Tributary-Facing Duplex with
9501 15th Bay St, Norfolk, VA 23518
For Sale
$485,000
Both residences offer two bedrooms, one and a half baths, and generous living areas.
Property Size2,200 SF
Price / SF$220.45
Days on Market19
Property Features for 9501 15th Bay St
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
deck
Building Details
Building Size
Year Built
Buildings
Construction
Listing Agency:
Howard Hanna Real Estate Svcs.
(757) 428-3516
Listed By:
Debra Digges
Source:
Hoggerealestate
Added: Oct 23
Changed: Nov 8
Last Checked: Nov 9 at 5:15PM
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 Howard Hanna Real Estate Svcs.
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Investment Insights
Based on property information with market context.
Built in 1974, this piling-style duplex contains two residences, each with two bedrooms, one and a half baths, and a spacious living area. The interiors have been updated, and an expansive deck faces a tributary that flows toward Chesapeake Bay.
The beach is nearby, with local dining and entertainment options also close to the property. The parcel is zoned R-11.
The beach is nearby, with local dining and entertainment options also close to the property. The parcel is zoned R-11.
Key Highlights
- Two‑unit duplex with a piling‑style structure
- Each residence has two bedrooms and one and a half baths
- Expansive deck oriented toward a tributary leading to Chesapeake Bay
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,815
Cap Rate
5.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$576,300
$576.3K
Cap Rate 7%
$411,643
$411.6K
Cap Rate 9%
$320,167
$320.2K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$43.6K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$41.2K $18.71/SF
− OpEx
−$12.3K −$5.61/SF
NOI
$28.8K $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%
$576,300
Cap Rate 7%
$411,643
Cap Rate 9%
$320,167
Alternative Uses
Best Use
Multifamily LT 5
$411.6K
$360.2K – $480.3K
NOI $28,815 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$369.7K
$323.5K – $431.3K
NOI $25,878 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$466.7K
$408.4K – $544.5K
NOI $32,669 @ 7.0% cap · market cap 6.74%
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
330
Businesses Nearby
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Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
Median Home Value
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Market
Average Price Trend$/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 - Both residences offer two bedrooms, one and a half baths, and generous living areas.
Where is this duplex located?
The property is located at 9501 15th Bay St Norfolk, VA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Two‑unit duplex with a piling‑style structure; Each residence has two bedrooms and one and a half baths; Expansive deck oriented toward a tributary leading to Chesapeake Bay
