3257 Colechester RdVirginia Beach, VA 23456

Property Details for 3257 Colechester Rd

Year built

1980

Construction

TYPE NOT SPECIFIED

Lot size

50.89 AC

Property size (Sq ft)

1,088 SF

Zone code

AG1

Property type

Hospitality properties

Property subtype

Mobile home & RV parks

APN

24221910670000

APU

24221910670000

Description

This exceptional 50.89-acre waterfront RV park in Virginia Beach, VA, presents a unique investment opportunity. Boasting 110 sites (including 6 cabins and 10 tent sites), this Class B property, built in 1980 and renovated in 2023, offers a strong 5.09% cap rate and a substantial NOI of $305,186. The asking price is $6,000,000, translating to $54,545.45 per unit and $5,514.71 per square foot of the 1,088 square foot main building. Situated on Colechester Road (zip code 23456), this park benefits from its proximity to Atlantic Ocean beaches and a waterfront restaurant, easily accessible by boat or vehicle. Amenities include a boat ramp, dockage, pool, game room, sports courts, playground, bathhouse, kayak and canoe rentals, and a pavilion. Multiple revenue streams are generated through a park store, boat and RV storage, boat ramp fees, and RV pump-out services. Significant value-add potential exists through expansion to 200 sites (RV or tent) and increased boat/RV storage, leveraging grandfathered expansion rights. The park is surrounded on one side by undeveloped wildlife refuge, ensuring the preservation of its tranquil setting. Onsite are a workshop and maintenance pole barn with equipment. This is a truly remarkable opportunity to acquire a thriving waterfront RV park with substantial growth potential.

Location Insight

City

Virginia Beach

County

Virginia Beach City

State

Virginia

Latitude

36.7136

Longitude

-75.9814

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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