Over-Under
New
For Sale
$297,500
652 Dune Street, Norfolk, VA 23503
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,900 SF
Lot Size0.80 Acres
Price / SF$156.58
Days on Market5
Property Features for 652 Dune Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-7
Subdivision
EUWANEE PARK
Lot features
Shed
Elementary school
Mary Calcott Elementary
Middle school
Northside Middle School
Standard status
Active
Size
1,900 SF
Lot size
0.80 Acres
Taxes and HOA fees
Tax Annual Amount
2363
Utilities
Water front features
Waterfront
Amenities
shared laundry room
Building Details
Year built
1949
Roof type
Shingle
Architectural style
Other
Listing Agency:
Ocean Realty
Listed By:
Cindy Hall
(757) 583-4397
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 2 at 12:06AM
MLS# 10655466
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 1,900-square-foot waterfront duplex, built in 1949, has a three-bedroom, two-bathroom unit upstairs and a one-bedroom, one-bathroom unit downstairs. A shared laundry room is located on the ground level, and the roof is shingle. The property is zoned R-7.
The sale must include 646 Dune Street; the owner will not sell the properties separately. The combined land area for both parcels is approximately 35,000 square feet.
The sale must include 646 Dune Street; the owner will not sell the properties separately. The combined land area for both parcels is approximately 35,000 square feet.
Key Highlights
- Two‑level configuration with a 3‑bedroom/2‑bathroom upstairs unit and 1‑bedroom/1‑bathroom downstairs unit
- 1,900 square feet; built in 1949
- Waterfront property
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
8.37%
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 8.37%
Second Best
Apartment 5plus
$319.3K
$279.4K – $372.5K
NOI $22,349 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$403.1K
$352.7K – $470.2K
NOI $28,214 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 23503, VA
31,932
Population
15,350
Households
2.1
Avg Household Size
35
Median Age
31%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
6,386
Density / Sq Mi
$62,428
Median Household Income
$42,850
Median Earnings
$1,195
Median Rent
$273,100
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Waterfront residence with upstairs and downstairs living areas and shared ground-level laundry.
Where is this duplex located?
The property is located at 652 Dune Street Norfolk, VA.
What is the asking price?
The asking price for this property is $297,500.
What are key features of this property?
This property features: Two‑level configuration with a 3‑bedroom/2‑bathroom upstairs unit and 1‑bedroom/1‑bathroom downstairs unit; 1,900 square feet; built in 1949; Waterfront property
