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 Market87
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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
Listed By:
Layne Donovan
(757) 425-2500
Source:
Honorableservicerealty
Added: Jul 21
Changed: Oct 5
Last Checked: Oct 7 at 2:59PM
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 / Yr
$359,169
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in South region
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
