Renovated Duplex Near
For Sale
$389,000
9220 Atwood Ave, Norfolk, VA 23503
Over-under configuration with updated interiors, appliances, and a shared backyard near Norfolk’s beach, military bases, and interstate access.
Property Size1,600 SF
Price / SF$243.13
Days on Market95
Property Features for 9220 Atwood Ave
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
large shared backyard
new appliances
Building Details
Year Built
1954
Buildings
1
Listing Agency:
Real Broker LLC
Listed By:
Christy Allen
(855) 450-0442
Source:
Distinctlyrealestate
Added: Jul 13
Changed: Oct 6
Last Checked: Oct 7 at 5:08PM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This 1,600-square-foot duplex in Norfolk was built in 1954 and features an over-under layout. Renovations include new flooring throughout, updated cabinets and countertops, and new appliances. A large shared backyard provides additional outdoor space for the property.
Located at 9220 Atwood Ave in Norfolk’s Willoughby Terrace, the duplex is positioned blocks from the beach and near military bases and interstate access. The property combines a two-unit configuration with recent interior improvements and an established residential setting.
Located at 9220 Atwood Ave in Norfolk’s Willoughby Terrace, the duplex is positioned blocks from the beach and near military bases and interstate access. The property combines a two-unit configuration with recent interior improvements and an established residential setting.
Key Highlights
- 1,600‑square‑foot duplex with over‑under unit arrangement
- Built in 1954
- New flooring installed throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,956
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$419,120
$419.1K
Cap Rate 7%
$299,371
$299.4K
Cap Rate 9%
$232,844
$232.8K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$31.7K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$29.9K $18.71/SF
− OpEx
−$9.0K −$5.61/SF
NOI
$21.0K $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 Rate 5%
$419,120
Cap Rate 7%
$299,371
Cap Rate 9%
$232,844
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$262.0K – $349.3K
NOI $20,956 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$268.9K
$235.3K – $313.7K
NOI $18,820 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$339.4K
$297.0K – $396.0K
NOI $23,759 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
187
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
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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 - Over-under configuration with updated interiors, appliances, and a shared backyard near Norfolk’s beach, military bases, and interstate access.
Where is this duplex located?
The property is located at 9220 Atwood Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 1,600‑square‑foot duplex with over‑under unit arrangement; Built in 1954; New flooring installed throughout
