6-Unit Apartment
New
For Sale
$869,000
607 W Princess Anne Road, Norfolk, VA 23517
Multi Family Residential, Norfolk, VA
Property Size4,300 SF
Price / SF$202.09
Days on Market7
Property Features for 607 W Princess Anne Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RESIDENT
Subdivision
GHENT
Lot features
Corner
Elementary school
Walter Herron Taylor Elementary
Middle school
Blair Middle
Standard status
Active
Size
4,300 SF
Taxes and HOA fees
Tax Annual Amount
7584
Amenities
laundry room
fireplaces
Building Details
Year built
1933
Roof type
Slate
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 217-4200
Listed By:
Bobby Lawrence
(757) 690-0439
Added: Sep 29
Changed: Oct 2
Last Checked: Oct 5 at 5:06PM
MLS# 10655664
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.
This 4,300-square-foot apartment property comprises a main building with four units and a carriage house with two studio apartments of approximately 300 square feet each. Interior features include hardwood floors and updated tiled bathrooms with granite countertops. The first-floor unit has two en-suite bathrooms and a washer and dryer; a separate laundry room serves the other units. A boiler heats both buildings in winter, with three water heaters used during the warmer months. The driveway accommodates four to five vehicles, and a side lot is included within the parcel.
The property is in Ghent, near Colley Avenue restaurants and shops, dog parks, coffeehouses, EVMS, CHKD, and Sentara Heart Pavilion. Zoning is listed as RESIDENT. The roof is slate, and the exterior has been painted. Fireplaces are conveyed as-is.
The property is in Ghent, near Colley Avenue restaurants and shops, dog parks, coffeehouses, EVMS, CHKD, and Sentara Heart Pavilion. Zoning is listed as RESIDENT. The roof is slate, and the exterior has been painted. Fireplaces are conveyed as-is.
Key Highlights
- Six apartments across the main building and carriage house
- 4,300 square feet; carriage‑house studios are approximately 300 square feet each
- Driveway accommodates 4‑5 vehicles; side lot included on the 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.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Utilities to site
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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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?
Apartment building - The property combines a four-unit main building with a separate carriage house containing two studio apartments.
Where is this apartment building located?
The property is located at 607 W Princess Anne Road 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 studios are approximately 300 square feet each; Driveway accommodates 4‑5 vehicles; side lot included on the parcel
