Tenant-Occupied
9243 Atwood Ave, Norfolk, VA 23503
For Sale
$315,000
Pending
Two occupied residential units offer a practical income-property configuration with two bedrooms and one bathroom per unit.
Property Size1,652 SF
Days on Market56
Property Features for 9243 Atwood Ave
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Listing Agency:
Waterway Realty
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Sep 20
Changed: Nov 12
Last Checked: Nov 12 at 7:15AM
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 Waterway Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This duplex contains two tenant-occupied units, each arranged with two bedrooms and one bathroom. The 1,652-square-foot property was built in 1971 and includes hardwood flooring throughout the units. A new roof was installed in 2022.
Located at 9243 Atwood Ave in Norfolk, VA 23503, the property is offered as a residential income asset with both units already occupied. Scheduled showings are available Wednesdays and Saturdays from 1:00–3:00; contact LA1 to arrange access.
Located at 9243 Atwood Ave in Norfolk, VA 23503, the property is offered as a residential income asset with both units already occupied. Scheduled showings are available Wednesdays and Saturdays from 1:00–3:00; contact LA1 to arrange access.
Key Highlights
- Two tenant‑occupied units
- Each unit includes 2 bedrooms and 1 bathroom
- 1,652 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,637
Cap Rate
6.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$432,740
$432.7K
Cap Rate 7%
$309,100
$309.1K
Cap Rate 9%
$240,411
$240.4K
Market Conditions
NOI Build-Up for 1,652 SF
Gross rent
$32.7K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$30.9K $18.71/SF
− OpEx
−$9.3K −$5.61/SF
NOI
$21.6K $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%
$432,740
Cap Rate 7%
$309,100
Cap Rate 9%
$240,411
Alternative Uses
Best Use
Multifamily LT 5
$309.1K
$270.5K – $360.6K
NOI $21,637 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$277.6K
$242.9K – $323.9K
NOI $19,432 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$350.4K
$306.6K – $408.9K
NOI $24,531 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
195
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
$273,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Duplexes in Norfolk, VA
Properties on Market for Duplexes in Norfolk
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residential units offer a practical income-property configuration with two bedrooms and one bathroom per unit.
Where is this duplex located?
The property is located at 9243 Atwood Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two tenant‑occupied units; Each unit includes 2 bedrooms and 1 bathroom; 1,652 square feet
