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    Triplex with Multiple Rental Units Title is generated by Realmo AI

    316 16th Street, Virginia Beach, VA 23451

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    For Sale
    $1,250,000

    MULTI_FAMILY - Virginia Beach, VA

    Property size:
    2,946 SF
    Price / SF:
    $424/SF
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 1:06 pm

    Property Features for 316 16th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    A12
    Standard status
    Active
    Size
    2,946 SF

    Taxes and HOA fees

    Tax Annual Amount
    5788

    Utilities

    Water front features
    Waterfront

    Building Details

    Year built
    1940
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Carrie Copenhaver

    Listing agent Carrie Copenhaver

    Listing office Iron Valley Real Est Norfolk 500 W 21st St., Norfolk, VA

    Listing date Jun 2, 2026

    MLS# 10637846

    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.

    HighLights

    • Triplex with waterfront feature (Waterfront) and shingle roof; built in 1940
    • 3BR/2BA main residence on the first level
    • Second‑floor unit offers 2BR/1BA
    • Additional 1BR/1BA apartment for added rental flexibility
    • Located in the Virginia Beach Oceanfront area on 16th Street, about three blocks from the beach
    • Within the Short‑Term Rental Overlay District; buyer to verify short‑term rental requirements and approvals

    Overview

    This for-sale triplex includes a main residence and two additional apartments, offering flexible living and rental configurations. The first level features 3 bedrooms and 2 bathrooms, providing a larger setup for an owner-occupant or a primary rental. The second-floor unit has 2 bedrooms and 1 bathroom, while an additional 1-bedroom, 1-bath apartment rounds out the property’s income potential.

    The property is located at 316 16th Street in Virginia Beach and is described as being in the heart of the Oceanfront area. Public remarks indicate it is situated on 16th Street and approximately three blocks from the beach. The property is also within the Short-Term Rental Overlay District, and buyers are encouraged to perform their own due diligence regarding short-term rental requirements and approvals.

    For tenants, buyers, or operators seeking a small multi-family asset with multiple unit sizes, this triplex provides three separate living spaces ranging from 1-bedroom to 3-bedroom layouts. It may also appeal to buyers who want the option to live in one portion while renting the remaining units, subject to applicable short-term rental rules within the overlay district.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -75.9765474
    Latitude
    36.8437024

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    FAQs

    What type of property is this?
    Triplex - Triplex with three distinct units, suited for owner-occupancy or income-focused ownership near the 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 $1,250,000.
    What are key features of this property?
    This property features: Triplex with waterfront feature (Waterfront) and shingle roof; built in 1940; 3BR/2BA main residence on the first level; Second‑floor unit offers 2BR/1BA
    (757) 900-4873
    We can help!
    Listing Contact
    Carrie Copenhaver
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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