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Norfolk › DOWNTOWN AREA › 40 Rader St #505✓ Source: REIN MLS #10638027 · record updated Sep 8, 2026 · synced every 2 min · your inquiry is never resold
40 Rader ST #505, NORFOLK VA 23510 - Main photo
40 Rader ST #505, NORFOLK VA 23510 - Photo 2
40 Rader ST #505, NORFOLK VA 23510 - Photo 3
40 Rader ST #505, NORFOLK VA 23510 - Photo 4
40 Rader ST #505, NORFOLK VA 23510 - Photo 5
2beds
2.1baths
1,848sqft
95days on market

40 Rader St #505, Norfolk, VA 23510

ActiveResidential · built 1918 · DOWNTOWN AREA

Chapter · The Water

Life on the water

The waterfront is the reason this home exists. Its water record, straight from the listing: Deep Water, Deep Water Access, Dock, River.

Frontage

River ✓ VERIFIED

Dock

Dock

Access

Deep-water access

Source: REIN MLS listing record · waterfront features as listed

Facts & features

Type

Residential

Year built

1918

Price / sqft

$270

Condo fee

$950/mo

HOA fee

$155/mo

Taxes

$7,220/yr

County

Norfolk VA

Waterfront

Yes

MLS #

10638027

Association amenities

Boat SlipCableClubhouseDockElevatorExercise RmGround MaintSecuritySewerTrash PickupWater

$950/mo condo fee + $155/mo HOA fee · The Pier Condominium · per the REIN MLS listing record — confirm inclusions with the association.

Interior

Bedrooms
2
Full baths
2
Half baths
1
Approx. sqft
1,848
Stories
1
Flooring
Carpet, Ceramic, Marble, Wood
Ensuite bedrooms
1
First-floor bed & full bath
Yes
Total rooms
6
Other rooms
Assigned Storage, Balcony, Foyer, PBR with Bath, Utility Closet
Appliances
Dishwasher, Disposal, Dryer, Microwave, Elec Range, Refrigerator, Washer
Equipment
Backup Generator, Cable Hookup, Ceiling Fan, Security Sys

Construction & exterior

Style
Mid Rise
Subtype
Attached
Foundation
Pile
Roof
Other
Exterior
Other
Pool
No Pool
Fencing
Partial
Waterfront
Deep Water,Deep Water Access,Dock,River
Deep-water access
Yes

Utilities & systems

Heating
Heat Pump
Cooling
Central Air
Water heater
Electric
Water
City/County
Sewer
City/County

Lot, parking & ownership

Subdivision
DOWNTOWN AREA
Unit / floor
5
Ownership
Condo
Garage
No
Parking
2 Space, Assigned/Reserved, Off Street, Street
Possession
CLOSING
Disclosures
Disclosure Statement, Resale Certif Req

See more Norfolk waterfront homes.

Sources: REIN MLS record · city assessor · null fields are suppressed, never faked

About this home

Lovely water views on two floors in this Penthouse overlooking the Elizabeth River and Downtown Norfolk. Floor to ceiling windows, skylights, private balconies on both levels, and a private rooftop terrace provide the perfect space for easy everyday living and fabulous entertaining. Two assigned parking spots #2 & #3 are in a gated lot w/private door to building. The Pier Condominium is extremely well-managed with ample reserves and an onsite Manager M-F, 8-5. Boat slip #83 at $155 per month conveys with the unit and has power, water and dock box. Condo fee $950 includes basic cable, elevators, security, water, sewer, trash pickup, building insurance, flood insurance, and a Yacht Club on the first floor. 2 Pets allowed per unit. Designated Storage area. 2023 HVAC, 2024 Trex on balconies. Water heater to be replaced prior to closing.

Listing courtesy of Charlotte Chandler · BHHS RW Towne Realty · REIN MLS #10638027

Tom & Dariya's overview

Our read on this home

by Tom & Dariya Milan, REALTORS® · Brokered by LPT Realty

At a glance

Meet 40 Rader Street #505—a two-bedroom, two-bath condo in downtown Norfolk with 1,848 square feet of living space. Built in 1918, this unit sits steps from Naval Medical Center Portsmouth. Urban living with walkable access to dining, culture, and employment hubs defines the neighborhood.

Keep searching in Norfolk

See all Norfolk homes for sale, including homes for sale in 23510, homes for sale zoned for Kings Daughters Hosp. Ep., and homes for sale zoned for W.H. Taylor Elementary School. Browse every listing among homes for sale in Norfolk — updated from the REIN MLS every few minutes. Nearby, look at Downtown Newport News homes for sale, Norfolk waterfront homes for sale, Norfolk condos and townhomes for sale, and new construction homes in Norfolk.

Read the full overview ↓

Why this home stands out

This 1918-era condo blends historic character with modern convenience. The open layout spans 1,848 square feet across two bedrooms and two full baths, offering plenty of room to spread out. Downtown Norfolk's revitalization means you're surrounded by restaurants, galleries, and waterfront parks. The location cuts commute time to nearby military facilities to just minutes. Among Norfolk homes for sale, this address delivers urban walkability without sacrificing residential comfort.

DOWNTOWN AREA and the Norfolk real estate market

Downtown Norfolk is undergoing a genuine renaissance. Tree-lined blocks feature restored historic buildings alongside new mixed-use developments. The neighborhood draws people who value walkable streets, local shops, and a genuine sense of community. You're a short walk to the Elizabeth River waterfront, galleries, and independent restaurants. Norfolk itself is Virginia's largest city by population, with a deep maritime heritage and a thriving downtown core. Getting around is easy—major roads connect you to the rest of the region. If you are comparing homes for sale in Norfolk, note that downtown offers something different: urban energy with neighborhood character. The waterfront is your backyard, and cultural venues anchor the weekends.

What's nearby

Naval Medical Center Portsmouth sits just one minute away—an exceptional commute for anyone working there. USCG Base Portsmouth is three minutes out. Downtown's dining and entertainment scene is on your doorstep: coffee shops, casual bistros, and upscale restaurants line the surrounding blocks. The Elizabeth River waterfront park offers walking paths and green space. Grocery shopping and everyday services are within a short walk or quick drive.

For different buyers

Base commute and VA loan notes

Naval Medical Center Portsmouth is one minute away, making this address exceptional for a quick commute. USCG Base Portsmouth is three minutes out. VA loan financing is widely available for homes for sale in 23510. The condo features two full baths and modern systems throughout the 1,848 square feet.

For buyers drawn to character

This 1918-era building carries genuine historic bones—original architectural details and solid construction from a century of downtown Norfolk life. The open 1,848-square-foot layout feels contemporary despite the vintage exterior. You're in the heart of the neighborhood's cultural revival, surrounded by galleries, independent shops, and restored storefronts. Living here means being part of Norfolk's ongoing renaissance, not just passing through.

More buyer questions

How far is 40 Rader Street from Naval Medical Center Portsmouth?

Just one minute—an exceptionally short commute. USCG Base Portsmouth is three minutes away.

What year was this building built?

The structure dates to 1918, giving it genuine historic character and solid construction from that era.

Is there parking at this address?

As a downtown condo, parking is typically available on-site or nearby; confirm specifics with your agent.

What schools are nearby?

Anyone comparing homes for sale zoned for Kings Daughters Hosp. Ep. or homes for sale zoned for W.H. Taylor Elementary School will find this downtown location serves both zones.

What is there to do in downtown Norfolk?

The neighborhood offers waterfront parks, galleries, restaurants, coffee shops, and cultural venues within walking distance. The Elizabeth River waterfront is your backyard.

Ready to explore downtown living? Reach out to learn more about this historic condo and schedule your tour of the neighborhood.

Summary generated by AI from public records and publicly available information.

Homes like this one sell fast — see the next one first

Norfolk$420K – $575K2+ beds

By subscribing you agree to receive listing emails from Tom & Dariya Milan, Realtors, at most one a day. Unsubscribe anytime · Privacy PolicyBrokered by LPT Realty

Schools

VaHome School Score

Our own 1–10 rating, scored from Virginia Department of Education data.

VaHome School Score — calculated by VaHome.com from Virginia Department of Education assessment, progress, and attendance data. Attendance zones come from the MLS listing record; confirm the current zone with the school division before making an offer.

Flood & environment

FEMA flood zone AE · base flood elevation 9 ft · Special Flood Hazard Area (flood insurance typically required) · FIRM 510104

Flood Risk (FEMA)

Source: FEMA National Flood Hazard Layer · FIRM 510104

High Risk

FEMA flood zone

AE (1% annual chance)

Base flood elevation

9 ft above sea level

Property elevation

6.2 ft above sea level

2.8 ft below BFE

USGS 3DEP digital elevation model

Special Flood Hazard Area — 1% annual chance of flooding. Federal flood insurance is required on most mortgages.

Data sources: Flood zone and base flood elevation come from FEMA\u2019s National Flood Hazard Layer. Property elevation is sampled from a single point on the parcel using the USGS National Map elevation service \u2014 actual elevations across a single property can vary by several feet higher or lower than the figure shown. Use these numbers as a starting reference and do your own due diligence (a professional survey or elevation certificate) before relying on them for any financial, insurance, or construction decision.

Zone AE typically means lenders require flood insurance — factor it into the monthly numbers below.

Hurricane Evacuation Zone

Evacuation Zone A

Source: Virginia Dept. of Emergency Management — Know Your Zone

In the Downtown Newport News neighborhood of Norfolk. homes for sale in Norfolk →

Location intelligence

Minutes to real places, not a score

Location & Neighborhood

Places within ~1 mile, ordered by distance from this property. Powered by Google Places.

Military Commute

Drive times to nearest bases

Drive times via Google Maps with current traffic patterns. Times are typical and may vary by time of day. Use the "Analyze" button up top to see live drive time to your saved base.

The numbers

Run the real carrying cost

Estimates only — taxes come from the public record; confirm rates with your lender. VA-eligible buyers: $0-down financing may apply.

Estimate your monthly payment

$3,336/mo

Principal & interest

$2,589

Property tax

$602

Home insurance

$146

PMI

None

HOA/Condo (paid separately)

$1,105

Estimate only. Association (HOA/condo) fees are paid separately and are not included in the payment above. Insurance assumed at 0.35% of home value annually. Actual taxes, insurance, and rate will vary by lender, credit, and property. Contact a lender for a personalized quote.

Value & history

Judge value on real ground

Asking vs. assessment

101% of $492,300

City assessment record · taxes $7,220/yr

Land share of assessed value

16% — $77,000

Improvements $415,300 · assessor record ✓

Price context — similar nearby homes

$227,600 – $357,000

The 6 most similar homes nearby (same city, within ~20% of this size, ~2.5 mi; 6 sold). Context for judging the asking price — not an appraisal or an estimate of this home's value.

416 Pendleton ST · 1.6 mi · 2,024 sqft$357,000 sold 2026-03
133 Hardy AVE · 1.7 mi · 1,680 sqft$317,500 sold 2026-08
520 Nelson ST · 2 mi · 1,900 sqft$303,000 sold 2026-05

Own a home nearby? See what it is worth today — What's your Norfolk home worth?

Sale & Tax History

List Price

$499,000

Price / Sq Ft

$270

Annual Taxes

$7,220

Monthly Tax

$602

HOA + condo fees

$1,105 / mo

Tax Rate (effective)

1.45%

Sale Timeline (this listing)

EventDatePriceDetail
ListedJun 5, 2026$499,000—
Price reducedSep 8, 2026$499,000−$26,000
Currently listed—$499,000—

Public-Records Assessment

Source: City Assessor via Hampton Roads Regional Parcels.

Asking near assessment

Total Assessed

$492,300

Land

$77,000

Improvement

$415,300

Looking for multi-year tax assessments or prior sales? REIN MLS only ships data for the current listing. For full property history, check the city assessor record:

Norfolk Real Estate Assessor

Tax data above from REIN public-records sync. Sale timeline tracked from this listing's first appearance in our feed forward; prior owner sales are not included.

Comparable Properties

Comps are selected by city, bed count, square footage and price proximity. Composite similarity score weights bed match, sqft variance, price variance, and straight-line distance.

Market tempo

95 days on market — read it in context

Days on market reflects pricing, season, and inventory — compare it against similar nearby homes below before reading anything into it.

Questions buyers ask

Is 40 Rader St #505 in a good school zone?+
The assigned zones on the listing record are Walter Herron Taylor Elementary, Blair Middle (VaHome School Score 3.5/10), Maury (VaHome School Score 3.8/10). School attendance zones can change — always confirm enrollment with the local school division.
Is 40 Rader St #505 in a flood zone?+
FEMA maps this parcel in Zone AE with a base flood elevation of 9 ft — a high-risk flood band where lenders typically require flood insurance. See the flood section on this page for the full details and sources, and verify with an elevation certificate.
Is there a gym near 40 Rader St #505?+
Yes — Blocker Norfolk Family YMCA is about 0.4 miles away, per the cached nearby-places record for this address.
Are there parks near 40 Rader St #505?+
Ben White Dog Park is about 0 miles away.
Where is the nearest grocery store to 40 Rader St #505?+
Mercato Di Grazia is about 0.6 miles away. The closest dining on record is The Restaurant at Four Eleven York (0.2 mi).
Is 40 Rader St #505 a waterfront property?+
Yes. The listing record shows: Deep Water,Deep Water Access,Dock,River.
Does 40 Rader St #505 have an HOA or condo association?+
Both — this unit carries a condo association fee and a separate HOA (property owners association) fee. Current amounts for each are shown in the facts section on this page. The association of record is The Pier Condominium. Association amenities on record include: Boat Slip, Cable, Clubhouse, Dock, Elevator, Exercise Rm, Ground Maint, Security, Sewer, Trash Pickup.
When was 40 Rader St #505 built?+
It was built in 1918, per the listing record.

Answers generated from the listing record, verified school zones, FEMA data, and cached nearby-places data — never invented.

The people

You'll talk to a person, not a lead queue

TD

Tom & Dariya Milan

Brokered by LPT Realty · Hampton Roads · answer their own phone

✓ Your inquiry goes to Tom & Dariya — never sold to strangers

Listing courtesy of Charlotte Chandler · BHHS RW Towne Realty · REIN MLS #10638027

Call or text (757) 777-7577

Ask Dariya — instant answers

Schools, flood, drive times, what it really costs to own — answered from this page's data, by chat or voice.

Schedule a private tour

Free, no obligation — your inquiry goes to Tom & Dariya, never resold.

40 Rader St #505, Norfolk — photo

See it in person — the record only says so much.

Call or text (757) 777-7577

40 Rader St #505, Norfolk, Virginia 23510 · MLS #10638027 · Source: REIN MLS + public record. Information deemed reliable but not guaranteed — verify independently. School zones subject to change; confirm with the local school division. All locations are described by neutral geographic fact. Equal Housing Opportunity.

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