Bungalow, Contemporary

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.