Real Estate Investing in Norfolk, Virginia (23505)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23505 (Norfolk, VA)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 9.0% vacancy may signal weakening demand.
What’s happening in Norfolk, VA (23505)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23505 Norfolk
This part of Norfolk City is not an easy win. The 23505 ZIP comes in at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $332K asset, 23505 is the wrong submarket. If the plan prices in friction, the yield can still work.
Statewide comparisons place 23505 among VA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The 23505 ZIP's population of 28,983 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that clocks in at the need for careful underwriting.
The right play in 23505 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 23505
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $205,146 | $1,650 | 5.8% | +7.0% | $102,573 |
| 3BR | $298,039 | $2,290 | 5.5% | +6.0% | $99,346 |
| 4BR | $395,892 | $2,690 | 4.9% | +6.0% | $98,973 |
| 5BR | $611,998 | — | — | +5.7% | $122,400 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23505 Compare?
| Metric | 23505 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $331,625 | $281,864 | $403,170 |
| 5-Year CAGR | 4.4% | 4.1% | 6.4% |
| Avg Rent | $1,582 | $1,780 | - |
| Cap Rate | 3.7% | 4.3% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 23505 (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 | $331,625 |
| Monthly Rent | $1,582 |
| Price-to-Rent | 17.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.7% |
| Cap Rate | 3.7% |
| 5-Year IRR | 8.1% |
📈 Home Appreciation
| 1-Year | +4.9% ▲ |
| 3-Year CAGR | +3.5% ▲ |
| 5-Year CAGR | +4.4% ▲ |
| 10-Year CAGR | +5.1% ▲ |
🏠 Rent Trends
| 1-Year | +9.5% ▲ |
| 3-Year CAGR | +8.3% ▲ |
| 5-Year CAGR | +7.6% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.7%). 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 23505
Population: 28,983
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 23505
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Willard Elementary
James Monroe Elementary
Academy for Discovery at Lakewood
Bay View Elementary
Mary Calcott 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
What type of investing works in Norfolk, VA?
A careful cash-flow rentals with hands-on management strategy Norfolk, VA best. The market produces measured results for that approach at the $332K price point.
What is the typical home price in Norfolk, VA?
In Norfolk, VA the median home value sits at $332K. Against the broader VA market, that reads as reasonable for most investors.
Where do rents currently stand in Norfolk, VA?
Investors in Norfolk, VA typically see rents near $1,582/mo per month against $332K home values - a solid setup for rental cash flow.
What are vacancy rates like in Norfolk, VA?
Norfolk, VA sees elevated vacancy, which is reasonable relative to the broader VA rental market.
Is rental property easy to operate in Norfolk, VA?
Landlord-friendliness in Norfolk, VA is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
You know 23505 now. You don’t know where it ranks.
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How 23505 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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