All-Brick Side-by-Side
New
For Sale
$349,900
1013 McKinley Ave, Chesapeake, VA 23324
Two-bedroom units feature updated kitchens, separate utility meters, and laundry hookups.
Property Size1,652 SF
Price / SF$211.80
Days on Market6
Property Features for 1013 McKinley Ave
General Information
Standard status
Active
Size
1,652 SF
Property subtype
Multi-Family
Building Details
Year Built
1967
Listing Agency:
World Class Realty & Prop Mgmt
Listed By:
Conner Walters
(757) 228-7773
Source:
Distinctlyrealestate
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 26 at 10:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of World Class Realty & Prop Mgmt
Investment Insights
Based on property information with market context.
Located at 1013 McKinley Ave in Chesapeake, this 1,652-square-foot duplex contains two side-by-side units with matching layouts. Each residence offers two bedrooms, ample closet storage, a hall bathroom with linen storage, and laundry hookups. Unit A has wood flooring, while Unit B features LVP flooring; both include upgraded kitchens with shaker cabinetry and modern appliances. There is no carpet in either unit.
The property has separate water and electric meters for each residence. A new roof was installed in 2022, and both water heaters were replaced in 2023. Unit A is leased through 3/31/27, while Unit B is vacant. Built in 1967, the property offers a combination of existing occupancy and immediate availability in a side-by-side duplex configuration.
The property has separate water and electric meters for each residence. A new roof was installed in 2022, and both water heaters were replaced in 2023. Unit A is leased through 3/31/27, while Unit B is vacant. Built in 1967, the property offers a combination of existing occupancy and immediate availability in a side-by-side duplex configuration.
Key Highlights
- 1,652 SF side‑by‑side duplex at 1013 McKinley Ave, Chesapeake, VA 23324
- Two two‑bedroom units with mirror‑image layouts
- All‑brick construction with a roof replaced in 2022
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
$18,713
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
5.35%
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%
$374,260
$374.3K
Cap Rate 7%
$267,329
$267.3K
Cap Rate 9%
$207,922
$207.9K
Market Conditions
NOI Build-Up for 1,652 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
$28.7K $17.40/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$26.7K $16.18/SF
− OpEx
−$8.0K −$4.85/SF
NOI
$18.7K $11.33/SF
Area
Chesapeake, VA
Vacancy
7.00%
Lease Rate
$17.40 /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%
$374,260
Cap Rate 7%
$267,329
Cap Rate 9%
$207,922
Alternative Uses
Best Use
Multifamily LT 5
$267.3K
$233.9K – $311.9K
NOI $18,713 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$240.3K
$210.3K – $280.4K
NOI $16,821 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$488.2K
$427.2K – $569.6K
NOI $34,177 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Explore this area
Business Placement
Demographics for 23324, VA
24,239
Population
9,834
Households
2.5
Avg Household Size
34
Median Age
21%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,618
Density / Sq Mi
$57,774
Median Household Income
$39,642
Median Earnings
$1,145
Median Rent
$242,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units feature updated kitchens, separate utility meters, and laundry hookups.
Where is this duplex located?
The property is located at 1013 McKinley Ave Chesapeake, VA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 1,652 SF side‑by‑side duplex at 1013 McKinley Ave, Chesapeake, VA 23324; Two two‑bedroom units with mirror‑image layouts; All‑brick construction with a roof replaced in 2022
