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The Grand at New Port 3817 George Washington Hwy 250 Unit Apartment Building $32,507,336 CAD ($130,029 CAD/Unit) 5.93% Cap Rate Portsmouth, VA 23702
Investment Highlights
- Workforce housing situated near the Port of Virginia, Norfolk Naval Shipyard and Scott Annex Naval Base.
- -Close To Portsmouth City Park -Close To Scott Annex Naval Base -Located On HRT Bus Line -Minutes From I-264 -Near Norfolk Naval Shipyard
Executive Summary
Prime investment opportunity
Grand at New Port – 250 Units – all 2 bedroom – 3817 George Washington Highway, Portsmouth, VA
T-12 NOI = $1,409,139.79
Occupancy = 92.0% occupied
Rent Growth opportunity as average rent is considerably lower than Virginia Housing rent limits
- Market Rent = $950/month - $1,100/month
- Virginia Housing rent limit = $1,438/month
The current EUA for the property is available . EUA period began 2017 and ends 2031.
Current ownership has invested $2,000,000 CapEx over the past 3 years.
- Roof replacement, grounds improvements, lighting improvements, landscaping improvements, HVAC replacements and approximately 100 unit renovations
Grand at New Port – 250 Units – all 2 bedroom – 3817 George Washington Highway, Portsmouth, VA
T-12 NOI = $1,409,139.79
Occupancy = 92.0% occupied
Rent Growth opportunity as average rent is considerably lower than Virginia Housing rent limits
- Market Rent = $950/month - $1,100/month
- Virginia Housing rent limit = $1,438/month
The current EUA for the property is available . EUA period began 2017 and ends 2031.
Current ownership has invested $2,000,000 CapEx over the past 3 years.
- Roof replacement, grounds improvements, lighting improvements, landscaping improvements, HVAC replacements and approximately 100 unit renovations
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$4,132,469
|
$26.76
|
| Other Income |
$126,850
|
$0.82
|
| Vacancy Loss |
$812,657
|
$5.26
|
| Effective Gross Income |
$3,446,662
|
$22.32
|
| Taxes |
$224,214
|
$1.45
|
| Operating Expenses |
$1,257,801
|
$8.15
|
| Total Expenses |
$1,482,016
|
$9.60
|
| Net Operating Income |
$1,964,646
|
$12.72
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $4,132,469 |
| Annual Per SF | $26.76 |
| Other Income (CAD) | |
|---|---|
| Annual | $126,850 |
| Annual Per SF | $0.82 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $812,657 |
| Annual Per SF | $5.26 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $3,446,662 |
| Annual Per SF | $22.32 |
| Taxes (CAD) | |
|---|---|
| Annual | $224,214 |
| Annual Per SF | $1.45 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $1,257,801 |
| Annual Per SF | $8.15 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $1,482,016 |
| Annual Per SF | $9.60 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $1,964,646 |
| Annual Per SF | $12.72 |
Property Facts
| Price | $32,507,336 CAD | Apartment Style | Townhome |
| Price Per Unit | $130,029 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 14.50 AC |
| Cap Rate | 5.93% | Building Size | 154,400 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 92% |
| No. Units | 250 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1942/1999 |
| Property Subtype | Apartment | Parking Ratio | 0.42/1,000 SF |
| Zoning | URH | ||
| Price | $32,507,336 CAD |
| Price Per Unit | $130,029 CAD |
| Sale Type | Investment |
| Cap Rate | 5.93% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 250 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 14.50 AC |
| Building Size | 154,400 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1942/1999 |
| Parking Ratio | 0.42/1,000 SF |
| Zoning | URH |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Washer/Dryer Hookup
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Carpet
- Freezer
- Wheelchair Accessible (Rooms)
Site Amenities
- Clubhouse
- Courtyard
- Laundry Facilities
- Playground
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 250 | $1,403 CAD | 580 - 680 |
Property Taxes
| Parcel Number | 0418-0260 | Total Assessment | $20,411,952 CAD |
| Land Assessment | $6,159,298 CAD | Annual Taxes | $224,214 CAD ($1.45 CAD/SF) |
| Improvements Assessment | $14,252,653 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
0418-0260
Land Assessment
$6,159,298 CAD
Improvements Assessment
$14,252,653 CAD
Total Assessment
$20,411,952 CAD
Annual Taxes
$224,214 CAD ($1.45 CAD/SF)
Tax Year
2025
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The Grand at New Port | 3817 George Washington Hwy
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