12-Unit Short-Term Rental
For Sale
$9,950,000
2007 Baltic Avenue, Virginia Beach, VA 23451
Commercial/Industrial, Virginia Beach, VA
Property Size29,590 SF
Lot Size0.45 Acres
Price / SF$336.26
Days on Market861
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
Heat Pump (Heating), Zoned, Electric (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: Sep 2
Last Checked: Sep 7 at 8:06PM
MLS# 10528253
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This portfolio includes 12 fee-simple townhomes organized within a property owners association. The residences offer three- or four-bedroom layouts with three bathrooms each, and most include two-car garages. The collection contains 36 bedrooms and 36 bathrooms across 29,590 square feet on 0.445 acres. Built in 2006, the properties feature electric heat pumps, zoned heating and cooling, central air, shingle roofs, garage parking, and off-street parking.
The property is located a few blocks from the beach and boardwalk at the Virginia Beach oceanfront, adjacent to the planned Atlantic Park development. The site falls within the Virginia Beach overlay district for short-term rentals; eligibility remains subject to the buyer completing the required city process and due diligence.
The property is located a few blocks from the beach and boardwalk at the Virginia Beach oceanfront, adjacent to the planned Atlantic Park development. The site falls within the Virginia Beach overlay district for short-term rentals; eligibility remains subject to the buyer completing the required city process and due diligence.
Key Highlights
- 12 fee‑simple townhomes within a POA
- 36 BR's and 36 BA's across the portfolio
- 29,590 square feet on 0.445 acres
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - Fee-simple townhomes within Virginia Beach’s short-term rental overlay district.
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 within a POA; 36 BR's and 36 BA's across the portfolio; 29,590 square feet on 0.445 acres
