1705 Chestnut StPortsmouth, VA 23704

Property Details for 1705 Chestnut St

Year built

1987

Lot size

1.29 AC

Property size (Sq ft)

25,600 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents Chestnut Apartments, a 32-unit multifamily property located at 1705 Chestnut St, Portsmouth, VA 23704. Built in 1987, this property boasts 25,600 square feet across eight, two-story buildings situated on a 1.29-acre lot. All 32 units are configured as two-bedroom, one-bathroom apartments. The property offers a compelling current NOI of $234,791, translating to a 6.71% cap rate, and a pro-forma NOI of $260,524, representing a 7.44% pro-forma cap rate. The asking price is $3,500,000, or $109,375 per unit, and the price per square foot is $136.72. Benefiting from its strategic location, the property enjoys convenient access to Interstates 464 and 264, placing it within close proximity to major employers such as the Portsmouth Naval Hospital, Naval Shipyard, Sentara Norfolk General Hospital, and EVMS Medical Group. Furthermore, the property is less than five miles from the vibrant Waterside District and the historic Portsmouth area, offering residents a desirable lifestyle and strong rental demand. This well-maintained apartment complex presents a solid investment opportunity with significant potential for future growth and returns.

Location Insight

City

Portsmouth

County

Portsmouth City

State

Virginia

Latitude

36.826

Longitude

-76.3077

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