Side-by-Side
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 Market18
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
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: Oct 2
Last Checked: Oct 5 at 3:06PM
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 single-story duplex contains two 2-bedroom, 1-bathroom units within 1,848 square feet. The 1950-built structure has concrete block walls with a stucco exterior finish, a shingle roof, and central air conditioning. New plumbing drains extend from the building to the street. One residence has a remodeled kitchen and luxury vinyl plank flooring; the other offers an office, fresh paint, and LVP flooring throughout. The property is being sold as-is and is zoned R5R.
The home is one block from Chesapeake Bay and minutes from local military bases. It is located in the Chesapeake Beach area of Virginia Beach.
The home is one block from Chesapeake Bay and minutes from local military bases. It is located in the Chesapeake Beach area of Virginia Beach.
Key Highlights
- Two 2BR/1BA units in 1,848 square feet
- R5R zoning; built in 1950
- Concrete block construction with stucco finish and shingle roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,205
Cap Rate
3.87%
Suggested Prices Based on Cap Rates
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
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 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 - Two two-bedroom residences combine central air with distinct interior updates and an office in one unit.
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 in 1,848 square feet; R5R zoning; built in 1950; Concrete block construction with stucco finish and shingle roof
