Description
THE OFFERING:A rare opportunity to acquire a 74-unit, multifamily community in Norfolks highly desirable Ghent neighborhood. The property consists of 34 studio, 20 one-bedroom, 16 one-bedroom split-level, and 4 two-bedroom apartments. Located in the heart of Norfolks highly desirable Ghent neighborhood the property is a short walk from Norfolks top attractions and employers. Renovated units in the submarket are achieving substantial rental premiums, offering new ownership an opportunity to capture best-in-market rental growth through interior upgrades. PRIME LOCATION WALKABLE TO ATTRACTIONS:Situated on the edge of North Ghent Historic District and Neon District, the property is walking distance from some of the areas top attractions including; Chrysler Museum of Art, Stockley Gardens, Harrison Opera House, and many more. There are also a number of schools and restaurants within walking distance making this a sought-after location. The proximity to these attractions and lifestyle amenities will continue to drive market-leading demand in this submarket, putting new ownership in a position to benefit from a highly desirable market with strong economic fundamentals and trends.UNTAPPED VALUE-ADD OPPORTUNITY:The majority of units are in classic condition, leaving new ownership with a significant opportunity to the upgrade units in a submarket that can support significant rental increases. The average rent across the property is 35-40% below market. Presenting new ownership with the opportunity to capture significant rental increases following interior upgrades. IMMEDIATE ACCESS TO PUBLIC TRANSPORTATION:The Property is adjacent to multiple bus stops and the Tide Light Rail. The bus stops connect riders to major destinations throughout Hampton Roads like Old Dominion University, Norfolk International Airport, and Virginia Beach. The Tide Light Rail provides tenants direct access to Norfolk State University. This immediate access provides tenants the flexibility to rely on public transportation, if so desired.
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Description
THE OFFERING:A rare opportunity to acquire a 74-unit, multifamily community in Norfolks highly desirable Ghent neighborhood. The property consists of 34 studio, 20 one-bedroom, 16 one-bedroom split-level, and 4 two-bedroom apartments. Located in the heart of Norfolks highly desirable Ghent neighborhood the property is a short walk from Norfolks top attractions and employers. Renovated units in the submarket are achieving substantial rental premiums, offering new ownership an opportunity to capture best-in-market rental growth through interior upgrades. PRIME LOCATION WALKABLE TO ATTRACTIONS:Situated on the edge of North Ghent Historic District and Neon District, the property is walking distance from some of the areas top attractions including; Chrysler Museum of Art, Stockley Gardens, Harrison Opera House, and many more. There are also a number of schools and restaurants within walking distance making this a sought-after location. The proximity to these attractions and lifestyle amenities will continue to drive market-leading demand in this submarket, putting new ownership in a position to benefit from a highly desirable market with strong economic fundamentals and trends.UNTAPPED VALUE-ADD OPPORTUNITY:The majority of units are in classic condition, leaving new ownership with a significant opportunity to the upgrade units in a submarket that can support significant rental increases. The average rent across the property is 35-40% below market. Presenting new ownership with the opportunity to capture significant rental increases following interior upgrades. IMMEDIATE ACCESS TO PUBLIC TRANSPORTATION:The Property is adjacent to multiple bus stops and the Tide Light Rail. The bus stops connect riders to major destinations throughout Hampton Roads like Old Dominion University, Norfolk International Airport, and Virginia Beach. The Tide Light Rail provides tenants direct access to Norfolk State University. This immediate access provides tenants the flexibility to rely on public transportation, if so desired.
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