Renovated Duplex with Ensuite
New
For Sale
$989,000
1103 Cypress Ave, Virginia Beach, VA 23451
Two updated residences offer open living areas, fenced outdoor space, and rental-income functionality.
Property Size2,550 SF
Price / SF$387.84
Days on Market2
Property Features for 1103 Cypress Ave
General Information
Standard status
Active
Size
2,550 SF
Property subtype
Multi-Family
Building Details
Year Built
1977
Listing Agency:
LPT Realty LLC
Listed By:
Jessica McClanahan
(877) 366-2213
Source:
Veritygroup
Added: Sep 14
Last Checked: Sep 14 at 2:26PM
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 was built in 1977 and comprehensively renovated in 2022. Each residence includes 2 bedrooms and 2.5 baths, with an ensuite bath serving each bedroom. The interiors feature open-concept kitchen, dining, and living areas, generous islands, extensive cabinetry, quartz countertops, new appliances, and new flooring. Both units also received new HVAC systems and all-new plumbing during the renovation. Together, the property provides 4 bedrooms and 5 baths.
Outdoor features include private fenced yard space and areas for outdoor living. The duplex is located at 1103 Cypress Ave in Virginia Beach, near the beach, dining, and entertainment at the Oceanfront. The two-residence configuration supports rental income, owner occupancy with an additional unit, or multigenerational living.
Outdoor features include private fenced yard space and areas for outdoor living. The duplex is located at 1103 Cypress Ave in Virginia Beach, near the beach, dining, and entertainment at the Oceanfront. The two-residence configuration supports rental income, owner occupancy with an additional unit, or multigenerational living.
Key Highlights
- 2,550‑square‑foot duplex at Virginia Beach Oceanfront
- Both residences comprehensively renovated in 2022
- Each unit offers 2 bedrooms and 2.5 baths
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
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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
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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 updated residences offer open living areas, fenced outdoor space, and rental-income functionality.
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: 2,550‑square‑foot duplex at Virginia Beach Oceanfront; Both residences comprehensively renovated in 2022; Each unit offers 2 bedrooms and 2.5 baths
