Subscribe to Intelligence
View property history data!
Access historical property and tax details including tax amounts, land value, and more to inform your next opportunity.
Opportunity Zone
Chestnut Apartments
Multifamily | 32 Units | $107,031/unit
Listing Contacts
See All (3)
License: VA 0225214405
License: VA 0225225369
Active
Asking Price: $3,425,000
Earnest Money Deposit: 1.5% min.
Address
1705 Chestnut St, Portsmouth, VA 23704
Show on MapDate Added
Aug 14, 2024
Days on Market
213 days
Time Since Last Update
86 days
Details
Property TypeMultifamily
SubtypeApartment Building
Square Footage25,600
Net Rentable (sq ft)25,600
Price/Sq Ft$133.79
Cap Rate7.32%
Pro-Forma Cap Rate8.16%
NOI$250,690
Pro-Forma NOI$279,380
Units32
Year Built1987
Buildings8
Stories2
Lot Size (acres)1.29
Price/Unit$107,031.25
Marketing Description
Marcus & Millichap is pleased to present its Offering Memorandum for 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 Ports-mouth 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.
Investment Highlights
• 32 Units: All Two-Bedroom & One-Bathroom
• Easy Access to I-464 & I-264
• Close Proximity to Major Employers: Norfolk Naval Shipyard, Sentara Norfolk General Hospital, EVMS & Many Others
• Within 10 Minutes of Waterside District & Historic Portsmouth
Valuation Calculator
Valuation Calculator
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$250,690.00
$20,890.83/mo
Valuation Metrics
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
0
DSCR
7.32%
Cap Rate
7.32%
ROI
Property History
| Date | Event | Document | Price | Price/SF | Sold By | Sold To | ||
|---|---|---|---|---|---|---|---|---|
 | | | | | ||||
| | | | | ||||
| | | | | ||||
| | | | | ||||
| | | | | ||||
Due Diligence
Listing Contacts
See All (3)- License: VA 0225214405
- License: VA 0225225369
Similar Properties for Sale
Opportunity Zone
$849,900
1520 Prentis Avenue
Multifamily • 0 Units
1520 Prentis Avenue Portsmouth, VA 23704
Unpriced
High St, Queen St, & Hatton St
Multifamily • 50 Units
5 LOCATIONS
$375,000
444 Dinwiddie St
Multifamily • 4 Units
444 Dinwiddie St Portsmouth, VA 23704
Opportunity Zone
$975,000
DINWIDDIE PLACE APARTMENTS
Multifamily • 12 Units • $81,250/unit
516 Dinwiddie St Norfolk, VA 23523
Unpriced
The Albemarle at 1 E. Plume
2022 Tax Credit Rehab
1 E Plume St Norfolk, VA 23510
$1,095,000
211 West Freemason Street
Unique owner occupant retail/office opportunity with investment upside
211 W Freemason St Norfolk, VA 23510
$3,400,000
Harbour House
Multifamily • NEW 6.58% CAP RATE
337 W Bute St Norfolk, VA 23510
Opportunity Zone
$500,000
344 Maryland Avenue
Multifamily • 0 Units
344 Maryland Avenue Portsmouth, VA 23707
Unpriced
8-Unit Multifamily Portfolio
Multifamily • 8 Units • $119,500/unit
3 LOCATIONS
Unpriced
Abelia Square
Optimal Value-Add Opportunity • 104 Units • 1972 YOC • Portsmouth, VA
6020 Churchland Blvd Portsmouth, VA 23703
$700,000
9619 Cape View Avenue
Multifamily • 6 Units • $166,667/unit
9619 Cape View Ave Norfolk, VA 23503
See more properties for sale in Portsmouth
Broker Information
Is there information that looks off? Report
For assistance, reach out to our support team at [email protected] or call 888.273.0423 .