Fully Occupied
For Sale
$400,000
6342 Alexander St, Norfolk, VA 23513
Two leased units provide established occupancy for an income property.
Property Size1,570 SF
Price / SF$254.78
Days on Market15
Property Features for 6342 Alexander St
General Information
Standard status
Active
Size
1,570 SF
Property subtype
Multi-Family
Building Details
Year Built
1980
Listing Agency:
Better Homes & Gdns Ntv Am Grp
(757) 478-4881
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 26 at 12:28PM
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 Better Homes & Gdns Ntv Am Grp
Investment Insights
Based on property information with market context.
This duplex at 6342 Alexander Street in Norfolk contains 1,570 square feet and was constructed in 1980. Both residential units are currently leased, providing established occupancy at the time of sale.
The property is positioned in Norfolk, Virginia, and offers a two-unit configuration for buyers seeking a residential income asset with existing tenancy. Its current occupancy and established layout provide a straightforward basis for evaluating the property as part of a multifamily portfolio.
The property is positioned in Norfolk, Virginia, and offers a two-unit configuration for buyers seeking a residential income asset with existing tenancy. Its current occupancy and established layout provide a straightforward basis for evaluating the property as part of a multifamily portfolio.
Key Highlights
- Fully occupied duplex with both units currently leased
- 1,570 square feet of total property size
- Built in 1980
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
$20,563
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
5.14%
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%
$411,260
$411.3K
Cap Rate 7%
$293,757
$293.8K
Cap Rate 9%
$228,478
$228.5K
Market Conditions
NOI Build-Up for 1,570 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
$31.1K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$29.4K $18.71/SF
− OpEx
−$8.8K −$5.61/SF
NOI
$20.6K $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%
$411,260
Cap Rate 7%
$293,757
Cap Rate 9%
$228,478
Alternative Uses
Best Use
Multifamily LT 5
$293.8K
$257.0K – $342.7K
NOI $20,563 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$263.8K
$230.9K – $307.8K
NOI $18,468 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$333.1K
$291.4K – $388.6K
NOI $23,314 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased units provide established occupancy for an income property.
Where is this duplex located?
The property is located at 6342 Alexander St Norfolk, VA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Fully occupied duplex with both units currently leased; 1,570 square feet of total property size; Built in 1980
