Townhouse-Style
6221 Geneva Way, Norfolk, VA 23513
For Sale
$339,500
Side-by-side residences are positioned on a cul-de-sac, with leases scheduled to continue through August 2027.
Property Size1,900 SF
Price / SF$178.68
Days on Market49
Property Features for 6221 Geneva Way
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Road Access
Utilities to Site
Additional Details
Multifamily Units
Building Details
Year Built
Construction
Tenancy
Listing Agency:
The Property Shoppe
Listed By:
Samantha Spruill
(757) 496-1986
Source:
Veritygroup
Added: Sep 26
Changed: Oct 25
Last Checked: Oct 7 at 3:07PM
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 The Property Shoppe
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Investment Insights
Based on property information with market context.
Built in 1988, this 1,900-square-foot duplex contains two side-by-side, townhouse-style units. Both residences are described as being in good condition. Unit B received LVP flooring throughout in 2024; the available interior photos show that unit only.
The property sits on a cul-de-sac at 6221 Geneva Way in Norfolk, Virginia. Both leases run through August 2027. Tenants pay the utilities and handle yard upkeep.
The property sits on a cul-de-sac at 6221 Geneva Way in Norfolk, Virginia. Both leases run through August 2027. Tenants pay the utilities and handle yard upkeep.
Key Highlights
- Two‑unit, side‑by‑side townhouse configuration
- 1,900 square feet; built in 1988
- Both leases run through August 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,886
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$497,720
$497.7K
Cap Rate 7%
$355,514
$355.5K
Cap Rate 9%
$276,511
$276.5K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$37.6K $19.80/SF
− Vacancy
−$2.1K −$1.09/SF
EGI
$35.6K $18.71/SF
− OpEx
−$10.7K −$5.61/SF
NOI
$24.9K $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 Rate 5%
$497,720
Cap Rate 7%
$355,514
Cap Rate 9%
$276,511
Alternative Uses
Best Use
Multifamily LT 5
$355.5K
$311.1K – $414.8K
NOI $24,886 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$319.3K
$279.4K – $372.5K
NOI $22,349 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$403.1K
$352.7K – $470.2K
NOI $28,214 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
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Business Placement
Demographics for 23513, VA
29,105
Population
13,040
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
87%
High-School Grad
5.1 sq mi
ZIP Area
5,707
Density / Sq Mi
$66,875
Median Household Income
$39,547
Median Earnings
$1,187
Median Rent
$226,900
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Norfolk, VA
Properties on Market for Duplexes in Norfolk
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side residences are positioned on a cul-de-sac, with leases scheduled to continue through August 2027.
Where is this duplex located?
The property is located at 6221 Geneva Way Norfolk, VA.
What is the asking price?
The asking price for this property is $339,500.
What are key features of this property?
This property features: Two‑unit, side‑by‑side townhouse configuration; 1,900 square feet; built in 1988; Both leases run through August 2027
