Side-by-Side
New
For Sale
$585,000
505 Barberton Dr, Virginia Beach, VA 23451
The property includes two adjoining residential units with separate addresses and a lease in place for one unit.
Property Size2,100 SF
Price / SF$278.57
Days on Market4
Property Features for 505 Barberton Dr
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1979
Listing Agency:
EXP Realty LLC
Listed By:
Mel Volland · License #69288
(866) 825-7169
Source:
Atlanticsir
Added: Oct 20
Changed: Oct 21
Last Checked: Oct 21 at 2:02AM
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 EXP Realty LLC
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Investment Insights
Based on property information with market context.
Built in 1979, this 2,100-square-foot duplex contains side-by-side units at 505 and 507 Barberton Dr. The roof is newer, and the driveway and walkway have been paved. Unit 505 has a new HVAC system and water heater.
The property is 1 mile from the Virginia Beach Oceanfront, Atlantic Park Surf, and the Vibe Creative District. The lease for unit 507 runs through 5/31/2027.
The property is 1 mile from the Virginia Beach Oceanfront, Atlantic Park Surf, and the Vibe Creative District. The lease for unit 507 runs through 5/31/2027.
Key Highlights
- Two‑unit side‑by‑side duplex totaling 2,100 square feet
- Built in 1979
- Newer roof; paved driveway and walkway
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,505
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$550,100
$550.1K
Cap Rate 7%
$392,929
$392.9K
Cap Rate 9%
$305,611
$305.6K
Market Conditions
NOI Build-Up for 2,100 SF
Gross rent
$41.6K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$39.3K $18.71/SF
− OpEx
−$11.8K −$5.61/SF
NOI
$27.5K $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%
$550,100
Cap Rate 7%
$392,929
Cap Rate 9%
$305,611
Alternative Uses
Best Use
Multifamily LT 5
$392.9K
$343.8K – $458.4K
NOI $27,505 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$364.1K
$318.6K – $424.8K
NOI $25,490 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$538.7K
$471.4K – $628.5K
NOI $37,710 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,139
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 - The property includes two adjoining residential units with separate addresses and a lease in place for one unit.
Where is this duplex located?
The property is located at 505 Barberton Dr Virginia Beach, VA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex totaling 2,100 square feet; Built in 1979; Newer roof; paved driveway and walkway
