Duplex with Detached
For Sale
$524,900
Pending
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
Days on Market49
Property Features for 931 Jamestown Cres
General Information
Standard status
Pending
Size
2,897 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Edgewater - Larchmont
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
Changed: Oct 26
Last Checked: Oct 26 at 1:16PM
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
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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 / Yr
$37,944
Cap Rate
7.23%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
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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
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
