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The Grand at New Port 3817 George Washington Hwy 250 Unit Apartment Building $22,500,000 ($90,000/Unit) 6.26% Cap Rate Portsmouth, VA 23702
Investment Highlights
- Workforce housing situated near the Port of Virginia, Norfolk Naval Shipyard and Scott Annex Naval Base.
- -Close To Portsmouth City Park -Close To Scott Annex Naval Base -Located On HRT Bus Line -Minutes From I-264 -Near Norfolk Naval Shipyard
Executive Summary
Prime investment opportunity
Grand at New Port – 250 Units – all 2 bedroom – 3817 George Washington Highway, Portsmouth, VA
T-12 NOI = $1,409,139.79
Occupancy = 92.0% occupied
Rent Growth opportunity as average rent is considerably lower than Virginia Housing rent limits
- Market Rent = $950/month - $1,100/month
- Virginia Housing rent limit = $1,438/month
The current EUA for the property is available . EUA period began 2017 and ends 2031.
Current ownership has invested $2,000,000 CapEx over the past 3 years.
- Roof replacement, grounds improvements, lighting improvements, landscaping improvements, HVAC replacements and approximately 100 unit renovations
Grand at New Port – 250 Units – all 2 bedroom – 3817 George Washington Highway, Portsmouth, VA
T-12 NOI = $1,409,139.79
Occupancy = 92.0% occupied
Rent Growth opportunity as average rent is considerably lower than Virginia Housing rent limits
- Market Rent = $950/month - $1,100/month
- Virginia Housing rent limit = $1,438/month
The current EUA for the property is available . EUA period began 2017 and ends 2031.
Current ownership has invested $2,000,000 CapEx over the past 3 years.
- Roof replacement, grounds improvements, lighting improvements, landscaping improvements, HVAC replacements and approximately 100 unit renovations
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$3,019,200
|
$19.55
|
| Other Income |
$92,677
|
$0.60
|
| Vacancy Loss |
$593,731
|
$3.85
|
| Effective Gross Income |
$2,518,146
|
$16.31
|
| Taxes |
$163,812
|
$1.06
|
| Operating Expenses |
$918,955
|
$5.95
|
| Total Expenses |
$1,082,767
|
$7.01
|
| Net Operating Income |
$1,435,379
|
$9.30
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $3,019,200 |
| Annual Per SF | $19.55 |
| Other Income | |
|---|---|
| Annual | $92,677 |
| Annual Per SF | $0.60 |
| Vacancy Loss | |
|---|---|
| Annual | $593,731 |
| Annual Per SF | $3.85 |
| Effective Gross Income | |
|---|---|
| Annual | $2,518,146 |
| Annual Per SF | $16.31 |
| Taxes | |
|---|---|
| Annual | $163,812 |
| Annual Per SF | $1.06 |
| Operating Expenses | |
|---|---|
| Annual | $918,955 |
| Annual Per SF | $5.95 |
| Total Expenses | |
|---|---|
| Annual | $1,082,767 |
| Annual Per SF | $7.01 |
| Net Operating Income | |
|---|---|
| Annual | $1,435,379 |
| Annual Per SF | $9.30 |
Property Facts
| Price | $22,500,000 | Apartment Style | Townhome |
| Price Per Unit | $90,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 14.50 AC |
| Cap Rate | 6.26% | Building Size | 154,400 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 95% |
| No. Units | 250 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1942/1999 |
| Property Subtype | Apartment | Parking Ratio | 0.42/1,000 SF |
| Zoning | URH | ||
| Price | $22,500,000 |
| Price Per Unit | $90,000 |
| Sale Type | Investment |
| Cap Rate | 6.26% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 250 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 14.50 AC |
| Building Size | 154,400 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1942/1999 |
| Parking Ratio | 0.42/1,000 SF |
| Zoning | URH |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Washer/Dryer Hookup
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Carpet
- Freezer
- Wheelchair Accessible (Rooms)
Site Amenities
- Clubhouse
- Courtyard
- Laundry Facilities
- Playground
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 250 | $1,025 | 580 - 680 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 0418-0260 | Total Assessment | $14,913,060 |
| Land Assessment | $4,500,010 | Annual Taxes | $163,812 ($1.06/SF) |
| Improvements Assessment | $10,413,050 | Tax Year | 2025 |
Property Taxes
Parcel Number
0418-0260
Land Assessment
$4,500,010
Improvements Assessment
$10,413,050
Total Assessment
$14,913,060
Annual Taxes
$163,812 ($1.06/SF)
Tax Year
2025
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The Grand at New Port | 3817 George Washington Hwy
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