12 days on market
$1,500,000
500 Winston Salem Ave #505
Virginia Beach, Virginia 23451
MLS# 10631743 · OCEAN WAY CONDOMINIUM · Virginia Beach VA
Updated May 7, 2026 · Source: REIN MLS
Est. payment
$8,793/mo
Edit below
Price / sq ft
$536
2,798 sq ft
Days on market
12
New listing
HOA
None
Year built
1985
41 yrs old
Beds
4
Full Baths
3
Half Baths
1
Sq Ft
2,798
Garage
Yes
About this home
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 natura…
Listed by Cameron Elliott · AtCoastal Realty
VaHome Team property overview
Unit 505 at 500 Winston Salem Ave puts nearly 2,800 square feet of oceanside condominium living in Virginia Beach's resort corridor — four bedrooms, three and a half baths, and a location that places restaurants, parks, and two military installations within minutes of your front door.
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Why this home stands out
Four-bedroom, three-and-a-half-bath condominiums this close to the Virginia Beach oceanfront are genuinely rare. At 2,798 square feet, Unit 505 offers the footprint of a single-family home wrapped in the low-maintenance lifestyle of a condo — no yard work, no exterior upkeep, just a walkable resort neighborhood and two military bases each under ten minutes away. The Ocean Way Condominium community adds a layer of established character that newer high-rises simply can't replicate.
OCEAN WAY CONDOMINIUM and the Virginia Beach real estate market
Ocean Way Condominium sits in one of the most sought-after pockets of Virginia Beach — the resort strip where the Atlantic Ocean is a constant backdrop and the energy of the boardwalk is always within reach. This is the kind of address that draws people browsing homes for sale in Virginia Beach who want genuine coastal living, not just a zip code near the water. The building sits steps from Rudee Inlet, where the ocean meets the bay, giving the surrounding streets a marina-town feel that's distinct from the broader resort strip. Neighbors walk to dinner, bike to the beach, and kayak from nearby inlets on weekends. Virginia Beach's resort district has invested heavily in its public spaces and pedestrian infrastructure over the years, and this corridor benefits directly from that — wide sidewalks, well-lit streets, and a genuine sense of place that makes it feel like a destination even on a Tuesday afternoon.
What's nearby
Daily life is remarkably convenient here. Prise's Food Mart handles quick grocery runs just half a mile out, and Tienda Latina La Tapatia 2 is a mile away for specialty ingredients. For coffee, you have three options within half a mile: Zeke's, Virginia Beach Coffee Co, and a 7-Eleven for those early-morning departures. Fitness is covered by CoreStrength Center at 0.3 miles, TakeOver Athletics Shadowlawn at 0.5, and Kaizen Athletics under a mile out. When it's time to unwind, Docktails VB and The Dock Grill are essentially at your doorstep, with Rudee's Restaurant and Cabana Bar just a tenth of a mile away. Grommet Island Park, The Jetty, and Marshview Park are all within six-tenths of a mile for outdoor time.
For different buyers
For military families relocating
Dam Neck Annex is six minutes away and NAS Oceana is seven — two of the region's most active installations, both reachable before your coffee gets cold. A VA loan can make a property like this more accessible than you might expect, and BAH rates for Virginia Beach reflect the area's coastal demand. Four bedrooms means everyone gets space, and the low-maintenance condo format fits the tempo of military life perfectly.
For families upgrading
If you're searching for houses for sale in Virginia Beach and keep running into smaller footprints, Unit 505 reframes the conversation. Nearly 2,800 square feet across four bedrooms and three and a half baths gives a growing family genuine room to spread out — separate spaces for work, school, and downtime — while the walkable resort neighborhood means weekends essentially plan themselves. Grommet Island Park and the nearby waterfront are practically in the backyard.
Frequently asked questions
How far is 500 Winston Salem Ave #505 from Dam Neck Annex?
Dam Neck Annex is approximately six minutes by car from the building — one of the shortest commutes available to personnel stationed there. The route is straightforward and avoids most of the resort-district congestion.
How far is 500 Winston Salem Ave #505 from NAS Oceana?
NAS Oceana is roughly seven minutes away, making this address a practical choice for aviators and support staff stationed at the base. Both Dam Neck Annex and NAS Oceana are reachable without getting on a major highway.
Is 500 Winston Salem Ave #505 in a flood zone?
Given its proximity to Rudee Inlet and the Atlantic coast, flood zone status is an important consideration for this address — check the dedicated FloodRisk tile on this page for the current FEMA designation and what it means for insurance.
Does Ocean Way Condominium have an HOA?
Yes, Ocean Way Condominium is governed by a homeowners association. HOA coverage typically includes exterior maintenance and common area upkeep — contact the listing agent for current details on what the association covers.
What is the walkability like around 500 Winston Salem Ave?
Walkability is one of the strongest selling points of this address — restaurants, coffee shops, parks, and the oceanfront are all within half a mile, and the pedestrian infrastructure in this part of Virginia Beach is among the best in the region.
Ready to see Unit 505 in person? Tom and Dariya Milan at LPT Realty know this corridor well — reach out and let's find a time that works for you.
Summary generated by AI from public records and publicly available information.
Location & Neighborhood
Location & Street View
500 Winston Salem AVE #505, Virginia Beach
Map and Street View imagery © Google. Imagery may not be current.
Map data ©Google. Click and drag inside the map to explore the surrounding area.
Flood Risk
Property Details
Bedrooms
4
Full Baths
3
Half Baths
1
Approx Sq Ft
2,798
Stories
2
Fireplaces
0
Flooring
Carpet, Ceramic, Laminate/LVP
Heating
Cooling
Laundry
Interior Features
N/A
Appliances
Dishwasher, Disposal, Dryer, Microwave, Elec Range, Refrigerator, Washer
Sale & Tax History
List Price
$1,500,000
Price / Sq Ft
$536
Annual Taxes
$6,871
Monthly Tax
$573
HOA
None
Tax Rate (effective)
0.46%
Sale Timeline (this listing)
| Event | Date | Price | Detail |
|---|---|---|---|
| Listed | Apr 28, 2026 | $1,500,000 | — |
| Currently listed | — | $1,500,000 | — |
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:
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.
About buying in Virginia Beach
Virginia Beach is the largest city in Hampton Roads and one of Virginia's most desirable real estate markets. From oceanfront condos along the boardwalk to golf-course communities in Kempsville, established family neighborhoods in Great Neck, and waterfront homes along the Lynnhaven River, the housing inventory here is unusually varied. The city's strong public schools, mild coastal climate, and proximity to Naval Air Station Oceana keep buyer demand consistent year-round, and active inventory typically ranges from sub-$300K starter homes to multi-million-dollar luxury estates.
Military Commute
Drive times to nearest basesDrive 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.
Estimate your monthly payment
$8,793/moPrincipal & interest
$7,783
Property tax
$573
Home insurance
$438
PMI
None
HOA
None
Estimate only. 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.
Listed by AtCoastal Realty · MLS# 10631743
Data provided by REIN MLS. Information deemed reliable but not guaranteed.
$1,500,000
500 Winston Salem AVE #505, VIRGINIABEACH VA 23451
Virginia Beach, Virginia 23451
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