Triplex Near
New
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 Market5
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
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
(855) 450-0442
Added: Sep 2
Changed: Sep 6
Last Checked: Sep 6 at 8:06AM
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.
Investment Insights
Based on property information with market context.
This Virginia Beach triplex contains three separate residential units within a 2,946-square-foot property built in 1940. The first level includes a three-bedroom, two-bathroom residence, while the upper level provides a two-bedroom, one-bathroom unit. A separate one-bedroom, one-bathroom apartment completes the configuration. The property has a shingle roof and is identified with A12 zoning.
Located at 316 16th Street, the property sits three blocks from the beach in the Virginia Beach Oceanfront area. The surrounding district includes the boardwalk, dining, shopping, and entertainment venues. The property is also within the Short-Term Rental Overlay District; short-term rental requirements and approvals should be independently reviewed.
Located at 316 16th Street, the property sits three blocks from the beach in the Virginia Beach Oceanfront area. The surrounding district includes the boardwalk, dining, shopping, and entertainment venues. The property is also within the Short-Term Rental Overlay District; short-term rental requirements and approvals should be independently reviewed.
Key Highlights
- Three‑unit configuration with 3‑bedroom, 2‑bath, 2‑bedroom, 1‑bath, and 1‑bedroom, 1‑bath residences
- 2,946 square feet across the property
- Three blocks from the beach in Virginia Beach’s Oceanfront area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,586
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with varied layouts near Virginia Beach’s Oceanfront district.
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 configuration with 3‑bedroom, 2‑bath, 2‑bedroom, 1‑bath, and 1‑bedroom, 1‑bath residences; 2,946 square feet across the property; Three blocks from the beach in Virginia Beach’s Oceanfront area
