Renovated Two-Unit
For Sale
$989,000
1103 Cypress Ave, Virginia Beach, VA 23451
Two updated residences feature private ensuite baths, open living areas, and fenced outdoor space.
Property Size2,550 SF
Price / SF$387.84
Days on Market11
Property Features for 1103 Cypress Ave
General Information
Standard status
Active
Size
2,550 SF
Property subtype
Duplex
Building Details
Year Built
1977
Listing Agency:
LPT Realty LLC
(757) 478-4881
Listed By:
Jessica McClanahan
Source:
Homesinvabeach
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 25 at 6:49AM
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 LPT Realty LLC
Investment Insights
Based on property information with market context.
This 2,550-square-foot duplex contains two separately configured residences, each with two bedrooms and two-and-a-half baths. Comprehensive improvements completed in 2022 include HVAC systems, plumbing, flooring, kitchen cabinetry, quartz countertops, and kitchen appliances. The interiors were reworked around open kitchen, dining, and living areas, with generously sized islands and dedicated ensuite baths for both bedrooms in each residence.
Built in 1977, the property also provides fenced outdoor areas for each side. Its Virginia Beach Oceanfront setting is near the beach, dining, and entertainment, adding established coastal-area context to the residential income property.
Built in 1977, the property also provides fenced outdoor areas for each side. Its Virginia Beach Oceanfront setting is near the beach, dining, and entertainment, adding established coastal-area context to the residential income property.
Key Highlights
- Two residences, each with 2 bedrooms and 2.5 baths
- 4 bedrooms and 5 baths across 2,550 SF
- Comprehensive renovations completed 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
$33,399
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
3.38%
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%
$667,980
$668.0K
Cap Rate 7%
$477,129
$477.1K
Cap Rate 9%
$371,100
$371.1K
Market Conditions
NOI Build-Up for 2,550 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
$50.5K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$47.7K $18.71/SF
− OpEx
−$14.3K −$5.61/SF
NOI
$33.4K $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%
$667,980
Cap Rate 7%
$477,129
Cap Rate 9%
$371,100
Alternative Uses
Best Use
Multifamily LT 5
$477.1K
$417.5K – $556.7K
NOI $33,399 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$442.2K
$386.9K – $515.9K
NOI $30,952 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$654.2K
$572.4K – $763.2K
NOI $45,791 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,002
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residences feature private ensuite baths, open living areas, and fenced outdoor space.
Where is this duplex located?
The property is located at 1103 Cypress Ave Virginia Beach, VA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 2.5 baths; 4 bedrooms and 5 baths across 2,550 SF; Comprehensive renovations completed in 2022
