2-Unit Brick
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 Market7
Property Features for 1013 Mckinley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RSFA1
Subdivision
RALEIGH HEIGHTS
Lot features
Wooded
Elementary school
Portlock Primary
Middle school
Oscar Smith Middle
Standard status
Active
Size
1,652 SF
Taxes and HOA fees
Tax Annual Amount
2586
Amenities
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: Oct 20
Changed: Oct 23
Last Checked: Oct 26 at 2:06PM
MLS# 10658545
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.
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Investment Insights
Based on property information with market context.
This 1,652-square-foot duplex contains two matching residences, each with two bedrooms, a hall bathroom, closet storage, and laundry hookups. The brick building was constructed in 1967 and has shingle roofing. Unit A features wood flooring, while Unit B has LVP flooring; neither unit has carpet. Both kitchens include shaker cabinetry and modern appliances.
Water and electric service are separately metered for each residence. The roof was replaced in 2022, and the water heaters date to 2023. Unit A is occupied under a lease through 3/31/27, while Unit B is vacant. The property is zoned RSFA1 in Chesapeake, Virginia.
Water and electric service are separately metered for each residence. The roof was replaced in 2022, and the water heaters date to 2023. Unit A is occupied under a lease through 3/31/27, while Unit B is vacant. The property is zoned RSFA1 in Chesapeake, Virginia.
Key Highlights
- Two‑unit, side‑by‑side duplex with 1,652 square feet
- Brick construction; built in 1967 with shingle roofing
- Each residence has two bedrooms, a hall bath, closet storage, and laundry hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,713
Cap Rate
5.35%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Duplex - Separate water and electric meters serve the two residences.
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: Two‑unit, side‑by‑side duplex with 1,652 square feet; Brick construction; built in 1967 with shingle roofing; Each residence has two bedrooms, a hall bath, closet storage, and laundry hookups
