Deltha Gardens
7.66% Cap Rate on This Newport News Shipbuilding Hub Investment
Marketing description
Marcus & Millichap is pleased to present the offering memorandum for Deltha Gardens located at 505-511 Randolph Street in Newport News, Virginia.
The property consists of seven units built in 1969. There are a mix of two- and four- bedroom units that are situated on 0.34 acres.
Newport News is home to the Newport News Shipbuilding, the largest shipbuilding company in the United States. The shipyard has a long-standing tradition of constructing military and commercial vessels, including aircraft carriers and submarines. The Port of Newport News is also an important deep water port for shipping and trade. In addition the city is host to prominent educational institutions like Christopher Newport University, a public liberal arts university known for its strong academic programs. The city also has various research facilities and technical training centers, contributing to the intellectual and technological advancement of the region.
Investment highlights
7 Units: A Mix of Two- & Four-Bedroom Units
Fully Renovated with Washer & Dryer in Each Unit
Operational Value-Add Opportunity
TRANSIT ORIENTED Easy access to Hampton Roads Bridge Tunnel, I-64, I-664 & James River Bridge
EASY ACCESS TO NUMEROUS EMPLOYMENT CENTERS Within 10 minutes from Newport News/Williamsburg International Airport, Hampton University, and Newport News Shipbuilding
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