A Historic Sale in the Heart of Portsmouth, VA

Marcus & Millichap proudly facilitated the sale of the Olde Towne Portfolio, a collection of four historic multifamily properties located in Portsmouth, Virginia. The portfolio, consisting of 61 units across properties built between 1880 and 1918, sold for $4.3 million. This transaction underscores the enduring appeal of historic properties and the robust demand in the Hampton Roads real estate market.

Situated in Portsmouth’s Olde Towne Historic District, these properties offer tenants the charm of waterfront views along the Elizabeth River combined with proximity to major employment hubs like the Norfolk Naval Shipyard and Maryview Bon Secours Hospital. The location’s rich maritime history and growing economic vitality make it an attractive area for residents and investors alike.

The properties, including addresses such as Dinwiddie Street and Washington Street, showcase classic architecture paired with value-add potential. Current rents average $801 per unit, with the opportunity to reach $1,095 through strategic renovations and repositioning. Investors can leverage organic rent growth and interior upgrades to maximize net operating income, tapping into Portsmouth’s 94.4% occupancy rate.

Despite the high-interest-rate environment, Marcus & Millichap secured multiple full-price offers within the first week of marketing. The sale reflects the strength of their established buyer relationships and data-driven approach to investment sales. The buyer, EF Capital, was a dependable closer, ensuring a seamless transaction process.

This deal highlights Marcus & Millichap’s ability to deliver results, even in challenging market conditions. The portfolio represents a prime example of how historic properties can balance stable cash flow with significant upside potential, making them highly desirable assets in today’s multifamily investment landscape.

Highlights:

• Sale Price: $4,400,500
• Units: 61 across four historic properties
• Year Built: 1880-1918
• Buyer: EF Capital
• Key Features: Proximity to Elizabeth River, major employers, and I-264/I-464 access
• Value-Add Potential: Rent growth and unit upgrades to achieve higher returns

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