Multifamily Townhome
For Sale
$9,950,000
2007 Baltic Ave, Virginia Beach, VA 23451
Fee-simple ownership across a residential portfolio near the beach and boardwalk.
Property Size29,590 SF
Price / SF$336.26
Days on Market41
Property Features for 2007 Baltic Ave
General Information
Standard status
Active
Size
29,590 SF
Additional Details
HOA Fee
$65
Multifamily Units
12
Building Details
Year Built
2006
Buildings
12
Listing Agency:
Atkinson Realty
(757) 425-2500
Listed By:
Layne Donovan
Source:
Honorableservicerealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:38PM
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 Atkinson Realty
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises 12 fee-simple townhomes within a POA, with a combined configuration of 36 bedrooms and 36 bathrooms. Each residence offers either three or four bedrooms and three bathrooms, while most include two-car garages. The properties were built in 2006.
The portfolio is situated at 2007 Baltic Ave in Virginia Beach, a few blocks from the beach and boardwalk. It is also next to Atlantic Park, a planned oceanfront development described as including a Wavegarden Cove wave pool, entertainment venue, retail shops, and residential apartments.
The properties fall within the Virginia Beach overlay district for short-term rentals. Short-term rental eligibility is subject to the buyer completing the applicable City of Virginia Beach steps and process.
The portfolio is situated at 2007 Baltic Ave in Virginia Beach, a few blocks from the beach and boardwalk. It is also next to Atlantic Park, a planned oceanfront development described as including a Wavegarden Cove wave pool, entertainment venue, retail shops, and residential apartments.
The properties fall within the Virginia Beach overlay district for short-term rentals. Short-term rental eligibility is subject to the buyer completing the applicable City of Virginia Beach steps and process.
Key Highlights
- 12 fee‑simple townhomes held within a POA
- Combined total of 36 bedrooms and 36 bathrooms
- Each townhome has 3/4 bedrooms and 3 bathrooms
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
$359,169
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
3.61%
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%
$7,183,380
$7.2M
Cap Rate 7%
$5,130,986
$5.1M
Cap Rate 9%
$3,990,767
$4.0M
Market Conditions
NOI Build-Up for 29,590 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
$688.9K $23.28/SF
− Vacancy
−$35.8K −$1.21/SF
EGI
$653.0K $22.07/SF
− OpEx
−$293.9K −$9.93/SF
NOI
$359.2K $12.14/SF
Area
Virginia Beach, VA
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$7,183,380
Cap Rate 7%
$5,130,986
Cap Rate 9%
$3,990,767
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
Lease Details
12
Residential units
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?
Multifamily property - Fee-simple ownership across a residential portfolio near the beach and boardwalk.
Where is this multifamily property located?
The property is located at 2007 Baltic Ave 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 held within a POA; Combined total of 36 bedrooms and 36 bathrooms; Each townhome has 3/4 bedrooms and 3 bathrooms
