
−$41.4K −$9.62/SF
NOI
$50.6K $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%
$1,011,600
Cap Rate 7%
$722,571
Cap Rate 9%
$562,000
Alternative Uses
Best Use
Apartment 5plus
$722.6K
$632.3K – $843.0K
NOI $50,580 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$912.2K
$798.2K – $1.06M
NOI $63,853 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,562
Businesses Nearby
Explore this area
Business Placement
Demographics for 23517, VA
5,237
Population
2,901
Households
1.8
Avg Household Size
33
Median Age
55%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
6,546
Density / Sq Mi
$63,556
Median Household Income
$46,689
Median Earnings
$1,397
Median Rent
$355,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Six residences span the main building and a carriage house with studio apartments.
Where is this apartment building located?
The property is located at 607 W Princess Anne Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Six apartments across the main building and carriage house; 4,300 square feet; carriage house includes two studios of approximately 300 square feet each; Side lot is included in the same parcel
