Three-Unit Oceanfront
New
For Sale
$995,000
316 16th St, Virginia Beach, VA 23451
Three distinct residences offer a mix of bedroom layouts near the Virginia Beach Oceanfront.
Property Size2,946 SF
Price / SF$337.75
Days on Market4
Property Features for 316 16th St
General Information
Standard status
Active
Size
2,946 SF
Property subtype
Multi Family Home
Zoning
A12
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Building Size
2,946 SF
Year Built
1940
Listing Agency:
Iron Valley Real Est Norfolk
(757) 900-4873
Listed By:
Carrie Copenhaver
(855) 450-0442
Source:
Hoggerealestate
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 24 at 2:42PM
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 Iron Valley Real Est Norfolk
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Investment Insights
Based on property information with market context.
This 1940 triplex contains 2,946 square feet across three residences. The main home has three bedrooms and two bathrooms on the first level; a second-floor unit includes two bedrooms and one bathroom. A separate apartment adds one bedroom and one bathroom. The property is within the Short-Term Rental Overlay District, and any applicable requirements and approvals should be verified.
Located at 316 16th St in Virginia Beach, the property is three blocks from the beach. The boardwalk, dining, shopping, and entertainment are also nearby.
Located at 316 16th St in Virginia Beach, the property is three blocks from the beach. The boardwalk, dining, shopping, and entertainment are also nearby.
Key Highlights
- Three residences: 3‑bedroom, 2‑bath main home; 2‑bedroom, 1‑bath second‑floor unit; and 1‑bedroom, 1‑bath apartment
- 2,946 square feet
- Built in 1940
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,586
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$771,720
$771.7K
Cap Rate 7%
$551,229
$551.2K
Cap Rate 9%
$428,733
$428.7K
Market Conditions
NOI Build-Up for 2,946 SF
Gross rent
$58.3K $19.80/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$55.1K $18.71/SF
− OpEx
−$16.5K −$5.61/SF
NOI
$38.6K $13.10/SF
Area
Virginia Beach, VA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$771,720
Cap Rate 7%
$551,229
Cap Rate 9%
$428,733
Alternative Uses
Best Use
Multifamily LT 5
$551.2K
$482.3K – $643.1K
NOI $38,586 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$510.8K
$447.0K – $596.0K
NOI $35,759 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$755.7K
$661.3K – $881.7K
NOI $52,902 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,247
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?
Triplex - Three distinct residences offer a mix of bedroom layouts near the Virginia Beach Oceanfront.
Where is this triplex located?
The property is located at 316 16th St Virginia Beach, VA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Three residences: 3‑bedroom, 2‑bath main home; 2‑bedroom, 1‑bath second‑floor unit; and 1‑bedroom, 1‑bath apartment; 2,946 square feet; Built in 1940
