864 W 34th St · Norfolk, VA 23508

$850,000

64 bd · 32.0 ba · 5,120 sqft · MultiFamily public records · 26 Days on market

Built 1970

---

Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Prime Investment Opportunity. 8-Unit Brick Apartment Building Near Ghent, ODU and the new The Railyard. Don’t miss this exceptional opportunity to own a well-located, income-producing 8-unit apartment building in the heart of Norfolk. Situated on a large corner lot at 864 W 34th Street, this solid brick property offers both stability and long-term upside potential. Each of the eight spacious units features 2 bedrooms, making them highly desirable for tenants seeking comfortable living with room to grow. The building’s classic brick construction provides durability, low maintenance, and timeless curb appeal.

Key facts

• Built 1970
• Listed 26 days

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.5-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $453/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $850k).
• Recommended offer: $837k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 4.0% in Norfolk — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#43 in VA, #1,026 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F.
• Norfolk City Public School District (urban): math 27% / reading 56% proficiency, ranked #118 of 131 in VA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: James Monroe Elementary (math 8% / reading 22%, grade F, #1,098 of 1,108 statewide, top 100%, 270 students, 100% FRL); Matthew Fontaine Maury High (math 46% / reading 90%, grade B, #180 of 319 statewide, top 57%, 1,697 students, 96% FRL) — zoned schools average 98% FRL vs 59% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 104 active listings in the ZIP; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $11,615/mo this rent would consume 186% of the median local household income ($75k/yr) (locally 861% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $238k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($837k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $837,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.37% ✓
• Cap rate: 11.41%
• Cash-on-cash: 18.29%
• DSCR: 1.81
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.54×
• Total profit: $129,167
• Equity at exit: $126,738

10-year hold

• IRR: 24.2%
• Equity multiple: 3.38×
• Total profit: $566,365
• Equity at exit: $73,492

Cash invested: $238,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 23508

• Rents YoY: 6.0%
• Active inventory: 104
• Price-to-rent: 48.8×

Monthly cashflow live

• Estimated rent: $11,615 high
• Mortgage (P&I): −$4,457
• Tax from tax record: −$736 /mo · $8,835/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,439
• Net cashflow: $3,628

Break-even live

Break-even rent $7,023

Max offer price $850,000

Occupancy floor 64%

Sensitivity live

Price	-10% $4,109	-5% $3,869	+0% $3,628	+5% $3,387	+10% $3,147
Rent	-10% $2,710	-5% $3,169	+0% $3,628	+5% $4,087	+10% $4,546
Rate	-1.0pp $4,056	-0.5pp $3,844	base $3,628	+0.5pp $3,408	+1.0pp $3,184

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	2	1.5	$11,616
Total (8 units)			$11,615

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-28
   status Under Contract
2. 2026-04-20
   status Active
3. 2026-04-13
   status Under Contract
4. 2026-03-26
   listed $850,000 Active
5. 2024-04-18
   historical $1,049
6. 2024-04-10
   listed $1,049
7. 2024-04-10
   historical $1,049
8. 2024-04-06
   price $1,049
9. 2024-03-20
   listed $1,099

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $8,835 · $736/mo
• Projected year-2 tax: $8,835 · $736/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $139,380
• − Mortgage interest: −$47,613
• − Property taxes: −$8,835
• − Insurance: −$4,250
• − Repairs & maintenance: −$11,150
• − Management: −$11,150
• − Depreciation: −$24,727
• Taxable income: $31,654
• Est. tax owed @ 24.0%: −$7,597
• After-tax cash flow: $35,938/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Norfolk City Public School District
• NCES district ID: 5102670
• Math proficiency: 27% ▼ -44.00%
• Reading proficiency: 56% ▼ -10.00%
• Median HH income: $44,358
• Composite: 35.08/100
• National rank: #5026
• State rank: #118 of 131 in VA

Livability — Norfolk

• Score: 83/100
• State rank: #43
• US rank: #1026

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime F Employment C- Housing A Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norfolk, VA
• County: Norfolk City · 214,042 people
• City population: 214,042
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 19,432
• Household income: $74,885
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 861.0

Population outlook (Norfolk County) Hauer SSP2

• Today (2025): 249,032 people
• By 2030: 252,347 · +1.3%
• By 2040: 253,644 · +1.9%
• By 2050: 251,913 · +1.2%
• By 2075: 245,281 · -1.5%
• By 2100: 219,548 · -11.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Black 33% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 3% French/Haitian/Cajun 1%

Political lean MEDSL · Norfolk

• 2024 margin: Solid D (+41.5) · D 70.0% · R 28.5% · Other 1.6%
• 2008→2024 swing: -1.4pp toward R · 2008: 43.0pp · 2024: 41.5pp
• All cycles: 2024: D+41.5 2020: D+45.6 2016: D+42.0 2012: D+44.0 2008: D+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -401.24%
• Current HPI: 312.9923
• Rent YoY: ▲ 5.98%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

+77243.0% since first listed

9 events — show timeline

• 2026-04-28 Pending — REINMLS
• 2026-04-20 Relisted — REINMLS
• 2026-04-13 Pending — REINMLS
• 2026-03-26 Listed $850,000 REINMLS
• 2024-04-18 Rental Removed $1,049 APPFOLIO
• 2024-04-10 Listed for Rent $1,049 APPFOLIO
• 2024-04-10 Rental Removed $1,049 APPFOLIO
• 2024-04-06 Price Changed $1,049 APPFOLIO
• 2024-03-20 Listed for Rent $1,099 APPFOLIO

Property tax history

+8.0%/yr

Latest (2025): $8,835 · +3.8% YoY. Source: county tax records.