3257 Colechester Rd Virginia Beach, VA 23456-4129

Property Details for 3257 Colechester Rd

Year built

1980

Construction

TYPE NOT SPECIFIED

Lot size

50.89 lot acres

Property size

1,088 SF

Zone code

AG1

Property type

Mobile home & RV parks

Property subtype

Campgrounds

APN

24221910670000

APU

24221910670000

Description

This exceptional 50.89-acre waterfront RV park in Virginia Beach, VA, presents a unique investment opportunity. Boasting 110 sites (including 6 cabins and 10 tent sites), this Class B property, built in 1980 and renovated in 2023, offers a strong 5.09% cap rate and a substantial NOI of $305,186. The asking price is $6,000,000, translating to $54,545.45 per unit and $5,514.71 per square foot of the 1,088 square foot main building. Situated on Colechester Road (zip code 23456), this park benefits from its proximity to Atlantic Ocean beaches and a waterfront restaurant, easily accessible by boat or vehicle. Amenities include a boat ramp, dockage, pool, game room, sports courts, playground, bathhouse, kayak and canoe rentals, and a pavilion. Multiple revenue streams are generated through a park store, boat and RV storage, boat ramp fees, and RV pump-out services. Significant value-add potential exists through expansion to 200 sites (RV or tent) and increased boat/RV storage, leveraging grandfathered expansion rights. The park is surrounded on one side by undeveloped wildlife refuge, ensuring the preservation of its tranquil setting. Onsite are a workshop and maintenance pole barn with equipment. This is a truly remarkable opportunity to acquire a thriving waterfront RV park with substantial growth potential.