Remodeled Duplex with Rental
New
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 Market3
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:
ONYX Realty Professionals LLC
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 7:04AM
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 ONYX Realty Professionals LLC
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 = 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
$25,174
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
4.20%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,266
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 - 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
