1705 Chestnut St Portsmouth, VA 23704
- Apartment buildings
- 25,600 SF
- 1.29 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1705 Chestnut St
- Year built
- 1987
- Lot size
- 1.29 lot acres
- Property size
- 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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portsmouth
- County
- Portsmouth City
- State
- Virginia
- Longitude
- -76.3077
- Latitude
- 36.826
