Oceanfront 3-Unit Residential
For Sale
$995,000
316 16th Street, Virginia Beach, VA 23451
Multi Family Residential, Over/Under, Virginia Beach, VA
Property Size2,946 SF
Price / SF$337.75
Days on Market51
Property Features for 316 16th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
A12
Subdivision
BEACH BOROUGH
Elementary school
W.T. Cooke Elementary
Middle school
Virginia Beach Middle
Standard status
Active
Size
2,946 SF
Taxes and HOA fees
Tax Annual Amount
5788
Building Details
Year built
1940
Roof type
Shingle
Architectural style
Other
Listing Agency:
Iron Valley Real Est Norfolk
Listed By:
Carrie Copenhaver
(757) 900-4873
Added: Sep 2
Changed: Oct 2
Last Checked: Oct 22 at 10:06AM
MLS# 10652121
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 triplex contains three units totaling 2,946 square feet. The first-floor residence has 3 bedrooms and 2 bathrooms, while the second-floor unit includes 2 bedrooms and 1 bathroom. A separate apartment provides 1 bedroom and 1 bathroom. The property was built in 1940 and has a shingle roof.
At 316 16th Street in Virginia Beach, the property is three blocks from the beach and near the boardwalk, dining, retail, and entertainment. It lies within the Short-Term Rental Overlay District; short-term rental requirements and approvals are subject to due diligence.
At 316 16th Street in Virginia Beach, the property is three blocks from the beach and near the boardwalk, dining, retail, and entertainment. It lies within the Short-Term Rental Overlay District; short-term rental requirements and approvals are subject to due diligence.
Key Highlights
- Three‑unit property with 2,946 square feet
- First‑floor residence: 3 bedrooms and 2 bathrooms
- Second‑floor unit: 2 bedrooms and 1 bathroom
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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate living spaces offer a range of residential configurations near the Virginia Beach Oceanfront.
Where is this triplex located?
The property is located at 316 16th Street 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‑unit property with 2,946 square feet; First‑floor residence: 3 bedrooms and 2 bathrooms; Second‑floor unit: 2 bedrooms and 1 bathroom
