Multifamily Apartment
For Sale
Contact for pricing
9631 SALEM ST, Norfolk, VA 23503
Eighteen one-bedroom, one-bath units in a 1955-built multifamily portfolio on 2.83 acres.
Property Size10,800 SF
Lot Size2.83 Acres
Price / SF$250
Days on Market88
Property Features for 9631 SALEM ST
General Information
Standard status
Active
Size
10,800 SF
Lot size
2.83 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
18
Building Details
Year Built
1970
Listing Agency:
Marcus & Millichap - Hampton Roads
Listed By:
Altay Uzun · License #VA 0225214405
Source:
Crexi
Added: May 5
Changed: Jul 23
Last Checked: Jul 30 at 12:48PM
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.
Marcus & Millichap presents the Salem Street Portfolio for sale, located at 9631 & 9635 Salem Street and 963 W Ocean View Avenue in Norfolk, VA. The property consists of eighteen apartment units.
All units are configured as one-bedroom, one-bath layouts. The portfolio was built in 1955 and is situated on 2.83 acres.
This residential income offering provides a single-unit mix across the entire property, supporting consistent underwriting and operations for investors seeking a streamlined apartment portfolio.
All units are configured as one-bedroom, one-bath layouts. The portfolio was built in 1955 and is situated on 2.83 acres.
This residential income offering provides a single-unit mix across the entire property, supporting consistent underwriting and operations for investors seeking a streamlined apartment portfolio.
Key Highlights
- 18‑unit multifamily portfolio at 9631 & 9635 Salem Street and 963 W Ocean View Avenue in Norfolk, VA
- All units are 1‑bedroom, 1‑bath layouts
- Built in 1955
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $243.6k | $22.56 |
| − Vacancy | −$12.7k | −$1.17 |
| EGI | $231.0k | $21.39 |
| − OpEx | −$103.9k | −$9.62 |
| NOI | $127.0k | $11.76 |
10,800 SF · lease $22.56/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.59M – $2.12M
NOI $127,038 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,374 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
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 one-bedroom, one-bath units in a 1955-built multifamily portfolio 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 $2,700,000.
What are key features of this property?
This property features: 18‑unit multifamily portfolio at 9631 & 9635 Salem Street and 963 W Ocean View Avenue in Norfolk, VA; All units are 1‑bedroom, 1‑bath layouts; Built in 1955
