Eighteen-Unit One-Bedroom
For Sale
Contact for pricing
9324 1st View St, Norfolk, VA 23503
Well-kept 18-unit multifamily property featuring one-bedroom, one-bathroom apartments built in 1978.
Property Size9,896 SF
Lot Size0.40 Acres
Price / SF$234.94
Days on Market247
Property Features for 9324 1st View St
General Information
Standard status
Active
Size
9,896 SF
Lot size
0.40 Acres
Property subtype
Multifamily
Net Operating Income
$198,231
Additional Details
Multifamily Units
18
Building Details
Year Built
1978
Buildings
1
Units
18
Listing Agency:
Marcus & Millichap - Hampton Roads
Listed By:
Altay Uzun · License #VA 0225214405
Source:
Crexi
Added: Jan 6
Changed: Sep 8
Last Checked: Sep 9 at 6:48AM
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 Marcus & Millichap - Hampton Roads
Investment Insights
Based on property information with market context.
This multifamily property for sale includes eighteen units, each configured as one-bedroom and one-bathroom. The building was constructed in 1978 and is situated on 0.40 acres.
The offering is located at 9324 1st View Street in Norfolk, Virginia. The property size is listed as 9,896.
As presented, the building’s unit mix is consistent across the portfolio, making it well-suited for investors seeking a straightforward one-bedroom residential income configuration.
The offering is located at 9324 1st View Street in Norfolk, Virginia. The property size is listed as 9,896.
As presented, the building’s unit mix is consistent across the portfolio, making it well-suited for investors seeking a straightforward one-bedroom residential income configuration.
Key Highlights
- 18‑unit multifamily property
- All apartments are 1‑bedroom, 1‑bath units
- Built in 1978
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
$116,405
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
5.01%
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%
$2,328,100
$2.3M
Cap Rate 7%
$1,662,929
$1.7M
Cap Rate 9%
$1,293,389
$1.3M
Market Conditions
NOI Build-Up for 9,896 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
$223.3K $22.56/SF
− Vacancy
−$11.6K −$1.17/SF
EGI
$211.6K $21.39/SF
− OpEx
−$95.2K −$9.62/SF
NOI
$116.4K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$2,328,100
Cap Rate 7%
$1,662,929
Cap Rate 9%
$1,293,389
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.46M – $1.94M
NOI $116,405 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,950 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
387
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?
Apartment building - Well-kept 18-unit multifamily property featuring one-bedroom, one-bathroom apartments built in 1978.
Where is this apartment building located?
The property is located at 9324 1st View St Norfolk, VA.
What is the asking price?
The asking price for this property is $2,325,000.
What are key features of this property?
This property features: 18‑unit multifamily property; All apartments are 1‑bedroom, 1‑bath units; Built in 1978
