Updated Over-Under
For Sale
$314,900
717 W 35th Street, Norfolk, VA 23508
Multi Family Residential, Over/Under, Norfolk, VA
Property Size1,680 SF
Price / SF$187.44
Days on Market57
Property Features for 717 W 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
KENSINGTON
Elementary school
James Monroe Elementary
Middle school
Blair Middle
Standard status
Active
Size
1,680 SF
Taxes and HOA fees
Tax Annual Amount
2897
Utilities
Water front features
Waterfront
Building Details
Year built
1919
Roof type
Shingle
Architectural style
Other
Listing Agency:
Iron Valley Real Estate HR
Listed By:
Matthew Salway
(757) 645-9700
Added: Aug 6
Changed: Aug 21
Last Checked: Oct 1 at 11:06PM
MLS# 10647843
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 1,680-square-foot duplex includes a two-bedroom, one-bath lower residence and an upstairs one-bedroom, one-bath unit. The first floor has a renovated kitchen, while the upper unit includes updated flooring, fresh paint, and a new bathtub and shower. A new HVAC system and water heater were installed in 2025, with additional plumbing and foundation work completed incrementally since 2022.
The property also features a shingle roof, new gutters and downspouts, a storage shed, a country-style front porch, and a spacious backyard. Waterfront features are identified for the property, and on-street parking is available. Built in 1919, the duplex is located at 717 W 35th Street in Norfolk's Park Place neighborhood, near ODU, Ghent, Colonial Place, Downtown Norfolk, shopping, dining, and major interstates.
The property also features a shingle roof, new gutters and downspouts, a storage shed, a country-style front porch, and a spacious backyard. Waterfront features are identified for the property, and on-street parking is available. Built in 1919, the duplex is located at 717 W 35th Street in Norfolk's Park Place neighborhood, near ODU, Ghent, Colonial Place, Downtown Norfolk, shopping, dining, and major interstates.
Key Highlights
- 1,680‑square‑foot over‑under duplex with two separate residential units
- Lower unit includes 2 bedrooms, 1 full bath, and a renovated kitchen
- Upper unit offers 1 bedroom, 1 bath, new flooring, fresh paint, and a new bathtub/shower
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
$22,004
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
6.99%
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%
$440,080
$440.1K
Cap Rate 7%
$314,343
$314.3K
Cap Rate 9%
$244,489
$244.5K
Market Conditions
NOI Build-Up for 1,680 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
$33.3K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$31.4K $18.71/SF
− OpEx
−$9.4K −$5.61/SF
NOI
$22.0K $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%
$440,080
Cap Rate 7%
$314,343
Cap Rate 9%
$244,489
Alternative Uses
Best Use
Multifamily LT 5
$314.3K
$275.1K – $366.7K
NOI $22,004 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$282.3K
$247.0K – $329.4K
NOI $19,761 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$356.4K
$311.8K – $415.8K
NOI $24,947 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,519
Businesses Nearby
Explore this area
Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
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?
Duplex - Two residential units offer flexible owner-occupant or rental use with recent improvements throughout the property.
Where is this duplex located?
The property is located at 717 W 35th Street Norfolk, VA.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: 1,680‑square‑foot over‑under duplex with two separate residential units; Lower unit includes 2 bedrooms, 1 full bath, and a renovated kitchen; Upper unit offers 1 bedroom, 1 bath, new flooring, fresh paint, and a new bathtub/shower
