Real Estate Investing in Norfolk, Virginia (23509)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23509 (Norfolk, VA)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- Elevated vacancy: 9.2% vacancy may signal weakening demand.
What’s happening in Norfolk, VA (23509)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23509 Norfolk
Investors eyeing 23509 need to respect the fundamentals at play. Home values of $290K come alongside slower price movement and elevated management overhead.
For an experienced owner, 23509 can be a a credible choice for hunting ground — but the discount at $290K reflects genuine risk that outside investors often underestimate.
The gap between 23509 and stronger Norfolk ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Employment concentration in 23509 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The right play in 23509 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Norfolk:
Property Strategy for 23509
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $195,876 | $1,610 | 5.9% | +6.6% | $97,938 |
| 3BR | $266,907 | $2,230 | 6.0% | +6.3% | $88,969 |
| 4BR | $356,357 | $2,630 | 5.3% | +6.5% | $89,089 |
| 5BR | $504,877 | — | — | +5.6% | $100,975 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23509 Compare?
| Metric | 23509 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $289,557 | $281,864 | $403,170 |
| 5-Year CAGR | 4.7% | 4.1% | 6.4% |
| Avg Rent | $1,883 | $1,780 | - |
| Cap Rate | 5.1% | 4.3% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 23509 (Norfolk, VA). Anonymous, moderated, never written by AI.
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Property managers serving Norfolk City County
Manage rentals here? List your business →Real Property Management helps protect investments, provide professional service, minimize costs, and maximize income for property owners. summary from their website
OV Living offers 1 & 2 bedroom apartments in Norfolk, Virginia, with spacious layouts, light-filled rooms, and convenient features. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $289,557 |
| Monthly Rent | $1,883 |
| Price-to-Rent | 12.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.8% |
| Cap Rate | 5.1% |
| 5-Year IRR | 9.8% |
📈 Home Appreciation
| 1-Year | +5.5% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | +4.7% ▲ |
| 10-Year CAGR | +5.8% ▲ |
🏠 Rent Trends
| 1-Year | +3.8% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 23509
Population: 12,912
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 23509
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Camp Allen Elementary
Chesterfield Elementary
Granby Elementary
Ruffner School
James Monroe Elementary
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 5,182 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Norfolk, VA a smart market for rental property?
Yes - Norfolk, VA a 3.0/5 investability score. With $290K home prices against $1,883/mo monthly rent, the market delivers a reasonable entry point for new investors.
What is the best play in Norfolk, VA?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Norfolk, VA. The numbers - $290K homes against $1,883/mo rents - support that play.
How strong are rents in Norfolk, VA?
Expect rents around $1,883/mo per month in Norfolk, VA. With home values at $290K, the yield math works out to reasonable levels for rental investors.
What is the average home sale price in Norfolk, VA?
Norfolk, VA home values average about $290K. That price point suits investors targeting rentals with $1,883/mo in monthly income.
Are renters plentiful in Norfolk, VA?
The tenant pool in Norfolk, VA is solid, supported by local employment and population fundamentals. Rents of $1,883/mo are well-absorbed by the market.
You know 23509 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23509 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 23509 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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