Duplex With Detached
New
For Sale
$524,900
931 Jamestown Crescent, Norfolk, VA 23508
Multi Family Residential, Over/Under, Norfolk, VA
Property Size2,897 SF
Price / SF$181.19
Days on Market2
Property Features for 931 Jamestown Crescent
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-8
Subdivision
LARCHMONT
Lot features
Shed
Elementary school
Larchmont Elementary
Middle school
Blair Middle
Standard status
Active
Size
2,897 SF
Taxes and HOA fees
Tax Annual Amount
6806
Utilities
Water front features
Waterfront
Amenities
screened-in porch
in-unit washer/dryer
detached garage
spacious backyard
Building Details
Year built
1921
Roof type
Slate, Shingle
Architectural style
Other
Listing Agency:
Broadsight Realty
(757) 367-5932
Listed By:
Scott Westfall · License #54326
(757) 478-3020
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 10652727
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.
Built in 1921, this 2,897-square-foot duplex includes two distinct residential units. The upper unit offers two bedrooms, one bathroom, a screened porch, and an in-unit washer and dryer. The lower unit contains three bedrooms and one bathroom, with direct access to the backyard. A detached garage provides additional functional space, and the property is identified with waterfront features.
Located at 931 Jamestown Crescent in Norfolk’s Larchmont area, the property occupies a double lot and carries R-8 zoning. The address is near Colley shopping and breweries, Old Dominion University, and Ghent. Slate and shingle roofing are present, adding to the building’s established physical character.
Located at 931 Jamestown Crescent in Norfolk’s Larchmont area, the property occupies a double lot and carries R-8 zoning. The address is near Colley shopping and breweries, Old Dominion University, and Ghent. Slate and shingle roofing are present, adding to the building’s established physical character.
Key Highlights
- Two‑unit duplex with 2,897 square feet
- Upper unit includes 2 bedrooms, 1 bathroom, screened porch, and in‑unit washer/dryer
- Lower unit offers 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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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 - Two-unit residential property with separate living spaces, a backyard, and detached garage.
Where is this duplex located?
The property is located at 931 Jamestown Crescent 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: Two‑unit duplex with 2,897 square feet; Upper unit includes 2 bedrooms, 1 bathroom, screened porch, and in‑unit washer/dryer; Lower unit offers 3 bedrooms, 1 bathroom, and backyard access
