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    1601 Atlantic Ave, Unit 1002 Virginia Beach, VA 23451-3422
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    Property profile & analytics

    1601 Atlantic Ave, Unit 1002, Virginia Beach, VA 23451-3422

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    • Hotels
    • 117,528 SF
    • 0.62 lot acres
    Off-Market
    Last Sale Aug 4, 2022
    Property ID
    US87-0565500
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $7,955,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Diamond Resorts / Hotel & Motel
    • Boardwalk Resort and Villas / Hotel & Motel / Resort
    • Quirks Oceanfront / Restaurant
    • villas at the Boardwalk / Travel Agency

    Property Details for 1601 Atlantic Ave

    Year built
    2002
    Construction
    CONCRETE
    Lot size
    0.62 lot acres
    Zone code
    OR
    Property type
    Hotels
    APN
    24272609850000
    APU
    24272609850000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 23, 2025 — Diamond Resorts Boardwalk Dev LLC Gyeman Chang Special Warranty Deed —
    Aug 4, 2022 — Nathaniel Hargis Elizabeth Kingsbury Warranty Deed —
    Jul 27, 2022 $250 Benito Guerero Milagros Danis Warranty Deed —
    May 16, 2022 — Steve G Stultz Costello Hilary W Costello JR Intrafamily Transfer · related —
    Apr 29, 2022 $1,095 Angelia D Breeding Gerald W Breeding JR Quit Claim Deed · related —
    Feb 7, 2017 — Ocean Bch Clb LLC — Deed · related —
    Dec 9, 2014 $5,000 Ocean Bch Clb LLC Leebrick,derek W & Vicky Grant Deed —
    Oct 7, 2013 $30,009 James A Summers Ocean Bch Clb LLC Grant Deed —
    Jun 20, 2013 $26,926 Patrick A Taylor Ocean Bch Clb LLC Grant Deed · related —
    Jun 17, 2013 $15,655 James Penfold Ocean Bch Clb LLC Grant Deed —
    Apr 15, 2010 $500 Barbara L Shaw Mooring,frank Grant Deed · related —
    Apr 6, 2010 — Gary R Allamong JR. Ocean Bch Clb LLC Grant Deed $17k · Ocean Beach Club LLC
    Apr 5, 2010 — Ocean Beach Club LLC Houde,elizabeth A Grant Deed · related —
    Dec 1, 2008 — Ocean Bch Clb LLC Brooks,william I JR & Nannie J Grant Deed · related —
    Dec 17, 2007 $1,200 Resort Promotions INC Hassell,brent B Grant Deed · related —
    Dec 17, 2007 $1,700 Resort Promotions INC Little,mark A & Debra A Grant Deed · related —
    Nov 30, 2007 $5,000 Ocean Beach Club LLC Fuller,ukley G & Velma W Grant Deed · related —
    Nov 2, 2007 — Ocean Beach Club LLC Heasley,james R & Nancy L Grant Deed · related —
    Oct 25, 2007 $3,000 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Oct 25, 2007 $4,352 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Sep 10, 2007 — Eugene S Byers JR. Ocean Beach Club LLC Grant Deed · related —
    Aug 24, 2007 — Kellie A Morin Allen,mark D & Shannon M Grant Deed · related —
    Aug 8, 2005 $5,000 Ocean Beach Club LLC Lorenzana,john A & Jeannette E Grant Deed · related —
    Aug 1, 2005 $5,000 Ocean Beach Club LLC Cassarino,joseph A JR & Elizabeth A Grant Deed · related —
    Jul 25, 2005 $5,000 Ocean Beach Club LLC Oslin,yvonne D Grant Deed · related —
    Jul 25, 2005 $2,949 Ocean Beach Club LLC Levinson Michael H Trustees Deed · related —
    Jul 25, 2005 $3,582 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Jul 25, 2005 $4,508 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Jul 25, 2005 $3,188 Ocean Beach Club LLC Levinson Michael H Trustees Deed · related —
    Jul 25, 2005 $4,601 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Jul 25, 2005 $3,118 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Jul 25, 2005 $3,489 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Jul 25, 2005 $3,504 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Jul 19, 2005 $5,000 Ocean Beach Club LLC Hatcher,berchard L & Linda H Grant Deed · related —
    Jul 19, 2005 — Ocean Beach Club LLC Baker,godfrey A S & April D Grant Deed · related —
    Jul 18, 2005 — Gary W Koehler Koehler,gary W Quit Claim Deed · related —
    Jul 18, 2005 $5,000 Ocean Beach Club LLC Robinson,antonio V & Victoria V Grant Deed · related —
    Jul 18, 2005 $1,998 Boardwalk Resort Hotel & Villa Boardwalk Resort Hotel & Villa Trustees Deed · related —
    Jul 18, 2005 $1,866 Boardwalk Resort Hotel & Villa Boardwalk Resort Hotel & Villa Trustees Deed · related —
    Jul 14, 2005 $5,000 Ocean Beach Club LLC Boston,joseph W & Giovanna Grant Deed · related —
    Jul 14, 2005 — Vivian S Cornish Shepherd,gilbert G Grant Deed · related —
    Jul 12, 2005 $455 John Womer Elliott,valeria J Warranty Deed · related —
    Jul 6, 2005 $5,000 Ocean Beach Club LLC Ford,joseph C & Irene R Grant Deed · related —
    Jul 6, 2005 — Frank T Smith Ocean Beach Club LLC Grant Deed · related —
    Jun 28, 2005 $5,000 Ocean Beach Club LLC Boyle,steven A Grant Deed · related —
    Jun 28, 2005 $3,582 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    Jun 27, 2005 $5,000 Ocean Beach Club LLC Mcgoldrick,sherry L Grant Deed · related —
    Jun 14, 2005 — David H Boisvert Boisvert,bevin A Quit Claim Deed · related —
    Jun 14, 2005 $5,000 Ocean Beach Club LLC Roberts,donald K & Kimberly L Grant Deed · related —
    May 24, 2005 — Oscar Bunch Bunch,michael W & Karen S Quit Claim Deed · related —
    May 24, 2005 $5,000 Ocean Beach Club LLC Wesnak,bruce W & Susan M Grant Deed · related —
    May 24, 2005 $3,062 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    May 24, 2005 $3,700 Ocean Beach Club LLC Levinson Michael H Trustees Deed · related —
    May 24, 2005 $4,657 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    May 24, 2005 $3,620 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    May 24, 2005 $5,454 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    May 24, 2005 $4,194 Ocean Beach Club LLC Pata Service Corp Trustees Deed · related —
    — — Ocean Bch Clb LLC — Loan Modification · related —
    — — James Cintron — Deed Of Trust · related $33k · John M Wood

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $9,790,000
      Market price range: $5.95M - $65.7M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -75.9737
    Latitude
    36.8448
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $200,339
    $7,342,800
    $12,893,500
    $20,236,300
    -
    $7,342,800
    $12,893,500
    $20,236,300

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    Virginia Beach, VA 23451-3422
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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.

    More about this property
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