Updated Two-Unit
New
For Sale
$395,000
313 Scott Ln, Virginia Beach, VA 23451
Each residence has two bedrooms, one bathroom, and refreshed kitchens with different countertop finishes.
Property Size1,600 SF
Lot Size0.17 Acres
Price / SF$246.88
Days on Market2
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Property Features for 313 Scott Ln
General Information
Standard status
Active
Size
1,600 SF
Lot size
0.17 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1978
Buildings
1
Construction
brick
Listing Agency:
Better Homes & Gdns Ntv Am Grp
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 14 at 10:16PM
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 Better Homes & Gdns Ntv Am Grp
Investment Insights
Based on property information with market context.
This 1,600-square-foot duplex contains two residences, each with two bedrooms and one bathroom. Interior work includes LVP flooring, refreshed paint on walls, ceilings, and cabinetry, plus updated lighting, door hardware, and blinds. The kitchens have new sinks, garbage disposals, and countertops; unit 313 has quartz counters and a new dishwasher, while unit 311 has granite. The white brick exterior has been repainted, the HVAC systems are newer, and the roof was replaced in 2023.
Set on a 50' x 150' lot in Virginia Beach, the property is near shopping centers and grocery stores, a few miles from the oceanfront, and offers access to the expressway and Oceana Naval Air Station. An unused city lot is next door.
Set on a 50' x 150' lot in Virginia Beach, the property is near shopping centers and grocery stores, a few miles from the oceanfront, and offers access to the expressway and Oceana Naval Air Station. An unused city lot is next door.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,600 square feet on a 50' x 150' lot
- Roof replaced in 2023; newer HVAC systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,956
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$419,120
$419.1K
Cap Rate 7%
$299,371
$299.4K
Cap Rate 9%
$232,844
$232.8K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$31.7K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$29.9K $18.71/SF
− OpEx
−$9.0K −$5.61/SF
NOI
$21.0K $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%
$419,120
Cap Rate 7%
$299,371
Cap Rate 9%
$232,844
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$262.0K – $349.3K
NOI $20,956 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$277.4K
$242.8K – $323.7K
NOI $19,421 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$410.4K
$359.1K – $478.9K
NOI $28,731 @ 7.0% cap · market cap 7.27%
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
801
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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has two bedrooms, one bathroom, and refreshed kitchens with different countertop finishes.
Where is this duplex located?
The property is located at 313 Scott Ln Virginia Beach, VA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,600 square feet on a 50' x 150' lot; Roof replaced in 2023; newer HVAC systems
