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Oceanside Tower 2 28th St 134 Unit Apartment Building For Sale Newport News, VA 23607
EXECUTIVE SUMMARY
RECEIVER HAS ISSUED A CALL FOR OFFERS - DUE FRIDAY, MAY 16.
Oceanside Tower presents a significant value-add opportunity for investors seeking to reposition a high-rise multifamily asset in a prime waterfront location. Currently 100% vacant, the property is being offered in "as is, where is" condition following a city issued condemnation related to an electrical system fire fire. The asset is well-located along the James River, near major employment centers and redevelopment initiatives. Given the strong multifamily demand in the region and constrained supply pipeline, Oceanside Tower offers a clear path to stabilization and long-term value creation following remediation and lease-up.
In 2020, ownership purportedly invested approximately $3 million into capital improvements throughout the property. Upgrades included modernizing a significant number of unit interiors with new flooring, cabinetry, fixtures, and appliances. Common areas and corridors were refreshed, and enhancements were made to elevators, building access controls, and select plumbing and mechanical systems.
Oceanside Tower presents a significant value-add opportunity for investors seeking to reposition a high-rise multifamily asset in a prime waterfront location. Currently 100% vacant, the property is being offered in "as is, where is" condition following a city issued condemnation related to an electrical system fire fire. The asset is well-located along the James River, near major employment centers and redevelopment initiatives. Given the strong multifamily demand in the region and constrained supply pipeline, Oceanside Tower offers a clear path to stabilization and long-term value creation following remediation and lease-up.
In 2020, ownership purportedly invested approximately $3 million into capital improvements throughout the property. Upgrades included modernizing a significant number of unit interiors with new flooring, cabinetry, fixtures, and appliances. Common areas and corridors were refreshed, and enhancements were made to elevators, building access controls, and select plumbing and mechanical systems.
PROPERTY FACTS Under Contract
| Sale Type | Investment | Building Size | 150,832 SF |
| No. Units | 134 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 15 |
| Property Subtype | Apartment | Year Built | 1973 |
| Apartment Style | Hi-Rise | Parking Ratio | 0.85/1,000 SF |
| Building Class | F | Opportunity Zone |
Yes
|
| Lot Size | 1.10 AC | ||
| Zoning | C3 - Regional Business District | ||
| Sale Type | Investment |
| No. Units | 134 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Hi-Rise |
| Building Class | F |
| Lot Size | 1.10 AC |
| Building Size | 150,832 SF |
| Average Occupancy | 0% |
| No. Stories | 15 |
| Year Built | 1973 |
| Parking Ratio | 0.85/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C3 - Regional Business District |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Range
SITE AMENITIES
- 24 Hour Access
- Fitness Center
- Laundry Facilities
- Pool
- Property Manager on Site
- Waterfront
- Elevator
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | - | 500 |
| 1+1 | 73 | - | 625 - 730 |
| 2+2 | 37 | - | 1,040 |
| 3+3 | 19 | - | 1,460 |
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PROPERTY TAXES
| Parcel Number | 310.04-01-24 | Improvements Assessment | $13,088,524 CAD |
| Land Assessment | $405,933 CAD | Total Assessment | $13,494,457 CAD |
PROPERTY TAXES
Parcel Number
310.04-01-24
Land Assessment
$405,933 CAD
Improvements Assessment
$13,088,524 CAD
Total Assessment
$13,494,457 CAD
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Oceanside Tower | 2 28th St
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