New Construction
For Sale
$650,000
8100 Turner Rd, Norfolk, VA 23518
Two distinct residences include private living, dining, kitchen, laundry, and garage areas.
Property Size2,192 SF
Price / SF$296.53
Days on Market21
Property Features for 8100 Turner Rd
General Information
Standard status
Active
Size
2,192 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
laundry
garage
off-street parking
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Better Homes & Gdns Ntv Am Grp
(757) 478-4881
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 10:16AM
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.
Built in 2026, this duplex contains two separately configured residences. Unit 1 measures approximately 775 sq. ft. and includes 2 bedrooms and 1 full bath. Unit 2 provides approximately 1,417 sq. ft. with 3 bedrooms and 2 full baths. Both residences feature their own living room, dining area, kitchen, laundry area, and garage.
The property is located at 8100 Turner Rd in Norfolk, Virginia, within the Ocean View/Little Creek area. City water and sewer serve the building, with off-street parking available on site. The two-unit layout supports separate residential occupancy within a newly constructed multifamily property.
The property is located at 8100 Turner Rd in Norfolk, Virginia, within the Ocean View/Little Creek area. City water and sewer serve the building, with off-street parking available on site. The two-unit layout supports separate residential occupancy within a newly constructed multifamily property.
Key Highlights
- New duplex construction completed in 2026
- Unit 1: approximately 775 sq. ft., 2 bedrooms, and 1 full bath
- Unit 2: approximately 1,417 sq. ft., 3 bedrooms, and 2 full baths
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
$28,710
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
4.42%
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%
$574,200
$574.2K
Cap Rate 7%
$410,143
$410.1K
Cap Rate 9%
$319,000
$319.0K
Market Conditions
NOI Build-Up for 2,192 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
$43.4K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$41.0K $18.71/SF
− OpEx
−$12.3K −$5.61/SF
NOI
$28.7K $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%
$574,200
Cap Rate 7%
$410,143
Cap Rate 9%
$319,000
Alternative Uses
Best Use
Multifamily LT 5
$410.1K
$358.9K – $478.5K
NOI $28,710 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$368.3K
$322.3K – $429.7K
NOI $25,784 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$465.0K
$406.9K – $542.5K
NOI $32,550 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
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?
Duplex - Two distinct residences include private living, dining, kitchen, laundry, and garage areas.
Where is this duplex located?
The property is located at 8100 Turner Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: New duplex construction completed in 2026; Unit 1: approximately 775 sq. ft., 2 bedrooms, and 1 full bath; Unit 2: approximately 1,417 sq. ft., 3 bedrooms, and 2 full baths
