6020 Churchland BlvdPortsmouth, VA 23703

This exceptional 104-unit apartment building, Abelia Square, presents a compelling value-add opportunity in Portsmouth, Virginia. Built in 1972, this well-maintained property boasts a current occupancy rate of 98.1%. Recent capital expenditures exceeding $1,250,000 have enhanced the property, minimizing deferred maintenance and creating a solid foundation for future growth. The strategic location within Portsmouth, VA, at 6020 Churchland Blvd, zip code 23703, places it near major employment centers and Class A retail corridors, ensuring strong demand and rental income potential. Significant rent growth opportunities exist due to current market rents trailing local competitors. The property's attractive assumable debt terms further enhance its investment appeal. This asset is ideally positioned to benefit from ongoing economic development in the area, promising sustained occupancy and rental increases for years to come. This is a rare chance to acquire a well-positioned, value-add multifamily property with substantial upside potential.