Updated Side-by-Side
For Sale
$625,000
4308 Lee Ave, Virginia Beach, VA 23455
Single-story duplex with refreshed interiors, central air, and two separate residential units near Chesapeake Bay.
Property Size1,848 SF
Price / SF$338.20
Days on Market8
Property Features for 4308 Lee Ave
General Information
Standard status
Active
Size
1,848 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
central air conditioning
Building Details
Year Built
1950
Buildings
1
Stories
1
Construction
concrete block
Listing Agency:
Cottage Street Realty LLC
Listed By:
Debbie Crevier-Kent · License #0225030213
(703) 242-0005
Source:
Veritygroup
Added: Sep 19
Last Checked: Sep 24 at 1:40PM
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 Cottage Street Realty LLC
Investment Insights
Based on property information with market context.
Built in 1950, this 1,848-square-foot duplex offers two side-by-side 2BR/1BA units in a single-story concrete-block structure with stucco finish and central air conditioning. The left residence has luxury vinyl plank flooring and a fully renovated kitchen. The larger right unit adds an office, new paint, and luxury vinyl plank flooring throughout. New plumbing drains extend from the house to the street, and the property is being sold as-is.
Located one block from Chesapeake Bay in the Chesapeake Beach area, the property is also minutes from local military bases. The address is 4308 Lee Ave, Virginia Beach, VA 23455.
Located one block from Chesapeake Bay in the Chesapeake Beach area, the property is also minutes from local military bases. The address is 4308 Lee Ave, Virginia Beach, VA 23455.
Key Highlights
- Two side‑by‑side 2BR/1BA units totaling 1,848 SF
- Concrete‑block construction with stucco exterior and central air conditioning
- Left unit includes a fully remodeled kitchen and LVP flooring
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
$24,205
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
3.87%
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%
$484,100
$484.1K
Cap Rate 7%
$345,786
$345.8K
Cap Rate 9%
$268,944
$268.9K
Market Conditions
NOI Build-Up for 1,848 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
$36.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$34.6K $18.71/SF
− OpEx
−$10.4K −$5.61/SF
NOI
$24.2K $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 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%
$484,100
Cap Rate 7%
$345,786
Cap Rate 9%
$268,944
Alternative Uses
Best Use
Multifamily LT 5
$345.8K
$302.6K – $403.4K
NOI $24,205 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$320.4K
$280.4K – $373.9K
NOI $22,431 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$474.1K
$414.8K – $553.1K
NOI $33,185 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Explore this area
Business Placement
Demographics for 23455, VA
50,599
Population
22,286
Households
2.3
Avg Household Size
38
Median Age
42%
College-Educated
95%
High-School Grad
15.2 sq mi
ZIP Area
3,329
Density / Sq Mi
$88,223
Median Household Income
$49,119
Median Earnings
$1,610
Median Rent
$397,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Single-story duplex with refreshed interiors, central air, and two separate residential units near Chesapeake Bay.
Where is this duplex located?
The property is located at 4308 Lee Ave Virginia Beach, VA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two side‑by‑side 2BR/1BA units totaling 1,848 SF; Concrete‑block construction with stucco exterior and central air conditioning; Left unit includes a fully remodeled kitchen and LVP flooring
