Updated Historic District
New
For Sale
$675,000
742 Shirley Ave, Norfolk, VA 23517
Four-unit property with updated interiors and three units currently leased.
Property Size4,190 SF
Price / SF$161.10
Days on Market7
Property Features for 742 Shirley Ave
General Information
Standard status
Active
Size
4,190 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1938
Listing Agency:
Dragas Companies Realty Inc
(757) 424-9007
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 26 at 12:29PM
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 Dragas Companies Realty Inc
Investment Insights
Based on property information with market context.
Built in 1938, this 4,190-square-foot quadplex contains four residential units in Norfolk’s Ghent Historic District. Units 2 and 3 have received interior updates, while Units 1, 3, and 4 are currently rented. Unit 2 was previously owner occupied and can support future occupancy or rental use.
Property improvements include Pella windows throughout, a rear deck, a roof replacement completed in 2015, and water heaters installed in 2018. The City of Norfolk is scheduled to install an 8-foot privacy fence. The property is situated minutes from military bases, Sentara Norfolk General Hospital, EVMS, CHKD, downtown Norfolk, the NEON District, Colley Avenue restaurants and shops, and the Elizabeth River Trail.
Property improvements include Pella windows throughout, a rear deck, a roof replacement completed in 2015, and water heaters installed in 2018. The City of Norfolk is scheduled to install an 8-foot privacy fence. The property is situated minutes from military bases, Sentara Norfolk General Hospital, EVMS, CHKD, downtown Norfolk, the NEON District, Colley Avenue restaurants and shops, and the Elizabeth River Trail.
Key Highlights
- Four‑unit quadplex totaling 4,190 SF
- Units 1, 3, and 4 are currently rented
- Units 2 and 3 have been updated
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
$54,879
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
8.13%
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%
$1,097,580
$1.1M
Cap Rate 7%
$783,986
$784.0K
Cap Rate 9%
$609,767
$609.8K
Market Conditions
NOI Build-Up for 4,190 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
$83.0K $19.80/SF
− Vacancy
−$4.6K −$1.09/SF
EGI
$78.4K $18.71/SF
− OpEx
−$23.5K −$5.61/SF
NOI
$54.9K $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%
$1,097,580
Cap Rate 7%
$783,986
Cap Rate 9%
$609,767
Alternative Uses
Best Use
Multifamily LT 5
$784.0K
$686.0K – $914.7K
NOI $54,879 @ 7.0% cap · market cap 8.13%
Second Best
Apartment 5plus
$704.1K
$616.1K – $821.4K
NOI $49,286 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$888.8K
$777.7K – $1.04M
NOI $62,219 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,123
Businesses Nearby
Explore this area
Business Placement
Demographics for 23517, VA
5,237
Population
2,901
Households
1.8
Avg Household Size
33
Median Age
55%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
6,546
Density / Sq Mi
$63,556
Median Household Income
$46,689
Median Earnings
$1,397
Median Rent
$355,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with updated interiors and three units currently leased.
Where is this quadplex located?
The property is located at 742 Shirley Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 4,190 SF; Units 1, 3, and 4 are currently rented; Units 2 and 3 have been updated
