Log In/Sign Up
Your email has been sent.
The Flats At Gum Drive 3593-3607 Gum Dr 16 Unit Apartment Building $2,576,170 CAD ($161,011 CAD/Unit) 7% Cap Rate Portsmouth, VA 23707
INVESTMENT HIGHLIGHTS
- 16 Units: A Favorable Mix of One- & Two-Bedroom Units
- Within 10 Minutes of Norfolk Naval Shipyard, Bon Secours Hospital, Old Dominion University & Other Major Employers
- Stabilized with Upside
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present The Flats at Gum Drive, a 16-unit multifamily investment opportunity located in Portsmouth, Virginia. This well-maintained property consists of two-story buildings featuring eight one-bedroom, one-bath units and eight two-bedroom, two-bath units. Originally built in 1972 and renovated in 1982, the property spans approximately 9,600 square feet on 0.75 acres, offering a balanced unit mix and modernized interiors.
Portsmouth’s strategic location along the Elizabeth River provides residents with scenic waterfront views and access to recreational amenities, while its historic districts such as Olde Towne enhance the area’s charm and livability. The city benefits from a diverse economy anchored by shipbuilding, healthcare, education, and tourism, ensuring a stable demand for rental housing. Major employers include Bon Secours, Naval Medical Center Portsmouth, and the U.S. Department of Homeland Security, all within close proximity to the property.
The Flats at Gum Drive offers strong connectivity with easy access to I-264 and I-464, placing residents within minutes of key employment centers, retail destinations, and entertainment venues. Current average rents of $1,038 per unit provide room for growth, with market comparables supporting higher rental rates. The property’s current CAP rate of 7.00% and projected Year 1 CAP rate of 8.69% underscore its attractive investment profile.
Portsmouth’s strategic location along the Elizabeth River provides residents with scenic waterfront views and access to recreational amenities, while its historic districts such as Olde Towne enhance the area’s charm and livability. The city benefits from a diverse economy anchored by shipbuilding, healthcare, education, and tourism, ensuring a stable demand for rental housing. Major employers include Bon Secours, Naval Medical Center Portsmouth, and the U.S. Department of Homeland Security, all within close proximity to the property.
The Flats at Gum Drive offers strong connectivity with easy access to I-264 and I-464, placing residents within minutes of key employment centers, retail destinations, and entertainment venues. Current average rents of $1,038 per unit provide room for growth, with market comparables supporting higher rental rates. The property’s current CAP rate of 7.00% and projected Year 1 CAP rate of 8.69% underscore its attractive investment profile.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,576,170 CAD | Building Class | C |
| Price Per Unit | $161,011 CAD | Lot Size | 0.75 AC |
| Sale Type | Investment | Building Size | 10,178 SF |
| Cap Rate | 7% | Average Occupancy | 94% |
| Gross Rent Multiplier | 9.26 | No. Stories | 2 |
| No. Units | 16 | Year Built/Renovated | 1972/1982 |
| Property Type | Multifamily | Parking Ratio | 1.31/1,000 SF |
| Property Subtype | Apartment | Cross Streets | Rodman |
| Apartment Style | Low-Rise | ||
| Zoning | URM | ||
| Price | $2,576,170 CAD |
| Price Per Unit | $161,011 CAD |
| Sale Type | Investment |
| Cap Rate | 7% |
| Gross Rent Multiplier | 9.26 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.75 AC |
| Building Size | 10,178 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built/Renovated | 1972/1982 |
| Parking Ratio | 1.31/1,000 SF |
| Cross Streets | Rodman |
| Zoning | URM |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Oven
- Sprinkler System
- Tub/Shower
- Carpet
SITE AMENITIES
- Smoke Detector
1 1
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,469,185 CAD (2025) | |
| Land Assessment | $403,684 CAD (2025) | Total Assessment | $1,872,869 CAD (2025) |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$403,684 CAD (2025)
Improvements Assessment
$1,469,185 CAD (2025)
Total Assessment
$1,872,869 CAD (2025)
CONTACTS
-
Justin Ferguson -
Altay Uzun -
Jack Carroll -
Myles Lee -
Tracey Mori -
Marcus & Millichap
1 of 7
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
The Flats At Gum Drive | 3593-3607 Gum Dr
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.