Occupied Duplex with Separate
New
For Sale
$339,000
1844 S Streamline Dr, Virginia Beach, VA 23454
Two occupied units convey with their leases, individual metering, separate yards, and dedicated driveway space.
Property Size1,604 SF
Price / SF$211.35
Days on Market3
Property Features for 1844 S Streamline Dr
General Information
Standard status
Active
Size
1,604 SF
Property subtype
Multi-Family
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
Room for upgrades
Additional Details
Average Monthly Rent
$1,150
Utilities to Site
Yes
Multifamily Units
2
Amenities
separate yards
driveway space
Building Details
Year Built
1973
Buildings
1
Tenancy
Multi
Listing Agency:
The Bryant Group
(757) 424-9007
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 3:02PM
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 The Bryant Group
Investment Insights
Based on property information with market context.
This 1,604-square-foot duplex was built in 1973 and contains two separately metered units. Both residences are occupied, and their existing leases convey with the sale. Each unit has its own yard area, while the property also provides driveway space for occupants. The interiors offer room for upgrades, allowing a buyer to evaluate improvements within the existing duplex configuration.
Lease terms extend through 6/30/2027 for one unit and 4/30/2027 for the other. The property is located at 1844 S Streamline Dr in Virginia Beach, Virginia, providing a residential income property with defined unit separation and ongoing tenancy.
Lease terms extend through 6/30/2027 for one unit and 4/30/2027 for the other. The property is located at 1844 S Streamline Dr in Virginia Beach, Virginia, providing a residential income property with defined unit separation and ongoing tenancy.
Key Highlights
- Two‑unit duplex totaling 1,604 SF
- Leases extend through 6/30/2027 and 4/30/2027
- Both units are currently occupied
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
$21,231
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
6.26%
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%
$424,620
$424.6K
Cap Rate 7%
$303,300
$303.3K
Cap Rate 9%
$235,900
$235.9K
Market Conditions
NOI Build-Up for 1,604 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
$31.8K $19.80/SF
− Vacancy
−$1.4K −$0.89/SF
EGI
$30.3K $18.91/SF
− OpEx
−$9.1K −$5.67/SF
NOI
$21.2K $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%
$424,620
Cap Rate 7%
$303,300
Cap Rate 9%
$235,900
Alternative Uses
Best Use
Multifamily LT 5
$303.3K
$265.4K – $353.9K
NOI $21,231 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$281.1K
$245.9K – $327.9K
NOI $19,675 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$405.7K
$355.0K – $473.4K
NOI $28,401 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
861
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 occupied units convey with their leases, individual metering, separate yards, and dedicated driveway space.
Where is this duplex located?
The property is located at 1844 S Streamline Dr Virginia Beach, VA.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,604 SF; Leases extend through 6/30/2027 and 4/30/2027; Both units are currently occupied
