Virginia Beach Multifamily for Sale - Oceanfront
** This is a 12-unit Townhome Portfolio - NOT AN APARTMENT BUILDING**
Reduced $450,000! Huge value add opportunity with tons of potential for value-add! Contact agent for pro forma and projections! 1031 exchange opportunity.
Meet Atlantic Palisades, a luxury townhome complex where each unit has 3 or 4 bedrooms, 3 baths, a 2-car garage, or multiple reserved onsite parking spaces. Quality construction, attention to detail, and close proximity to the oceanfront are just a few features your future tenants will love.
All units are currently occupied as long-term rentals, but this property has the potential for short-term rentals with proper permits from the City of Virginia Beach. Short-term rentals are highly sought after in the oceanfront resort district. These homes are located adjacent to the Atlantic Park Wave Pool and Entertainment Venue. Ask the listing agent for more details.
Additional features in each unit include open floor plans, 9-10 foot ceilings with an abundance of windows to flood the space with light, a mix of real hardwood, tile, and carpet floors, electric fireplaces, jetted tubs and more. The kitchens in each unit boast solid maple cabinets, granite countertops, stainless steel appliances, and a second prep sink for the budding chef. Residents can enjoy sunrise or sunset by the beach on a covered balcony and each unit has a finished fourth floor which could be used in a multitude of ways.
This is the perfect opportunity for the investor looking to expand their portfolio to the oceanfront resort area, with the emergence of the Atlantic Park District as the epicenter. Retail, restaurants, and entertainment will be just steps away. The future equity appreciation on these units is an opportunity you shouldn't pass by!
Let's Take a closer look at the structural engineering and design of these units as they are built to last with superior quality construction and standards. Units range in size from 2,200-3,000 sf +/-. Built with 2' x 6" studs on the first level, exterior and firewalls. The studs are 12' on center (16' is the standard) for the perimeter of the building and second-floor firewalls. There is also extensive use of double and triple beams with engineered web floor trusses. All exterior wall surfaces and the roof have exterior plywood instead of OSB, plus there's an additional 5/8" gypsum for sound attenuation. There are extensive hurricane tie-downs, clips and straps throughout to ensure these homes are built to last.
Other notable features include thermostat-controlled attic fans and an extensive insulation package for added efficiency. Each unit has an energy-efficient dual-zone HVAC system with an electronic damper and heat pump. The drive entry and parking area are low- maintenance concrete. There is a low $65 POA fee per unit.
And don't forget about the location - just blocks from the beach, boardwalk, restaurants, shopping, public boat ramp, aquarium, water park, interstate, and THE NEW ATLANTIC PARK DISTRICT!
