Over-Under
For Sale
$350,000
241 Middle Lane, Virginia Beach, VA 23454
Multi Family Residential, Over/Under, Virginia Beach, VA
Property Size1,502 SF
Price / SF$233.02
Days on Market8
Property Features for 241 Middle Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R5D
Subdivision
OCEANA GARDENS
Lot features
Patio
Elementary school
Birdneck Elementary
Middle school
Lynnhaven Middle
Standard status
Active
Size
1,502 SF
Taxes and HOA fees
Tax Annual Amount
2562
Building Details
Year built
1956
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Property Shoppe
Listed By:
Debra Baker
(757) 496-1986
Added: Oct 9
Changed: Oct 12
Last Checked: Oct 16 at 4:06PM
MLS# 10657328
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 1,502-square-foot duplex, built in 1956, contains two remodeled residences arranged on separate floors. The upstairs unit and first-floor unit are both rented. The lower residence includes a small fenced backyard, and the property has a shingle roof. Zoning is R5D.
The property is 3 miles from the beach and 4 miles from Oceana. Hilltop shopping and restaurants are nearby, with interstate access also noted.
The property is 3 miles from the beach and 4 miles from Oceana. Hilltop shopping and restaurants are nearby, with interstate access also noted.
Key Highlights
- Two remodeled, rented residences in an over‑under layout
- 1,502 square feet; built in 1956
- First‑floor residence has a small fenced backyard
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.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
657
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
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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 have been remodeled and are currently rented.
Where is this duplex located?
The property is located at 241 Middle Lane 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, rented residences in an over‑under layout; 1,502 square feet; built in 1956; First‑floor residence has a small fenced backyard
