Waterfront Side-by-Side
New
For Sale
$339,000
1844 S Streamline Drive, Virginia Beach, VA 23454
Multi Family Residential, Side by Side, Virginia Beach, VA
Property Size1,604 SF
Price / SF$211.35
Days on Market5
Property Features for 1844 S Streamline Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R5D
Subdivision
OCEANA VILLAGE
Elementary school
Birdneck Elementary
Middle school
Lynnhaven Middle
Standard status
Active
Size
1,604 SF
Taxes and HOA fees
Tax Annual Amount
2457
Utilities
Water front features
Waterfront
Building Details
Year built
1973
Roof type
Shingle
Architectural style
Other
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 422-2200
Listed By:
Matthew Zachary
(757) 690-0439
Added: Aug 28
Changed: Aug 31
Last Checked: Sep 1 at 1:06PM
MLS# 10651310
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 1,604 square feet across two separately metered units. Both residences are occupied under leases that convey with the sale, with terms extending through 6/30/2027 and 4/30/2027. Each unit has its own yard, while shared driveway space provides on-site access. The property was built in 1973 and has a shingle roof.
Located at 1844 S Streamline Drive in Virginia Beach, the property carries R5D zoning and is identified as waterfront. Its two-unit configuration, separate metering, existing tenancy, and individual outdoor areas define the current setup.
Located at 1844 S Streamline Drive in Virginia Beach, the property carries R5D zoning and is identified as waterfront. Its two-unit configuration, separate metering, existing tenancy, and individual outdoor areas define the current setup.
Key Highlights
- 1,604‑square‑foot side‑by‑side duplex
- Both units occupied with leases through 6/30/2027 and 4/30/2027
- Separate utility metering for each unit
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 leased units include private outdoor areas and separate utility metering.
Where is this duplex located?
The property is located at 1844 S Streamline Drive 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: 1,604‑square‑foot side‑by‑side duplex; Both units occupied with leases through 6/30/2027 and 4/30/2027; Separate utility metering for each unit
