Duplex with Detached
New
For Sale
$524,900
931 Jamestown Cres, Norfolk, VA 23508
Two separate residences offer distinct outdoor areas, in-unit laundry, and flexible use of the detached garage.
Property Size2,897 SF
Price / SF$181.19
Days on Market2
Property Features for 931 Jamestown Cres
General Information
Standard status
Active
Size
2,897 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1921
Listing Agency:
Broadsight Realty
Listed By:
Scott Westfall · License #54326
(757) 478-3020
Source:
Atlanticsir
Added: Sep 10
Last Checked: Sep 11 at 5:12AM
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 Broadsight Realty
Investment Insights
Based on property information with market context.
Built in 1921, this 2,897-square-foot duplex contains two separate residences with distinct layouts. The upper unit includes two bedrooms, one bathroom, a screened porch, and an in-unit washer and dryer. The lower unit provides three bedrooms, one bathroom, direct access to the backyard, and use of a detached garage suited to storage, workshop, or studio purposes.
The property occupies an oversized double lot in historic Larchmont, an area characterized by tree-lined streets. Shops and breweries along Colley are within walking distance, while Old Dominion University and Ghent are nearby. The backyard, porch, garage, and separate unit configurations provide a range of existing residential features within the property.
The property occupies an oversized double lot in historic Larchmont, an area characterized by tree-lined streets. Shops and breweries along Colley are within walking distance, while Old Dominion University and Ghent are nearby. The backyard, porch, garage, and separate unit configurations provide a range of existing residential features within the property.
Key Highlights
- 2,897‑square‑foot duplex built in 1921
- Upper unit has 2 bedrooms, 1 bathroom, screened porch, and in‑unit washer/dryer
- Lower unit includes 3 bedrooms, 1 bathroom, and backyard access
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
$37,944
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
7.23%
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%
$758,880
$758.9K
Cap Rate 7%
$542,057
$542.1K
Cap Rate 9%
$421,600
$421.6K
Market Conditions
NOI Build-Up for 2,897 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
$57.4K $19.80/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$54.2K $18.71/SF
− OpEx
−$16.3K −$5.61/SF
NOI
$37.9K $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%
$758,880
Cap Rate 7%
$542,057
Cap Rate 9%
$421,600
Alternative Uses
Best Use
Multifamily LT 5
$542.1K
$474.3K – $632.4K
NOI $37,944 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$486.8K
$426.0K – $568.0K
NOI $34,077 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$614.6K
$537.7K – $717.0K
NOI $43,019 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
Explore this area
Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
Median Home Value
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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 - Two separate residences offer distinct outdoor areas, in-unit laundry, and flexible use of the detached garage.
Where is this duplex located?
The property is located at 931 Jamestown Cres Norfolk, VA.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: 2,897‑square‑foot duplex built in 1921; Upper unit has 2 bedrooms, 1 bathroom, screened porch, and in‑unit washer/dryer; Lower unit includes 3 bedrooms, 1 bathroom, and backyard access
