Waterfront
New
For Sale
$600,000
826 13th Street, Virginia Beach, VA 23451
Multi Family Residential, Side by Side, Virginia Beach, VA
Property Size1,568 SF
Lot Size0.16 Acres
Price / SF$382.65
Days on Market4
Property Features for 826 13th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R5D
Subdivision
LAKEWOOD - 142
Elementary school
W.T. Cooke Elementary
Middle school
Virginia Beach Middle
Standard status
Active
Size
1,568 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
4330
Utilities
Water front features
Waterfront
Building Details
Year built
1979
Roof type
Shingle
Architectural style
Other
Listing Agency:
Long & Foster Real Estate Inc.
(757) 428-4600
Listed By:
Jeremy Caleb Johnson
Added: Aug 28
Last Checked: Aug 31 at 4:06PM
MLS# 10651276
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This waterfront duplex contains 1,568 square feet and was built in 1979. The side-by-side property includes two residences, each arranged with 2 bedrooms and 1 bathroom. Both units are currently rented, with lease end dates of 5/31/27 and 8/31/27. The building has a shingle roof and is situated on a 7,056-square-foot lot with R5D zoning.
Located at 826 13th Street in Virginia Beach, the property offers access to the Boardwalk, restaurants, outdoor recreation, and the ViBe District. Its Lakewood/N. Shadowlawn setting combines an existing duplex layout with waterfront features and proximity to area destinations.
Located at 826 13th Street in Virginia Beach, the property offers access to the Boardwalk, restaurants, outdoor recreation, and the ViBe District. Its Lakewood/N. Shadowlawn setting combines an existing duplex layout with waterfront features and proximity to area destinations.
Key Highlights
- Waterfront duplex on a 7,056‑square‑foot lot
- Two 2BR/1BA units within 1,568 square feet
- Both units currently rented with leases ending 5/31/27 and 8/31/27
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,537
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$410,740
$410.7K
Cap Rate 7%
$293,386
$293.4K
Cap Rate 9%
$228,189
$228.2K
Market Conditions
NOI Build-Up for 1,568 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$31.0K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$29.3K $18.71/SF
− OpEx
−$8.8K −$5.61/SF
NOI
$20.5K $13.10/SF
Area
Virginia Beach, VA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$410,740
Cap Rate 7%
$293,386
Cap Rate 9%
$228,189
Alternative Uses
Best Use
Multifamily LT 5
$293.4K
$256.7K – $342.3K
NOI $20,537 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$271.9K
$237.9K – $317.2K
NOI $19,033 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$402.2K
$352.0K – $469.3K
NOI $28,157 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
841
Businesses Nearby
Explore this area
Business Placement
Demographics for 23451, VA
44,879
Population
24,897
Households
1.8
Avg Household Size
41
Median Age
57%
College-Educated
97%
High-School Grad
19.8 sq mi
ZIP Area
2,267
Density / Sq Mi
$97,945
Median Household Income
$57,472
Median Earnings
$1,697
Median Rent
$591,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences offer a compact side-by-side configuration in Virginia Beach’s Lakewood/N. Shadowlawn area.
Where is this duplex located?
The property is located at 826 13th Street Virginia Beach, VA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Waterfront duplex on a 7,056‑square‑foot lot; Two 2BR/1BA units within 1,568 square feet; Both units currently rented with leases ending 5/31/27 and 8/31/27
