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Schooner Inn 215 Atlantic Ave 89 Room Hotel Virginia Beach, VA 23451 $26,500,000 ($297,753/Room)
INVESTMENT HIGHLIGHTS
- Premier oceanfront location.
- Desirable redevelopment opportunity.
- Direct access to beach, boardwalk, and adjacent to planned Rudee Park.
EXECUTIVE SUMMARY
PRIME REDEVELOPMENT OPPORTUNITY
C.B.M. Co. is offering for sale a premier oceanfront parcel located at 215 Atlantic Avenue, Virginia Beach, VA 23451. This rare redevelopment opportunity includes a 150’ x 200’ oceanfront lot, currently home to the Schooner Inn.
The property is at the southernmost point of the Virginia Beach resort area, bordered by the boardwalk and oceanfront to the east and the planned Rudee Park to the south and west. Favorable zoning allows for higher density redevelopment with minimal setbacks and height restrictions. Visit www.215atlantic.com for more information including a massing study highlighting potential redevelopment potential.
C.B.M. Co. is offering for sale a premier oceanfront parcel located at 215 Atlantic Avenue, Virginia Beach, VA 23451. This rare redevelopment opportunity includes a 150’ x 200’ oceanfront lot, currently home to the Schooner Inn.
The property is at the southernmost point of the Virginia Beach resort area, bordered by the boardwalk and oceanfront to the east and the planned Rudee Park to the south and west. Favorable zoning allows for higher density redevelopment with minimal setbacks and height restrictions. Visit www.215atlantic.com for more information including a massing study highlighting potential redevelopment potential.
PROPERTY FACTS
| Price | $26,500,000 | Lot Size | 0.69 AC |
| Price Per Room | $297,753 | Building Size | 48,353 SF |
| Sale Type | Investment | No. Rooms | 89 |
| Sale Condition | Redevelopment Project | No. Stories | 6 |
| Property Type | Hospitality | Year Built | 1972 |
| Property Subtype | Hotel | Parking Ratio | 1.36/1,000 SF |
| Building Class | B | Corridor | Exterior |
| Zoning | OR - Oceanfront Resort District Zoning - Allows for high density redevelopment | ||
| Price | $26,500,000 |
| Price Per Room | $297,753 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 0.69 AC |
| Building Size | 48,353 SF |
| No. Rooms | 89 |
| No. Stories | 6 |
| Year Built | 1972 |
| Parking Ratio | 1.36/1,000 SF |
| Corridor | Exterior |
| Zoning | OR - Oceanfront Resort District Zoning - Allows for high density redevelopment |
AMENITIES
- Wheelchair Accessible
- Outdoor Pool
- Beach (direct access)
- Public Access Wifi
- Smoke-Free
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 6 | $130.00 | - |
| Guest Room | 83 | $94.00 | - |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,159,700 | |
| Land Assessment | $9,750,000 | Total Assessment | $11,909,700 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$9,750,000
Improvements Assessment
$2,159,700
Total Assessment
$11,909,700
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C.B.M. Co.
Schooner Inn | 215 Atlantic Ave
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