3721 Turnpike Rd
Portsmouth, VA 23701
Turnpike Terrace · Multifamily Property For Sale · 40 Units

Marcus & Millichap is pleased to present the Offering Memorandum for Kingman Apartments, located in Portsmouth, Virginia. The property consists of 40 garden-style apartment units in four 2-story buildings. The buildings were built in 1987 and are situated on 1.75 acres. The subject property neighbors Interstate 264; a primary traffic artery through the South Hampton Roads region. Kingman Apartments consists of (24) two bedroom, one bathroom units, and (16) three bedroom, two bathroom units. Due to a shortage of larger housing for rent, this unit mix is highly favorable for the area. Sewer and water expenses are paid by the property. Kingman Apartments is serviced by U.S. and State Routes 17, 141, 337, and 58 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, Norfolk State University and more. The Subject Property is centrally located between the Norfolk Naval Shipyard and the Portsmouth Marine Terminal, an international-reaching terminal and largest private investment in the state of Virginia. 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 15 miles from the property. The urban outskirts of the Hampton Roads have seen a steady influx of residential owners since 2012, spurring the surrounding areas’ commercial boom. Projects across Suffolk, Portsmouth, and Chesapeake expect an increase in commercial development and acquisition upwards of 200 acres, economic job growth nearing 5,000 additional workers, and total investments of roughly $600 million by 2035. These projects such as Harborview Town Center, Portsmouth International Port, Chesapeake 2035 and many more continue to progress into 2018, many of which predicting completion in a short 10 years.