Leased Two-Unit
New
For Sale
$600,000
826 13th St, Virginia Beach, VA 23451
Two-bedroom units are occupied under leases with staggered end dates extending into 2027.
Property Size1,568 SF
Lot Size0.16 Acres
Price / SF$382.65
Days on Market7
Property Features for 826 13th St
General Information
Standard status
Active
Size
1,568 SF
Lot size
0.16 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1979
Listing Agency:
Long & Foster Real Estate Inc.
Listed By:
Jeremy Caleb Johnson
(757) 428-4600
Source:
Vineyardhomesva
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 7 at 12:37PM
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 Long & Foster Real Estate Inc.
Investment Insights
Based on property information with market context.
Built in 1979, this duplex contains two residential units totaling 1,568 square feet. Each unit offers two bedrooms and one bathroom, and both are currently leased, with terms ending on 5/31/27 and 8/31/27.
The property occupies a 7,056-square-foot lot at 826 13th St in Virginia Beach. Its Lakewood/N. Shadowlawn setting provides access to the Boardwalk, restaurants, outdoor recreation, the ViBe District, and other area destinations.
The property occupies a 7,056-square-foot lot at 826 13th St in Virginia Beach. Its Lakewood/N. Shadowlawn setting provides access to the Boardwalk, restaurants, outdoor recreation, the ViBe District, and other area destinations.
Key Highlights
- Two‑unit duplex with 1,568 SF of total building area
- Each unit includes 2 bedrooms and 1 bathroom
- Current leases end on 5/31/27 and 8/31/27
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
$20,537
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
3.42%
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%
$410,740
$410.7K
Cap Rate 7%
$293,386
$293.4K
Cap Rate 9%
$228,189
$228.2K
Market Conditions
NOI Build-Up for 1,568 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
$31.0K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$29.3K $18.71/SF
− OpEx
−$8.8K −$5.61/SF
NOI
$20.5K $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 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%
$410,740
Cap Rate 7%
$293,386
Cap Rate 9%
$228,189
Alternative Uses
Best Use
Multifamily LT 5
$293.4K
$256.7K – $342.3K
NOI $20,537 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$271.9K
$237.9K – $317.2K
NOI $19,033 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$402.2K
$352.0K – $469.3K
NOI $28,157 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
841
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units are occupied under leases with staggered end dates extending into 2027.
Where is this duplex located?
The property is located at 826 13th St Virginia Beach, VA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,568 SF of total building area; Each unit includes 2 bedrooms and 1 bathroom; Current leases end on 5/31/27 and 8/31/27
