Side-by-Side Duplex with Updated
For Sale
$625,000
4308 Lee Avenue, Virginia Beach, VA 23455
Multi Family Residential, Side by Side, Virginia Beach, VA
Property Size1,848 SF
Price / SF$338.20
Days on Market9
Property Features for 4308 Lee Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R5R
Subdivision
CHESAPEAKE BEACH
Elementary school
Hermitage Elementary
Middle school
Great Neck Middle
Directions
Shore Dr to Indian Hill Rd, L on Lookout Rd, R on Lee Ave.
Standard status
Active
Size
1,848 SF
Taxes and HOA fees
Tax Annual Amount
5402
Utilities
Water front features
Waterfront
Amenities
central air conditioning
Building Details
Year built
1950
Roof type
Shingle
Architectural style
Other
Listing Agency:
Cottage Street Realty LLC
(703) 848-9292
Listed By:
Debbie Crevier-Kent · License #0225030213
(703) 242-0005
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 26 at 7:06AM
MLS# 10653996
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 1,848-square-foot, single-story duplex contains two side-by-side 2BR/1BA units. The structure features concrete block construction with stucco finish, central air conditioning, and a shingle roof. Interior improvements include LVP flooring in both units, a remodeled kitchen on the left side, and fresh paint in the larger right unit, which also provides an office. New plumbing drains extend from the property to the street, and the home is offered as-is.
The property is in Virginia Beach’s Chesapeake Beach area, one block from the Chesapeake Bay and minutes from local military bases. Waterfront is identified among the property’s features. Built in 1950, the duplex carries R5R zoning and offers a two-unit residential income configuration.
The property is in Virginia Beach’s Chesapeake Beach area, one block from the Chesapeake Bay and minutes from local military bases. Waterfront is identified among the property’s features. Built in 1950, the duplex carries R5R zoning and offers a two-unit residential income configuration.
Key Highlights
- Two 2BR/1BA units arranged in a side‑by‑side duplex
- 1,848 square feet of single‑story residential space
- Left unit includes a 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
Unlock full access to Insights
Subscribe to Realmo Intelligence
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Single-story duplex with two updated interiors, central air conditioning, and R5R zoning.
Where is this duplex located?
The property is located at 4308 Lee Avenue 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 2BR/1BA units arranged in a side‑by‑side duplex; 1,848 square feet of single‑story residential space; Left unit includes a remodeled kitchen and LVP flooring
