Chestnut Apartments | 1705 Chestnut St
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Chestnut Apartments 1705 Chestnut St
32 Unit Apartment Building $4,977,000 CAD ($155,531 CAD/Unit) 6.71% 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
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,977,000 CAD | Apartment Style | Low Rise |
| Price Per Unit | $155,531 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.22 AC |
| Cap Rate | 6.71% | Building Size | 25,600 SF |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1987 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $4,977,000 CAD |
| Price Per Unit | $155,531 CAD |
| Sale Type | Investment |
| Cap Rate | 6.71% |
| 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 |
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 | - | - |
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PROPERTY TAXES
| Parcel Number | 0055-0550 | Improvements Assessment | $2,879,023 CAD (2024) |
| Land Assessment | $816,463 CAD (2024) | Total Assessment | $3,695,486 CAD (2024) |
PROPERTY TAXES
Parcel Number
0055-0550
Land Assessment
$816,463 CAD (2024)
Improvements Assessment
$2,879,023 CAD (2024)
Total Assessment
$3,695,486 CAD (2024)
zoning
| Zoning Code | URM |
| URM |
Contacts
-
Justin Ferguson -
Altay Uzun -
Theo Jolley -
Jack Carroll -
Tracey Mori -
Marcus & Millichap
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Chestnut Apartments | 1705 Chestnut St
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