Marcus & Millichap is pleased to present the Peach Street Townhomes located in Portsmouth, Virginia. Peach Street Townhomes consists of twenty four (24) separately deeded townhomes and one (1) Four Bedroom, 1 Bath Home built in 1986, and situated on 0.3 Acres. Each tenant is responsible for paying all utilities. Due to area's shortage in two bedroom units and the proximity to the community center and major roads, this unit mix caters well to the demographic composition of the sub market.
The property is located .3 miles from the Norfolk Naval Shipyard, often called the Norfolk Navy Yard, a historic and active U.S. Navy facility that is actually located in Portsmouth rather than Norfolk. Home to one of the oldest, largest, and most active bases in the U.S., Norfolk Naval Shipyard, Portsmouth will continue to positively perform as a military hub throughout the coming years. In 2018, military personnel expansion is predicted to yield growth as high as in 8,500 new soldiers, 5,000 new sailors, 5,800 new airmen, 1,000 new marines. The close proximity to the base along with administration of republican extension allows vintage and novel residents to experience a vibrant history, eclectic culture, and long-term stabilization within walking distance.
The property is serviced by U.S. and State Routes 264, 17, 141, and 337 providing intra-city access to the primary commercial and employment drivers of the area including the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE systems, and more. Tenants with school-age children have access to public schools less than a mile away. The Norfolk International Airport, which serves the entire Hampton Roads, is located only 13.5 miles from the property. The recent $200 million redevelopment of the waterside district and Hilton Hotel in downtown Norfolk, only 3 miles away, allows tenants to be close to all the major attractions and employers.
