Updated Two-Unit
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 Market50
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
Building Details
Year built
1969
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Alliance · RE/MAX International
Listed By:
Jackie Ellis Dunbar
(757) 456-2345
Added: Sep 3
Changed: Oct 2
Last Checked: Oct 22 at 12:06PM
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.
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Investment Insights
Based on property information with market context.
This 1,922-square-foot duplex contains two side-by-side units and was built in 1969. The all-brick property has updated kitchens and bathrooms, fresh paint, LVT flooring on the lower level, and carpet upstairs. It is vacant and offered as-is, with driveway parking and a shingle roof. The zoning designation is R5D.
Located at 1512 Mediterranean Avenue in Virginia Beach, the property is across the street from an elementary school. Restaurants, The Dome, and the beach are a few blocks away.
Located at 1512 Mediterranean Avenue in Virginia Beach, the property is across the street from an elementary school. Restaurants, The Dome, and the beach are a few blocks away.
Key Highlights
- Two‑unit, side‑by‑side duplex with 1,922 square feet
- Updated kitchens and bathrooms, fresh paint, LVT downstairs, and carpet upstairs
- All‑brick construction with driveway parking
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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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Vacant brick residence with driveway parking and updated kitchens and bathrooms.
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 downstairs, and carpet upstairs; All‑brick construction with driveway parking
