Renovated Duplex with Bonus
For Sale
$385,000
Pending
9531 Atlans St, Norfolk, VA 23503
Two-unit residential property with updated finishes and distinct layouts across the lower and upper residences.
Property Size1,900 SF
Days on Market52
Property Features for 9531 Atlans St
General Information
Standard status
Pending
Size
1,900 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Oceanview
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1989
Listing Agency:
Hornsby Real Estate Co
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Sep 5
Changed: Oct 25
Last Checked: Oct 24 at 5:30PM
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 Hornsby Real Estate Co
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Investment Insights
Based on property information with market context.
This duplex was built in 1989 and includes approximately 1,900 square feet of property size. The lower residence offers three bedrooms and two baths, while the upper residence provides two bedrooms, one bath, and an additional bonus room. The property supports separate living arrangements within a two-level configuration.
Prior renovations included a new roof, replacement windows, stainless steel appliances, cabinets, vanities, granite countertops, vinyl plank flooring, fresh paint, and tiled shower and tub surrounds. The property is located at 9531 Atlans St in Norfolk, Virginia.
Prior renovations included a new roof, replacement windows, stainless steel appliances, cabinets, vanities, granite countertops, vinyl plank flooring, fresh paint, and tiled shower and tub surrounds. The property is located at 9531 Atlans St in Norfolk, Virginia.
Key Highlights
- Two‑unit duplex with 3‑bedroom, 2‑bath lower residence
- Upper unit includes 2 bedrooms, 1 bath, and an additional bonus room
- Property size: 1900
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,886
Cap Rate
6.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$497,720
$497.7K
Cap Rate 7%
$355,514
$355.5K
Cap Rate 9%
$276,511
$276.5K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$37.6K $19.80/SF
− Vacancy
−$2.1K −$1.09/SF
EGI
$35.6K $18.71/SF
− OpEx
−$10.7K −$5.61/SF
NOI
$24.9K $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%
$497,720
Cap Rate 7%
$355,514
Cap Rate 9%
$276,511
Alternative Uses
Best Use
Multifamily LT 5
$355.5K
$311.1K – $414.8K
NOI $24,886 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$319.3K
$279.4K – $372.5K
NOI $22,349 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$403.1K
$352.7K – $470.2K
NOI $28,214 @ 7.0% cap · market cap 7.33%
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
220
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with updated finishes and distinct layouts across the lower and upper residences.
Where is this duplex located?
The property is located at 9531 Atlans St Norfolk, VA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two‑unit duplex with 3‑bedroom, 2‑bath lower residence; Upper unit includes 2 bedrooms, 1 bath, and an additional bonus room; Property size: 1900
