Townhouse-Style
New
For Sale
$339,500
6221 Geneva Way, Norfolk, VA 23513
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 Market2
Property Features for 6221 Geneva Way
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1988
Construction
townhouse style
Tenancy
Multi
Listing Agency:
The Property Shoppe
Listed By:
Samantha Spruill
(757) 496-1986
Source:
Veritygroup
Added: Sep 26
Changed: Sep 27
Last Checked: Sep 27 at 2:00AM
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
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 = 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
$24,886
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
7.33%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
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
Explore this area
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
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 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
