Remodeled Side-by-Side
New
For Sale
$599,900
1512 Mediterranean Avenue, Virginia Beach, VA 23451
Multi Family Residential, Side by Side, Virginia Beach, VA
Property Size1,922 SF
Price / SF$312.12
Days on Market4
Property Features for 1512 Mediterranean Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R5D
Subdivision
BEACH BOROUGH
Elementary school
W.T. Cooke Elementary
Middle school
Virginia Beach Middle
Standard status
Active
Size
1,922 SF
Taxes and HOA fees
Tax Annual Amount
4511
Utilities
Water front features
Waterfront
Building Details
Year built
1969
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Alliance · RE/MAX International
(757) 456-2345
Listed By:
Jackie Ellis Dunbar
(757) 613-1702
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 6 at 8:06AM
MLS# 10652229
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 side-by-side duplex contains two residential units within an all-brick building constructed in 1969. Recent improvements include updated kitchens and bathrooms, fresh interior paint, new LVT flooring on the lower levels, and carpet upstairs. The property is vacant and offered as-is, allowing the next owner to occupy one unit, lease both, or combine personal use with rental income. Driveway parking serves the property, and the roof is shingle.
The building is located at 1512 Mediterranean Avenue in Virginia Beach, VA 23451, with an elementary school across the street. Restaurants, The Dome, and the beach are within a few blocks, while the property is identified with waterfront features. The 1,922-square-foot duplex is zoned R5D.
The building is located at 1512 Mediterranean Avenue in Virginia Beach, VA 23451, with an elementary school across the street. Restaurants, The Dome, and the beach are within a few blocks, while the property is identified with waterfront features. The 1,922-square-foot duplex is zoned R5D.
Key Highlights
- Two‑unit side‑by‑side duplex with 1,922 square feet
- Updated kitchens and bathrooms, fresh paint, LVT flooring downstairs, and carpet upstairs
- All‑brick construction; built in 1969 with a shingle roof
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 - Vacant two-unit property with refreshed interiors, driveway parking, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 1512 Mediterranean Avenue 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: Two‑unit side‑by‑side duplex with 1,922 square feet; Updated kitchens and bathrooms, fresh paint, LVT flooring downstairs, and carpet upstairs; All‑brick construction; built in 1969 with a shingle roof
