Residential
For Sale
$384,900
Pending
1482 Old Virginia Beach Road B, Virginia Beach, VA 23454
Two-unit property near military facilities, shopping, dining, entertainment, and the Virginia Beach oceanfront.
Property Size1,664 SF
Days on Market23
Property Features for 1482 Old Virginia Beach Road B
General Information
Standard status
Pending
Size
1,664 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1950
Listing Agency:
Own Real Estate LLC
(757) 354-4080
Listed By:
Davis Shepherd
Source:
Vineyardhomesva
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 30 at 9:02PM
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 Own Real Estate LLC
Investment Insights
Based on property information with market context.
This residential duplex contains 1,664 square feet and was built in 1950. The two-unit configuration supports residential occupancy and is positioned for an owner-occupant seeking to live in one unit while retaining the second.
The property is near Oceana Military Base and within a short drive of the Virginia Beach oceanfront. Hilltop Shopping Center is also nearby, offering dining, grocery stores, and entertainment. Major roads and everyday services are readily accessible from the property.
The property is near Oceana Military Base and within a short drive of the Virginia Beach oceanfront. Hilltop Shopping Center is also nearby, offering dining, grocery stores, and entertainment. Major roads and everyday services are readily accessible from the property.
Key Highlights
- Duplex configuration with 1,664 square feet
- Built in 1950
- Near Oceana Military Base
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
$22,025
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
5.72%
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%
$440,500
$440.5K
Cap Rate 7%
$314,643
$314.6K
Cap Rate 9%
$244,722
$244.7K
Market Conditions
NOI Build-Up for 1,664 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
$32.9K $19.80/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$31.5K $18.91/SF
− OpEx
−$9.4K −$5.67/SF
NOI
$22.0K $13.24/SF
Area
ZIP 23454
Vacancy
4.50%
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%
$440,500
Cap Rate 7%
$314,643
Cap Rate 9%
$244,722
Alternative Uses
Best Use
Multifamily LT 5
$314.6K
$275.3K – $367.1K
NOI $22,025 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$291.6K
$255.1K – $340.2K
NOI $20,411 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$420.9K
$368.3K – $491.1K
NOI $29,463 @ 7.0% cap · market cap 7.65%
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
1,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 23454, VA
58,665
Population
24,253
Households
2.4
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
22.5 sq mi
ZIP Area
2,607
Density / Sq Mi
$97,835
Median Household Income
$48,961
Median Earnings
$1,600
Median Rent
$401,900
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-unit property near military facilities, shopping, dining, entertainment, and the Virginia Beach oceanfront.
Where is this duplex located?
The property is located at 1482 Old Virginia Beach Road B Virginia Beach, VA.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: Duplex configuration with 1,664 square feet; Built in 1950; Near Oceana Military Base
