Active
207 12th St
Virginia Beach VA, 23451
$1,500,000
$355.11 per sqft
Active
4 Beds
4,224 sqft
Multi-family
Built in 1920
THE OFFERING
A luxury 4-unit short-term rental investment opportunity
located one block from Virginia Beach's oceanfront. The asset
is comprised of a 2-bedroom, 1-bathroom flat, and three
3-bedroom, 1-bathroom flats. Originally constructed in 1920,
the building benefits from grandfathered status for short-term
rentals, eliminating the need for extra permits or retrofits. The
building was completely gutted and renovated in 2020, and
features a new roof, central HVAC system, upgraded bathrooms
and fixtures, and new flooring throughout.
EASE OF OPERATIONS
The Property is currently being managed by a local property
management firm specializing in the short-term market. The
property manager is available to continue managing the asset for
new ownership. This provides new ownership with a seamless
and uninterrupted transition into operations.
IRREPLACEABLE LOCATION
The Property is in Virginia Beach's thriving Vibe Creative District
and one block from the oceanfront, locking new ownership
into a highly sought after vacation destination with long-term
durability due to its location. This presents new ownership with
an opportunity to capitalize on a high-performing asset in an
irreplaceable location.
PRIME SHORT-TERM RENTAL SUB-MARKET
Virginia Beach was recently named a top 10 sub-market for
short-term rental assets, measured by owner's profitability.
The Property is 5 blocks from one of the largest tourism
developments in Virginia Beach's history, Atlantic Park. The
development, which is set to open Spring 2025, consists of a
3,500-seat entertainment venue, parking garage and wave park.
New ownership can capitalize on increasing demand driven by
Virginia Beach's continued commitment to becoming a top tourist
destination in the Mid-Atlantic.
VAVB2000472
MLSⓇ ID
July 25, 2024
Listed
September 3, 2024
Updated
Map
207 12th St
Virginia Beach VA, 23451
Interior Features
Bedrooms
4
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Forced Air
Exterior/Building Features
Lot Size
0.18 Acres
Architectual Style
Bungalow, Contemporary
Roof
Shingle
School Information
School District
VIRGINIA BEACH CITY PUBLIC SCHOOLS
Other Property Details
Taxes
$9,627
Tax Frequency
Annually
Days on Market
39
Garage
No
View
No
County
VIRGINIA BEACH CITY
Pool
No
Listing History
Date | Event | Price |
---|---|---|
9/3/2024 | Price change | $1,500,000 -10% |
Listed by Ari Firoozabadi, with Greysteel Company LLC
Listing Contact: 2022802722
The IDX display contains information sourced from the Bright MLS, Inc. as of 9/3/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.
©2024 Bright MLS, Inc. all rights reserved.
Data last updated on 9/3/2024 at 7:10 PM UTC