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1601 Pennwood Dr
Hampton, VA 23666
Mercury West · Multifamily Property For Sale
·
204 Units
PROPERTY FACTS
| No. Units | 204 | Building Size | 200,000 SF |
| Property Type | Multifamily | Average Occupancy | 91% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1964 |
| Building Class | C | Parking Ratio | 1.02/1,000 SF |
| Lot Size | 9.43 AC | ||
| Zoning | R-M | ||
| No. Units | 204 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 9.43 AC |
| Building Size | 200,000 SF |
| Average Occupancy | 91% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.02/1,000 SF |
| Zoning | R-M |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
- Online Services
- Walk-Up
- Smoke Detector
ABOUT 1601 PENNWOOD DR , HAMPTON, VA 23666
Colliers International is pleased to present Mercury West Apartments; a 204-unit, value-add investment opportunity located off of West Mercury Boulevard, the business arterial of Hampton, VA, with 59,000 annual average daily traffic. The meticulously maintained property is being offered for purchase to the market for the first time by the original owner/developer. A successful renovation program has been implemented to 50 of the two-bedroom unit types, achieving average monthly premiums of $120 per unit. In-place average leased rents range up to $289 below market competitors with monthly rents averaging at the bottom of its competitive set. New ownership will amplify returns through organic rent growth and renovating the remaining 75% of units in classic condition.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 188 | - | 881 |
| 3+2 | 16 | - | 1,166 |
PROPERTY TAXES
| Parcel Number | 3001517 | Improvements Assessment | $19,328,000 |
| Land Assessment | $4,080,000 | Total Assessment | $23,408,000 |
PROPERTY TAXES
