Renovated Duplex with Ensuite
New
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 Market4
Property Features for 1103 Cypress Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R5D
Subdivision
BEACH BOROUGH
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
Utilities
Water front features
Waterfront
Building Details
Year built
1977
Roof type
Shingle
Architectural style
Other
Listing Agency:
LPT Realty LLC
(877) 366-2213
Listed By:
Jessica Mcclanahan
(877) 366-2213
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 24 at 11:06AM
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 waterfront duplex contains two separately configured residences, each with two bedrooms and two and one-half baths. Both units were renovated in 2022 with new HVAC systems, plumbing, flooring, cabinetry, quartz countertops, and kitchen appliances. The layouts feature open kitchen, dining, and living areas, generous islands, and upstairs full baths that provide ensuite access for both bedrooms on each side. Fenced outdoor space extends the usable area for each residence.
Built in 1977 and located in Virginia Beach’s Oceanfront area, the property is near the beach, dining, and entertainment. The two-unit configuration supports separate occupancy, rental income, or combined multigenerational use, subject to applicable requirements. The property is zoned R5D and includes a shingle roof.
Built in 1977 and located in Virginia Beach’s Oceanfront area, the property is near the beach, dining, and entertainment. The two-unit configuration supports separate occupancy, rental income, or combined multigenerational use, subject to applicable requirements. The property is zoned R5D and includes a shingle roof.
Key Highlights
- Two residences totaling 4 bedrooms and 5 baths
- 2,550 square feet across the duplex
- 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
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
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 - Waterfront duplex with updated interiors, private outdoor areas, and flexible residential income potential.
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: Two residences totaling 4 bedrooms and 5 baths; 2,550 square feet across the duplex; Comprehensive renovations completed in 2022
