Renovation-Needed Multifamily
For Sale
$600,000
915 W 26th Street, Norfolk, VA 23517
COMMERCIAL - Norfolk, VA
Property Size3,168 SF
Lot Size0.13 Acres
Price / SF$189.39
Days on Market59
Property Features for 915 W 26th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-1
Subdivision
OLD DOMINION PLACE
Standard status
Active
Size
3,168 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
4106
Building Details
Roof type
Shingle
Listing Agency:
COVA Home Realty
(757) 287-9695
Listed By:
Kenneth Foster
(757) 287-9595
Added: Jun 15
Changed: Aug 4
Last Checked: Aug 12 at 7:06AM
MLS# 10639860
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 for-sale multifamily apartment building offers approximately 3,168 square feet on a 0.13-acre lot. The property includes an apartment complex that, per seller remarks, would require renovations to be brought back to life.
The address is 915 W 26th Street in Norfolk, Virginia 23517. Sellers also indicate another parcel is connected to the property, and the city may be willing to sell that parcel for future developments.
The offering may appeal to buyers looking for an owner-operator or investment approach that involves renovation and potential expansion. The seller says they would consider an owner financing scenario with the right terms, including a minimum of 10% down. With I-1 zoning noted for the site, interested parties can review how the property’s current configuration and any redevelopment plans align with their intended use.
The address is 915 W 26th Street in Norfolk, Virginia 23517. Sellers also indicate another parcel is connected to the property, and the city may be willing to sell that parcel for future developments.
The offering may appeal to buyers looking for an owner-operator or investment approach that involves renovation and potential expansion. The seller says they would consider an owner financing scenario with the right terms, including a minimum of 10% down. With I-1 zoning noted for the site, interested parties can review how the property’s current configuration and any redevelopment plans align with their intended use.
Key Highlights
- Shingle roof
- Can also be sold with MLS#10639859
- Another connected parcel may be available from the city for future developments
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
$37,264
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
6.21%
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%
$745,280
$745.3K
Cap Rate 7%
$532,343
$532.3K
Cap Rate 9%
$414,044
$414.0K
Market Conditions
NOI Build-Up for 3,168 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
$71.5K $22.56/SF
− Vacancy
−$3.7K −$1.17/SF
EGI
$67.8K $21.39/SF
− OpEx
−$30.5K −$9.62/SF
NOI
$37.3K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$745,280
Cap Rate 7%
$532,343
Cap Rate 9%
$414,044
Alternative Uses
Best Use
Apartment 5plus
$532.3K
$465.8K – $621.1K
NOI $37,264 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$672.0K
$588.0K – $784.1K
NOI $47,043 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,705
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?
Apartment building - Multifamily apartment property in I-1 zoning with room to add value through renovations and possible adjacent parcel expansion.
Where is this apartment building located?
The property is located at 915 W 26th Street Norfolk, VA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Shingle roof; Can also be sold with MLS#10639859; Another connected parcel may be available from the city for future developments
