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Virginia Beach › OCEAN WAY CONDOMINIUM › 500 Winston Salem Ave #505✓ Source: REIN MLS #10631743 · record updated Aug 6, 2026 · synced every 2 min · your inquiry is never resold
500 Winston Salem AVE #505, VIRGINIA BEACH VA 23451 - Main photo
500 Winston Salem AVE #505, VIRGINIA BEACH VA 23451 - Photo 2
500 Winston Salem AVE #505, VIRGINIA BEACH VA 23451 - Photo 3
500 Winston Salem AVE #505, VIRGINIA BEACH VA 23451 - Photo 4
500 Winston Salem AVE #505, VIRGINIA BEACH VA 23451 - Photo 5
$1,395,000
$499 / sqft · est. $10,064/mo →
4beds
3.1baths
2,798sqft
101days on market

500 Winston Salem Ave #505, Virginia Beach, VA 23451

ActiveResidential · built 1985 · OCEAN WAY CONDOMINIUM

Chapter · The Water

Life on the water

The waterfront is the reason this home exists. Its water record, straight from the listing: Deep Water, Lake, Navigable, Ocean.

Frontage

Lake · Ocean ✓ VERIFIED

Access

Deep-water access

Source: REIN MLS listing record · waterfront features as listed

About this home

The listing, in the seller's words

Perched above the Virginia Beach coastline, this 4-bedroom, 3.5-bath penthouse offers incredible views of Lake Rudee and the Atlantic Ocean. Designed with a spacious open floor plan, the main living area flows seamlessly to the primary balcony, creating the perfect indoor-outdoor space for entertaining or relaxing with a view. The kitchen overlooks the living and dining areas, maximizing both functionality and natural light. The main level features a private en suite bedroom, great for guests or multi-generational living. Upstairs, all bedrooms offer brand-new carpet, while the main living areas feature hard tile flooring with the look of wood for a stylish and durable finish. The primary suite includes its own private balcony, spacious ensuite bath, and stunning water views. With two balconies, generous living spaces, and an unbeatable location near the beach, dining, and entertainment, this penthouse delivers luxury coastal living at its finest.

Listing courtesy of Cameron Elliott · AtCoastal Realty · REIN MLS #10631743

VaHome team overview

Our read on this home

by Tom & Dariya Milan, REALTORS® · LPT Realty

At a glance

500 Winston Salem Ave #505 puts 2,798 square feet of Virginia Beach living just steps from the oceanfront — four bedrooms, three and a half baths, and a location that makes dam Neck Annex and NAS Oceana both a quick seven-minute drive or less.

Read the full overview ↓

Why this home stands out

What separates this address from most Virginia Beach condos is sheer scale. At nearly 2,800 square feet with four bedrooms and three and a half baths, #505 lives more like a single-family home than a typical high-rise unit. Built in 1985, the building carries that solid mid-decade construction character, and the location — a short walk from the Atlantic — means the oceanfront lifestyle isn't something you visit on weekends; it's simply where you live.

OCEAN WAY CONDOMINIUM and the Virginia Beach real estate market

The stretch of Virginia Beach surrounding Winston Salem Avenue sits right in the heart of the Resort Area, where the energy of the boardwalk meets genuine residential life. You're within a few blocks of the Atlantic Ocean, which means morning walks on the sand are a realistic part of any daily routine. The neighborhood draws a mix of long-term residents and people who've made a deliberate choice to trade a longer commute for an address that feels like a permanent vacation without actually being one. Virginia Beach as a city offers something rare in Hampton Roads — a major oceanfront destination that also functions as a fully self-contained community with its own medical centers, employment corridors, and recreation infrastructure. The Resort Area specifically benefits from ongoing city investment in the boardwalk district, making this corner of Virginia Beach one of the more dynamic places to own property in the region.

What's nearby

Daily errands and evening plans are both easy from #505. Prise's Food Mart covers grocery runs at 0.7 miles, and Tienda Latina La Tapatia 2 is just a mile out for specialty ingredients. For dining, you're spoiled — Rudee's Restaurant and Cabana Bar, The Dock Grill, and Docktails VB are all within 0.2 miles, making waterfront dinners a walk rather than a drive. Zeke's and Virginia Beach Coffee Co are both under a mile for your morning cup. Fitness options include TakeOver Athletics Shadowlawn, CoreStrength Center, and ReStormi Pilates within a mile. Marshview Park, Marshview Park Field, and Grommet Island Park round out the outdoor options nearby.

For different buyers

For military families relocating

Dam Neck Annex is roughly six minutes away and NAS Oceana about seven — both without touching a highway. For military households, that kind of commute math is rare at an oceanfront Virginia Beach address. A VA loan can make a four-bedroom, three-and-a-half-bath unit this close to two major installations genuinely competitive, and the size means the whole family fits comfortably through every PCS cycle.

For families upgrading

Four bedrooms and nearly 2,800 square feet give a growing family real room to spread out — separate spaces for work, school, and downtime without anyone feeling on top of each other. Add in the walkable access to parks like Grommet Island Park and Marshview Park, plus a dining and coffee scene right outside the door, and this Virginia Beach address starts to look less like a compromise and more like the upgrade you've been planning.

More buyer questions

How far is 500 Winston Salem Ave #505 from Dam Neck Annex?

Dam Neck Annex is approximately six minutes from the property by car. That's one of the shorter base commutes available at an oceanfront Virginia Beach address.

How far is 500 Winston Salem Ave #505 from NAS Oceana?

NAS Oceana is about seven minutes away by car. Both Dam Neck Annex and NAS Oceana are accessible without a lengthy highway commute.

Is 500 Winston Salem Ave #505 in a flood zone?

Flood zone information for this address is displayed in the FloodRisk tile on this page. Given the proximity to the oceanfront, reviewing that data carefully is a standard part of due diligence for any buyer.

What is the square footage of unit #505 at 500 Winston Salem Ave?

The unit measures 2,798 square feet with four bedrooms and three and a half baths — notably large for a condominium in the Virginia Beach Resort Area.

Are there restaurants and shops within walking distance of 500 Winston Salem Ave?

Yes — Rudee's Restaurant and Cabana Bar, The Dock Grill, and Docktails VB are all within 0.2 miles, and grocery, coffee, and fitness options are within a mile in multiple directions.

Tom and Dariya Milan at LPT Realty know this stretch of Virginia Beach well. Reach out to get your questions answered and schedule a private walkthrough of #505.

Summary generated by AI from public records and publicly available information.

Schools

Info provided by GreatSchools

Facts & features

The record, sourced

Type

Residential

Year built

1985

Price / sqft

$499

Condo fee

$1,846/mo

Taxes

$6,871/yr

County

Virginia Beach VA

Waterfront

Yes

MLS #

10631743

Condo association includes

ClubhouseElevatorExercise RmGround MaintPoolSecuritySewerTrash PickupWater

$1,846/mo condo fee · Ocean Way Condominium Owners Association · per the REIN MLS listing record — confirm inclusions with the association.

Interior

Bedrooms
4
Full baths
3
Half baths
1
Approx. sqft
2,798
Stories
2
Flooring
Carpet, Ceramic, Laminate/LVP
Ensuite bedrooms
2
First-floor bed & full bath
Yes
Total rooms
11
Other rooms
1st Floor BR, 1st Floor Primary BR, Balcony, Foyer, PBR with Bath
Appliances
Dishwasher, Disposal, Dryer, Microwave, Elec Range, Refrigerator, Washer
Equipment
Ceiling Fan

Construction & exterior

Style
Contemp
Subtype
Attached
Foundation
Pile
Roof
Asphalt Shingle,Poly Skin
Exterior
EIFS
Pool
No Pool
Waterfront
Deep Water,Lake,Navigable,Ocean
Deep-water access
Yes

Utilities & systems

Heating
Heat Pump
Cooling
Central Air, Heat Pump
Water heater
Electric
Water
City/County
Sewer
City/County

Lot, parking & ownership

Subdivision
OCEAN WAY CONDOMINIUM
Unit / floor
5
Zoning
RT3
Ownership
Condo
Garage
Yes
Parking
Parking Gar, 1 Space, Assigned/Reserved, Lot
Possession
CLOSE
Disclosures
Disclosure Statement

See more Virginia Beach waterfront homes.

Sources: REIN MLS record · null fields are suppressed, never faked

Flood & environment

FEMA flood zone AE · base flood elevation 8 ft · Special Flood Hazard Area (flood insurance typically required) · FIRM 515531

Flood Risk

Looking up FEMA flood zone…

Zone AE typically means lenders require flood insurance — factor it into the monthly numbers below.

Hurricane Evacuation Zone

Evacuation Zone C

Source: Virginia Dept. of Emergency Management — Know Your Zone

Military Aircraft Zone Information

Aircraft Noise

70-75 dB DNL

Accident Potential Zone

Not in a mapped Accident Potential Zone

Source: U.S. Navy AICUZ — Air Installations Compatible Use Zones (via city GIS)

Explore this neighborhood

Rudee Heights

Rudee Heights is a compact waterfront neighborhood at the south end of the Virginia Beach Oceanfront, set on the peninsula between Lake Rudee and Lake Wesley near Rudee Inlet.

1

For sale now

$176K

HH income

81.7%

Owner-occupied

U.S. Census ACS 2024 5-year

Explore Rudee Heights →
Map of Rudee Heights with neighborhood boundaryNeighborhood

homes for sale in Virginia Beach →

Location intelligence

Minutes to real places, not a score

Location & Neighborhood

Places within ~1 mile, ordered by distance from this property. Powered by Google Places.

Military Commute

Drive times to nearest bases

Drive times via Google Maps with current traffic patterns. Times are typical and may vary by time of day. Use the "Analyze" button up top to see live drive time to your saved base.

The numbers

Run the real carrying cost

Homes at this tier often trade in cash or portfolio financing — the calculator below shows a financed view; taxes are from the public record.

Estimate your monthly payment

$8,218/mo

Principal & interest

$7,238

Property tax

$573

Home insurance

$407

PMI

None

HOA/Condo (paid separately)

$1,846

Estimate only. Association (HOA/condo) fees are paid separately and are not included in the payment above. Insurance assumed at 0.35% of home value annually. Actual taxes, insurance, and rate will vary by lender, credit, and property. Contact a lender for a personalized quote.

Value & history

Judge value on real ground

Why we show no algorithmic estimate.

National AVMs misprice homes whose value drivers they can't see. Instead: the sourced assessment above, the carrying cost, real price history, and honest comparables below.

Price context — similar nearby homes

$1,000,000 – $1,270,000

The 6 most similar homes nearby (same city, within ~20% of this size, ~2.5 mi; 6 sold). Context for judging the asking price — not an appraisal or an estimate of this home's value.

707 Carolina AVE · 0.3 mi · 2,700 sqft$1,049,000 sold 2026-03
533 Vanderbilt AVE · 0.7 mi · 2,800 sqft$1,260,000 sold 2026-06
665 S Atlantic AVE · 0.8 mi · 2,800 sqft$1,000,000 sold 2026-05

Sale & Tax History

List Price

$1,395,000

Price / Sq Ft

$499

Annual Taxes

$6,871

Monthly Tax

$573

Condo fee

$1,846 / mo

Tax Rate (effective)

0.49%

Sale Timeline (this listing)

EventDatePriceDetail
ListedApr 27, 2026$1,395,000—
Price reducedJul 10, 2026$1,395,000−$105,000
Currently listed—$1,395,000—

Looking for multi-year tax assessments or prior sales? REIN MLS only ships data for the current listing. For full property history, check the city assessor record:

Virginia Beach Real Estate Assessor

Tax data above from REIN public-records sync. Sale timeline tracked from this listing's first appearance in our feed forward; prior owner sales are not included.

Comparable Properties

Comps are selected by city, bed count, square footage and price proximity. Composite similarity score weights bed match, sqft variance, price variance, and straight-line distance.

Market tempo

101 days on market — read it in context

Higher-priced homes market more slowly by nature: the buyer pool is smaller and diligence is heavier. Days-on-market at this tier is a rhythm, not a warning.

Questions buyers ask

Real questions, answered from the record

Is 500 Winston Salem Ave #505 in a good school zone?+
The assigned zones on the listing record are W.T. Cooke Elementary (GreatSchools 7/10), Virginia Beach Middle (GreatSchools 7/10), First Colonial (GreatSchools 7/10). School attendance zones can change — always confirm enrollment with the local school division.
Is 500 Winston Salem Ave #505 in a flood zone?+
FEMA maps this parcel in Zone AE with a base flood elevation of 8 ft — a high-risk flood band where lenders typically require flood insurance. See the flood section on this page for the full details and sources, and verify with an elevation certificate.
Is there a gym near 500 Winston Salem Ave #505?+
Yes — CoreStrength Center is about 0.3 miles away, per the cached nearby-places record for this address.
Are there parks near 500 Winston Salem Ave #505?+
Grommet Island Park is about 0.4 miles away.
Where is the nearest grocery store to 500 Winston Salem Ave #505?+
Prise's Food Mart is about 0.5 miles away. The closest dining on record is Docktails VB (0 mi).
Is 500 Winston Salem Ave #505 a waterfront property?+
Yes. The listing record shows: Deep Water,Lake,Navigable,Ocean.
Does 500 Winston Salem Ave #505 have a condo association?+
Yes — condo association fees are on record for this unit (the current amount is shown in the facts section on this page). The association of record is Ocean Way Condominium Owners Association. Association amenities on record include: Clubhouse, Elevator, Exercise Rm, Ground Maint, Pool, Security, Sewer, Trash Pickup, Water.
When was 500 Winston Salem Ave #505 built?+
It was built in 1985, per the listing record.

Answers generated from the listing record, verified school zones, FEMA data, and cached nearby-places data — never invented.

The people

You'll talk to a person, not a lead queue

TD

Tom & Dariya Milan

LPT Realty · Hampton Roads · answer their own phone

✓ Your inquiry goes to Tom & Dariya — never sold to strangers

Listing courtesy of Cameron Elliott · AtCoastal Realty · REIN MLS #10631743

Call or text (757) 777-7577

Ask Dariya — instant answers

Schools, flood, drive times, what it really costs to own — answered from this page's data, by chat or voice.

Schedule a private tour

Free, no obligation — your inquiry goes to Tom & Dariya, never resold.

500 Winston Salem Ave #505, Virginia Beach — photo

See it in person — the record only says so much.

Call or text (757) 777-7577

500 Winston Salem Ave #505, Virginia Beach, Virginia 23451 · MLS #10631743 · Source: REIN MLS + public record. Information deemed reliable but not guaranteed — verify independently. School zones subject to change; confirm with the local school division. All locations are described by neutral geographic fact. Equal Housing Opportunity.

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