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 Market907
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: Oct 15
Last Checked: Oct 23 at 7:06AM
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.
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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 / 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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Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,398
Businesses Nearby
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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?
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
