Side-by-side comparison of Norfolk, VA and Richmond, VA — cap rates, rent, prices, and investment metrics.
Cash flow: Norfolk has the edge with an estimated cap rate of 3.85% compared to Richmond's 3.66%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $275,000 in Norfolk vs $320,000 in Richmond, while rents come in at $1,380/mo and $1,480/mo respectively.
Growth & appreciation: Richmond is growing faster at 1.1% annually vs Norfolk's 0.3%. Richmond leads on home value appreciation at 3.4% per year.
Costs & risk: Property taxes are 1.05% in Norfolk vs 0.82% in Richmond. Vacancy rates of 5.4% and 4.9% are both healthy, suggesting strong tenant demand in both markets.
Bottom line: Richmond edges out Norfolk on most key metrics. While cap rates are moderate at 3.66%, Richmond's overall profile is stronger. Use our free calculators to model specific deals in Norfolk or Richmond.