Renovated
For Sale
$989,000
1103 Cypress Avenue, Virginia Beach, VA 23451
Multi Family Residential, Side by Side, Virginia Beach, VA
Property Size2,550 SF
Price / SF$387.84
Days on Market51
Property Features for 1103 Cypress Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R5D
Subdivision
LAKEWOOD - 142
Lot features
Corner, Patio
Elementary school
W.T. Cooke Elementary
Middle school
Virginia Beach Middle
Standard status
Active
Size
2,550 SF
Taxes and HOA fees
Tax Annual Amount
5273
Building Details
Year built
1977
Roof type
Shingle
Architectural style
Other
Listing Agency:
LPT Realty LLC
Listed By:
Jessica Mcclanahan
(877) 366-2213
Added: Aug 21
Changed: Oct 2
Last Checked: Oct 10 at 9:06AM
MLS# 10650402
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 2,550-square-foot duplex contains two residences, each with 2 bedrooms and 2.5 baths. Renovations completed in 2022 included HVAC systems, plumbing, flooring, kitchen cabinets, quartz countertops and appliances. The redesigned interiors have open kitchen, dining and living areas, with an upstairs full bath giving each bedroom its own ensuite. Kitchen islands and fenced yard areas provide additional features for each side of the property.
Located in the Virginia Beach Oceanfront area, the property is near the beach, dining and entertainment. It was built in 1977 and is zoned R5D.
Located in the Virginia Beach Oceanfront area, the property is near the beach, dining and entertainment. It was built in 1977 and is zoned R5D.
Key Highlights
- 2,550‑square‑foot duplex with two residences
- Each residence has 2 bedrooms and 2.5 baths; 4 bedrooms and 5 baths total
- Both sides renovated in 2022, including HVAC, plumbing, flooring and kitchen improvements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,399
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
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
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 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
Lease Details
2
Residential units
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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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 separate residences feature updated interiors and fenced outdoor space in Virginia Beach.
Where is this duplex located?
The property is located at 1103 Cypress Avenue 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 with two residences; Each residence has 2 bedrooms and 2.5 baths; 4 bedrooms and 5 baths total; Both sides renovated in 2022, including HVAC, plumbing, flooring and kitchen improvements
