Remodeled Duplex with Rental
For Sale
$599,900
1512 Mediterranean Ave, Virginia Beach, VA 23451
Updated kitchens, bathrooms, and flooring support owner occupancy or short- and long-term rental use.
Property Size1,922 SF
Price / SF$312.12
Days on Market49
Property Features for 1512 Mediterranean Ave
General Information
Standard status
Active
Size
1,922 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1969
Buildings
1
Construction
brick
Listing Agency:
Judy Boone Realty Inc
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Sep 5
Changed: Oct 21
Last Checked: Oct 20 at 7:56PM
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 Judy Boone Realty Inc
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Investment Insights
Based on property information with market context.
This 1,922-square-foot duplex, built in 1969, contains two residential units within an all-brick structure. Recent improvements include refreshed kitchens and bathrooms, new paint, LVT flooring on the lower level, and carpet upstairs. The property is vacant, includes driveway parking, and is offered as-is, allowing the next owner to configure occupancy or leasing plans around the existing layout.
Located at 1512 Mediterranean Ave in Virginia Beach, the property sits directly across from an elementary school. Restaurants, The Dome, and the beach are within a few blocks, adding nearby destinations for residents and guests. The two-unit format also supports an owner-occupant arrangement with a separate rental unit or a fully leased configuration.
Located at 1512 Mediterranean Ave in Virginia Beach, the property sits directly across from an elementary school. Restaurants, The Dome, and the beach are within a few blocks, adding nearby destinations for residents and guests. The two-unit format also supports an owner-occupant arrangement with a separate rental unit or a fully leased configuration.
Key Highlights
- 1,922 SF duplex with two residential units
- Remodeled kitchens and bathrooms
- New paint, LVT flooring downstairs, and carpet upstairs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,174
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$503,480
$503.5K
Cap Rate 7%
$359,629
$359.6K
Cap Rate 9%
$279,711
$279.7K
Market Conditions
NOI Build-Up for 1,922 SF
Gross rent
$38.1K $19.80/SF
− Vacancy
−$2.1K −$1.09/SF
EGI
$36.0K $18.71/SF
− OpEx
−$10.8K −$5.61/SF
NOI
$25.2K $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%
$503,480
Cap Rate 7%
$359,629
Cap Rate 9%
$279,711
Alternative Uses
Best Use
Multifamily LT 5
$359.6K
$314.7K – $419.6K
NOI $25,174 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$333.3K
$291.6K – $388.8K
NOI $23,330 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$493.1K
$431.4K – $575.2K
NOI $34,514 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,266
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Duplex - Updated kitchens, bathrooms, and flooring support owner occupancy or short- and long-term rental use.
Where is this duplex located?
The property is located at 1512 Mediterranean Ave Virginia Beach, VA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 1,922 SF duplex with two residential units; Remodeled kitchens and bathrooms; New paint, LVT flooring downstairs, and carpet upstairs
