Chestnut Apartments 1705 Chestnut St 32 Unit Apartment Building $4,581,390 CAD ($143,168 CAD/Unit) 7.60% Cap Rate Portsmouth, VA 23704
INVESTMENT HIGHLIGHTS
- • 32 Units: All Two-Bedroom & One-Bathroom
- • Close Proximity to Major Employers: Norfolk Naval Shipyard, Sentara Norfolk General Hospital, EVMS & Many Others
- • Easy Access to I-464 & I-264
- • Within 10 Minutes of Waterside District & Historic Portsmouth
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present Chestnut Apartments, a 32-unit property with all two-bedroom and one-bathroom units. Positioned at 1705-1733 Chestnut St in Portsmouth, Virginia, the property enjoys easy access to Interstate 464 and Interstate 264 with proximity to Portsmouth Naval Hospital and Naval Shipyard. The property is also located less than 5 miles from the Waterside District, Sentara Norfolk General Hospital, and EVMS Medical Group in Norfolk.
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | $4,581,390 CAD |
| Price Per Unit | $143,168 CAD |
| Sale Type | Investment |
| Cap Rate | 7.60% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.22 AC |
| Building Size | 25,600 SF |
| No. Stories | 2 |
| Year Built | 1987 |
| Opportunity Zone |
Yes |
| Zoning | URM |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Washer/Dryer
- Washer/Dryer Hookup
- Ceiling Fans
- Kitchen
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 32 | - | - |
1 of 1
PROPERTY TAXES
| Parcel Number | 0055-0550 | Improvements Assessment | $2,811,306 CAD (2024) |
| Land Assessment | $797,259 CAD (2024) | Total Assessment | $3,608,565 CAD (2024) |
