12-Unit Fee-Simple Townhome
For Sale
$9,950,000
2007 Baltic Avenue, Virginia Beach, VA 23451
COMMERCIAL - Virginia Beach, VA
Property Size29,590 SF
Lot Size0.45 Acres
Price / SF$336.26
Days on Market828
Property Features for 2007 Baltic Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street, Garage
Subdivision
BEACH BOROUGH
Standard status
Active
Size
29,590 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Annual Amount
59005
Utilities
Heating system
Electric (Heating), Zoned, Heat Pump (Heating)
Cooling system
Zoned, Central Air
Building Details
Year built
2006
Roof type
Shingle
Listing Agency:
Atkinson Realty
(757) 321-1000
Listed By:
Layne Donovan
(757) 425-2500
Added: Apr 30, 2024
Changed: Aug 4
Last Checked: Aug 5 at 11:06PM
MLS# 10528253
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Investment Insights
Based on property information with market context.
This portfolio consists of 12 fee-simple townhomes located within a POA. The units are configured as three- and four-bedroom residences with three baths, with most homes featuring two-car garages. In total, the property offers 36 bedrooms and 36 bathrooms.
The site is 0.445 acres and was built in 2006, with a shingle roof. Heating is zoned with an electric heat pump system, and cooling is provided by zoned central air. Parking includes garages and off-street spaces.
The property is located within the VB overlay district for short-term rentals. Qualification is expected to follow the buyer’s process through the City of Virginia Beach, including the proper steps and due diligence conducted at the buyer’s expense. The offering is described as only a few blocks to the beach and boardwalk, adjacent to the planned Atlantic Park oceanfront development, including a wave pool, entertainment venue, retail shops, and residential apartments.
The site is 0.445 acres and was built in 2006, with a shingle roof. Heating is zoned with an electric heat pump system, and cooling is provided by zoned central air. Parking includes garages and off-street spaces.
The property is located within the VB overlay district for short-term rentals. Qualification is expected to follow the buyer’s process through the City of Virginia Beach, including the proper steps and due diligence conducted at the buyer’s expense. The offering is described as only a few blocks to the beach and boardwalk, adjacent to the planned Atlantic Park oceanfront development, including a wave pool, entertainment venue, retail shops, and residential apartments.
Key Highlights
- 12 fee‑simple townhomes in a POA
- 0.445 acres total site area
- Built in 2006 with shingle roof
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $688.9k | $23.28 |
| − Vacancy | −$35.8k | −$1.21 |
| EGI | $653.0k | $22.07 |
| − OpEx | −$293.9k | −$9.93 |
| NOI | $359.2k | $12.14 |
29,590 SF · lease $23.28/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$5.13M
$4.49M – $5.99M
NOI $359,169 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.59M
$6.64M – $8.86M
NOI $531,353 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,398
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?
Short term rental property - Twelve fee-simple townhomes in a POA within the VB overlay district for short-term rentals.
Where is this short term rental property located?
The property is located at 2007 Baltic Avenue Virginia Beach, VA.
What is the asking price?
The asking price for this property is $9,950,000.
What are key features of this property?
This property features: 12 fee‑simple townhomes in a POA; 0.445 acres total site area; Built in 2006 with shingle roof
