Discover Chestnut Apartments: A Premier Investment Opportunity in Portsmouth, VA
Nestled in the heart of Portsmouth, VA, Chestnut Apartments is a 32-unit multifamily property that offers a compelling investment opportunity for seasoned and first-time real estate investors alike. Located at 1705 Chestnut Street, this property features all two-bedroom, one-bathroom units, providing a consistent and sought-after rental option in the Hampton Roads market. With a strong economic foundation, strategic location, and significant value-add potential, Chestnut Apartments is positioned to deliver reliable income and future growth.

Strategic Location in a Thriving Market
Chestnut Apartments benefits from its proximity to major employers and vital infrastructure. The property is just minutes from Interstate 464 and Interstate 264, offering tenants easy access to Portsmouth Naval Hospital, Norfolk Naval Shipyard, and the bustling Waterside District in Norfolk. Additionally, the nearby Sentara Norfolk General Hospital and EVMS Medical Group provide further employment opportunities, enhancing the area's rental demand.

Portsmouth itself is a vibrant city with a rich maritime heritage, a growing population, and a robust local economy. The region's historical significance and recreational amenities, such as the Children’s Museum of Virginia and the Virginia Sports Hall of Fame, make it a desirable place to live, work, and invest. Chestnut Apartments is well-situated to capitalize on this demand, offering tenants a convenient and connected lifestyle.

Exceptional Property Features and Financial Metrics
This 25,600-square-foot property comprises 32 spacious units with an average size of 800 square feet. The property’s current gross scheduled rent of $389,040 annually reflects its strong income potential, with market rents offering further upside to $445,800 annually. The property’s competitive rental rates of $1.27 per square foot highlight its affordability in comparison to neighboring properties, positioning it as an attractive option for tenants.

Investment highlights include:

• Cap Rate: 6.71%
• NOI: $234,953
• Price Per Unit: $109,375
• Price Per Square Foot: $136.72

These metrics underscore the property’s strong cash flow potential and value proposition in a competitive market.

Value-Add Potential to Maximize Returns
Chestnut Apartments offers significant value-add opportunities, making it a standout choice for investors seeking growth. Strategic upgrades to units, including modernized kitchens, updated flooring, and energy-efficient appliances, can command higher rental rates and attract long-term tenants. Improvements to common areas, such as secure parking, landscaping, and recreational amenities, further enhance tenant satisfaction and retention.

Investors can also consider implementing a utility bill-back program, which aligns with modern multifamily trends and can boost NOI. With a current vacancy rate of only 5%, the property demonstrates strong demand, providing a stable base for future improvements and growth.

Economic Growth Driving Demand
Portsmouth’s economy is bolstered by major employers such as the Norfolk Naval Shipyard, Sentara Healthcare, and Dominion Energy. The city's location within the Hampton Roads metropolitan area, home to over 1.7 million residents, ensures a steady stream of job opportunities and population growth. With employment sectors ranging from healthcare to shipbuilding, Portsmouth attracts a diverse tenant base, further solidifying the market demand for multifamily housing like Chestnut Apartments.

The Hampton Roads Bridge-Tunnel (HRBT) expansion, a $3.8 billion infrastructure project, further enhances regional connectivity, making Portsmouth an increasingly desirable location for commuters and businesses.

Why Invest in Chestnut Apartments?
Chestnut Apartments offers investors a unique combination of strong current income, future upside potential, and a strategic location in one of Virginia’s most dynamic markets. The property’s competitive pricing, consistent rental demand, and value-add opportunities make it an ideal choice for investors looking to expand their portfolios and maximize returns.

Key Highlights of Chestnut Apartments:

• Prime Location: Easy access to major highways, healthcare facilities, and retail centers.
• Consistent Rental Demand: Close proximity to large employers like Norfolk Naval Shipyard.
• Value-Add Opportunities: Renovation potential for increased rental income and NOI growth.
• Economic Growth Factors: Located in a region experiencing infrastructure and employment expansion.

For investors seeking a reliable income-producing asset with long-term appreciation potential, Chestnut Apartments is a compelling option that aligns with the growing demand for quality multifamily housing in the Hampton Roads area.

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