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New Market Apartments 600 74th St 12 Unit Apartment Building $1,500,000 ($125,000/Unit) 7.25% Cap Rate Newport News, VA 23605
Investment Highlights
- Significant capital improvements totaling approximately $200,000, including HVAC systems, sewer line replacement, and site enhancements.
- In-place gross annual rental income of roughly $150,732, supported by consistent leasing performance.
- Strong operating performance with estimated Net Operating Income of $108,767 and a projected 7.3% cap rate at offering.
- Stabilized occupancy structure with a mix of Section 8 and market-rate tenants, plus assurance of full occupancy at closing.
- Bathroom and interior upgrades across multiple units, enhancing tenant appeal and retention.
- Property positioned for long-term stability with minimal anticipated near-term maintenance costs.
Executive Summary
New Market Apartments offers investors a stabilized 12-unit multifamily property with significant recent capital improvements, ensuring reduced future maintenance requirements. Approximately $200,000 has been invested in property enhancements, including 12 new HVAC systems, eight new hot water heaters, main sewer line replacement, structural reinforcement, and upgrades to bathrooms, flooring, and site infrastructure. These updates position the asset for long-term durability and tenant satisfaction.
The current tenant mix includes four Section 8 residents and six market-rate renters, with two units in lease-up; the seller will deliver the asset fully leased. Current rental rates average $1,050 per unit, producing steady income supported by government-assisted leases. At the offering price of $1,500,000, the property achieves an estimated Net Operating Income (NOI) of $108,767, translating to an approximate 7.3% cap rate under self-management.
Located in Newport News, the property benefits from strong regional employment drivers, robust transportation infrastructure, and proximity to major highways and economic hubs. This acquisition provides an opportunity for an investor seeking stabilized cash flow, predictable returns, and limited near-term capital investment requirements.
The current tenant mix includes four Section 8 residents and six market-rate renters, with two units in lease-up; the seller will deliver the asset fully leased. Current rental rates average $1,050 per unit, producing steady income supported by government-assisted leases. At the offering price of $1,500,000, the property achieves an estimated Net Operating Income (NOI) of $108,767, translating to an approximate 7.3% cap rate under self-management.
Located in Newport News, the property benefits from strong regional employment drivers, robust transportation infrastructure, and proximity to major highways and economic hubs. This acquisition provides an opportunity for an investor seeking stabilized cash flow, predictable returns, and limited near-term capital investment requirements.
Data Room Click Here to Access
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Cap Rate | 7.25% | Building Size | 11,400 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.14/1,000 SF |
| Zoning | C2 / R4 - C2/R4 | ||
| Price | $1,500,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 7.25% |
| Sale Condition | 1031 Exchange |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 11,400 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2025 |
| Parking Ratio | 1.14/1,000 SF |
| Zoning | C2 / R4 - C2/R4 |
Amenities
Unit Amenities
- Air Conditioning
- Ceiling Fans
- Kitchen
- Carpet
- Dining Room
Site Amenities
- Security System
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | $975.00 | 950 - 11,400 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 279.00-02-14 | Total Assessment | $760,000 (2025) |
| Land Assessment | $120,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $640,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
279.00-02-14
Land Assessment
$120,000 (2025)
Improvements Assessment
$640,000 (2025)
Total Assessment
$760,000 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Contact the Sale Advisor
New Market Apartments | 600 74th St