Norfolk Multifamily Investment
For Sale
$2,556,000
9631 Salem St, Norfolk, VA 23503
Eighteen-unit multifamily property in Norfolk, Virginia, on 2.83 acres.
Property Size10,800 SF
Lot Size2.83 Acres
Days on Market151
Property Features for 9631 Salem St
General Information
Standard status
Active
Size
10,800 SF
Lot size
2.83 Acres
Property subtype
Multifamily
Amenities
Assumable Agency Debt
Walking Distance to the Beach: Less Than 0.5 Miles from Willoughby Beach
Fully Renovated Units: Interior Units Have Brand New Kitchens, New Flooring Throughout, Fresh Paint & On-Site Washer & Dryer
Building Details
Building Size
10,800 SF
Units
18
Listing Agency:
Hampton Roads Office
Listed By:
Altay Uzun · License #License(s): VA: 0225214405
(202) 536-3719
Source:
Marcusmillichap
Added: Apr 8
Changed: Sep 3
Last Checked: Sep 5 at 4:07AM
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 Hampton Roads Office
Investment Insights
Based on property information with market context.
The Salem Street Portfolio, located at 9631 & 9635 Salem Street and 963 W Ocean View Avenue in Norfolk, VA, is comprised of eighteen units. Constructed in 1955, the property is situated on 2.83 acres. The portfolio consists entirely of one-bedroom, one-bathroom units.
Key Highlights
- Portfolio of 18 units
- Located in Norfolk, VA
- Consists of one‑bedroom, one‑bathroom units
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
$127,038
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
4.97%
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%
$2,540,760
$2.5M
Cap Rate 7%
$1,814,829
$1.8M
Cap Rate 9%
$1,411,533
$1.4M
Market Conditions
NOI Build-Up for 10,800 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
$243.6K $22.56/SF
− Vacancy
−$12.7K −$1.17/SF
EGI
$231.0K $21.39/SF
− OpEx
−$103.9K −$9.62/SF
NOI
$127.0K $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%
$2,540,760
Cap Rate 7%
$1,814,829
Cap Rate 9%
$1,411,533
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.59M – $2.12M
NOI $127,038 @ 7.0% cap · market cap 4.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,374 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
87
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eighteen-unit multifamily property in Norfolk, Virginia, on 2.83 acres.
Where is this apartment building located?
The property is located at 9631 Salem St Norfolk, VA.
What is the asking price?
The asking price for this property is $2,556,000.
What are key features of this property?
This property features: Portfolio of 18 units; Located in Norfolk, VA; Consists of one‑bedroom, one‑bathroom units
