Triplex with Multiple Rental
316 16th Street Virginia Beach, VA 23451
316 16th Street, Virginia Beach, VA, 23451
$1,250,000
For Sale
$1,250,000
MULTI_FAMILY - Virginia Beach, VA
Property Size2,946 SF
Price / SF$424.30
Days on Market50
Property Features for 316 16th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Triplex
- 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
Listing agency
Iron Valley Real Est Norfolk
(757) 900-4873
Listed by
Carrie Copenhaver
(757) 900-4873
Added: Jun 2 Updated: Jul 18 at 6:27AM Checked: Jul 21 at 6:06PM
MLS# 10637846
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Investment Insights
Based on property information with market context.
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.
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.
Key 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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $58.3k | $19.80 |
| − Vacancy | −$3.2k | −$1.09 |
| EGI | $55.1k | $18.71 |
| − OpEx | −$16.5k | −$5.61 |
| NOI | $38.6k | $13.10 |
2,946 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$551.2K
$482.3K – $643.1K
NOI $38,586 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$510.8K
$447.0K – $596.0K
NOI $35,759 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$755.7K
$661.3K – $881.7K
NOI $52,902 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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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
