2-Unit Remodeled
New
For Sale
$350,000
241 Middle Ln, Virginia Beach, VA 23454
Both residences are remodeled and tenant-occupied, with a fenced backyard serving the ground-floor unit.
Property Size1,502 SF
Price / SF$233.02
Days on Market5
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Property Features for 241 Middle Ln
General Information
Standard status
Active
Size
1,502 SF
Property subtype
Multi-Family
Additional Details
Average Monthly Rent
$1,295
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1956
Listing Agency:
Empire Real Estate
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Oct 11
Changed: Oct 15
Last Checked: Oct 14 at 10:35PM
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 Empire Real Estate
Investment Insights
Based on property information with market context.
This 1,502-square-foot duplex, built in 1956, contains two remodeled units: an upstairs residence and a first-floor residence. Both are currently rented, and the ground-floor unit includes a small fenced backyard.
The property is 3 miles from the beach and near Hilltop shopping and restaurants, with interstate access nearby.
The property is 3 miles from the beach and near Hilltop shopping and restaurants, with interstate access nearby.
Key Highlights
- Two remodeled units are currently rented
- 1,502 square feet; built in 1956
- Upstairs and first‑floor unit configuration
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,881
Cap Rate
5.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$397,620
$397.6K
Cap Rate 7%
$284,014
$284.0K
Cap Rate 9%
$220,900
$220.9K
Market Conditions
NOI Build-Up for 1,502 SF
Gross rent
$29.7K $19.80/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$28.4K $18.91/SF
− OpEx
−$8.5K −$5.67/SF
NOI
$19.9K $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 Rate 5%
$397,620
Cap Rate 7%
$284,014
Cap Rate 9%
$220,900
Alternative Uses
Best Use
Multifamily LT 5
$284.0K
$248.5K – $331.4K
NOI $19,881 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$263.2K
$230.3K – $307.1K
NOI $18,424 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$379.9K
$332.4K – $443.3K
NOI $26,595 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
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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
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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 - Both residences are remodeled and tenant-occupied, with a fenced backyard serving the ground-floor unit.
Where is this duplex located?
The property is located at 241 Middle Ln Virginia Beach, VA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two remodeled units are currently rented; 1,502 square feet; built in 1956; Upstairs and first‑floor unit configuration
