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10710 Jefferson Ave
Newport News, VA 23601
Tall Oaks · Multifamily Property For Sale
·
17 Units
Investment Highlights
- Fully renovated 17-unit multifamily property with a mix of studio, one-bedroom, and two-bedroom units.
- Easy access to I-64, I-664, James River Bridge, and Hampton Roads Bridge-Tunnel for regional connectivity.
- Positioned in a market with limited new supply, supporting strong occupancy and rent growth.
- Located near major employment hubs including Newport News Shipbuilding and Joint Base Langley-Eustis.
- Within 10 minutes of Newport News/Williamsburg International Airport and Hampton University.
- Offered at $1,700,000 with an average price per unit of $100,000 and below-replacement cost basis.
Executive Summary
Marcus & Millichap presents a 17-unit multifamily portfolio located in Newport News, Virginia, offering a compelling investment opportunity in a resilient coastal market. The property consists of two studio units, thirteen one-bedroom units, and two two-bedroom units, all fully renovated and positioned for immediate income generation. With an average unit size of 724 square feet, the property provides a mix of layouts to attract a diverse tenant base.
Newport News is anchored by major employers such as Newport News Shipbuilding, Joint Base Langley-Eustis, and leading healthcare providers, ensuring a stable workforce and consistent rental demand. The property benefits from proximity to the Port of Virginia and expanding logistics infrastructure, which supports long-term economic growth. Investors will appreciate the property’s turnkey condition, below-replacement cost pricing, and strong occupancy trends, creating a foundation for durable cash flow and appreciation potential.
The location offers excellent connectivity, with easy access to I-64, I-664, the James River Bridge, and the Hampton Roads Bridge-Tunnel. Within 10 minutes, tenants can reach Newport News/Williamsburg International Airport, Hampton University, and major employment centers. This combination of accessibility, economic stability, and recent renovations positions the asset as a strategic acquisition for investors seeking both immediate returns and long-term upside.
Newport News is anchored by major employers such as Newport News Shipbuilding, Joint Base Langley-Eustis, and leading healthcare providers, ensuring a stable workforce and consistent rental demand. The property benefits from proximity to the Port of Virginia and expanding logistics infrastructure, which supports long-term economic growth. Investors will appreciate the property’s turnkey condition, below-replacement cost pricing, and strong occupancy trends, creating a foundation for durable cash flow and appreciation potential.
The location offers excellent connectivity, with easy access to I-64, I-664, the James River Bridge, and the Hampton Roads Bridge-Tunnel. Within 10 minutes, tenants can reach Newport News/Williamsburg International Airport, Hampton University, and major employment centers. This combination of accessibility, economic stability, and recent renovations positions the asset as a strategic acquisition for investors seeking both immediate returns and long-term upside.
Property Facts
| Price Per Unit | $128,533 CAD | Apartment Style | Garden |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 8.03% | Lot Size | 0.32 AC |
| Gross Rent Multiplier | 8.13 | Building Size | 9,000 SF |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.33/1,000 SF |
| Zoning | C1 | ||
| Price Per Unit | $128,533 CAD |
| Sale Type | Investment |
| Cap Rate | 8.03% |
| Gross Rent Multiplier | 8.13 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.32 AC |
| Building Size | 9,000 SF |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.33/1,000 SF |
| Zoning | C1 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Carpet
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 450 |
| 1+1 | 13 | - | 650 |
| 2+2 | 2 | - | 1,000 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $598,316 CAD | |
| Land Assessment | $341,400 CAD | Total Assessment | $939,716 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$341,400 CAD
Improvements Assessment
$598,316 CAD
Total Assessment
$939,716 CAD
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