All-Brick Side-by-Side
New
For Sale
$349,900
1013 Mckinley Avenue, Chesapeake, VA 23324
Multi Family Residential, Side by Side, Chesapeake, VA
Property Size1,652 SF
Price / SF$211.80
Days on Market4
Property Features for 1013 Mckinley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RSFA1
Subdivision
RALEIGH HEIGHTS
Elementary school
Portlock Primary
Middle school
Oscar Smith Middle
Standard status
Active
Size
1,652 SF
Taxes and HOA fees
Tax Annual Amount
2586
Utilities
Water front features
Waterfront
Amenities
wood flooring
LVP flooring
upgraded kitchens
modern appliances
laundry hookups
Building Details
Year built
1967
Roof type
Shingle
Architectural style
Other
Listing Agency:
World Class Realty & Prop Mgmt
(757) 228-7773
Listed By:
Conner Walters
(757) 270-1623
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 19 at 7:06PM
MLS# 10653787
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 1,652-square-foot duplex at 1013 McKinley Avenue is configured as two side-by-side mirror-image units. Each residence includes two bedrooms, a hall bathroom with linen storage, ample closets, and laundry hookups. Unit A has wood flooring throughout, while Unit B features LVP flooring throughout. Both kitchens include shaker cabinetry and modern appliances, and the building has a shingle roof installed in 2022 and water heaters replaced in 2023.
The property is identified as waterfront and was built in 1967. Water and electric service are separately metered for the two units. Unit A is leased through 3/31/27, while Unit B is vacant. The property is zoned RSFA1 and is located in Chesapeake, VA 23324.
The property is identified as waterfront and was built in 1967. Water and electric service are separately metered for the two units. Unit A is leased through 3/31/27, while Unit B is vacant. The property is zoned RSFA1 and is located in Chesapeake, VA 23324.
Key Highlights
- 1,652‑square‑foot side‑by‑side duplex with two mirror‑image units
- All‑brick construction with a 2022 shingle roof
- Two bedrooms, hall bath, linen storage, and laundry hookups in each unit
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
Lease Details
2
Residential units
Yes
Utilities to site
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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Cap Rate, Value Estimation, Potential NOI and more
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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 offer updated kitchens, wood or LVP flooring, laundry hookups, and separate water and electric meters.
Where is this duplex located?
The property is located at 1013 Mckinley Avenue 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‑square‑foot side‑by‑side duplex with two mirror‑image units; All‑brick construction with a 2022 shingle roof; Two bedrooms, hall bath, linen storage, and laundry hookups in each unit
