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2504 Arctic Avenue, Northeast Virginia Beach, VA 23451

$1,200,000

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List Price: $1,200,000
MLS#: 10659207
Year Built: 1935
Stories: 2
Subdivision: Beach Borough

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Property Description

Rare opportunity to acquire a 5-unit multi-family property in highly desirable Old Beach, 2 blocks from beach. Massive upside potential. Irreplaceable acquisition opportunity w/2 separate structures. 2 units positioned for immediate premium rehab & market-rent stabilization. 2 units currently available to show. 3 units are currently managed & occupied offering immediate income. 1st floor unit has 3 bedrooms/1 bath & other unit is 1 bedroom/1 bath. All other units 1 bed/1bath. Current rent roll analysis: 2 units at $995/month each, plus 401 25th St #3 (same tax parcel) at $1050/month. 3 bedroom market rate estimated $2100/mo & other unit $1100/mo. Zoned A-12 & part of Old Beach Overlay Redevelopment, not zoned for STR use.Property to be sold strictly As-Is, Where-Is. All statements regarding property features are estimates. Buyer to exercise due diligence to verify all info.

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Additional Information

Heating: Electric
Cooling: Window/Wall
Exterior: Vinyl
Roof: Asphalt Shingle
Elementary School: W.T. Cooke Elementary
Middle School: Virginia Beach Middle
High School: First Colonial