207 12TH ST Virginia Beach, VA 23451
UPDATED:
10/10/2024 01:12 PM
Key Details
Property Type Multi-Family
Sub Type Detached
Listing Status Under Contract
Purchase Type For Sale
Square Footage 4,224 sqft
Price per Sqft $355
MLS Listing ID VAVB2000472
Style Bungalow,Contemporary
Abv Grd Liv Area 4,224
Originating Board BRIGHT
Year Built 1920
Annual Tax Amount $9,626
Tax Year 2024
Lot Size 7,973 Sqft
Acres 0.18
Property Description
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.
Location
State VA
County Virginia Beach City
Zoning OR
Interior
Hot Water Other
Heating Forced Air
Cooling Central A/C
Heat Source Other
Exterior
Waterfront N
Water Access N
Roof Type Shingle
Accessibility Other
Parking Type Driveway
Garage N
Building
Foundation Other
Sewer Other
Water Other
Architectural Style Bungalow, Contemporary
Additional Building Above Grade
New Construction Y
Schools
School District Virginia Beach City Public Schools
Others
Tax ID NO TAX RECORD
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
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