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Warwick Village 495 Nelson Dr 160 Unit Apartment Building For Sale Newport News, VA 23601
INVESTMENT HIGHLIGHTS
- Prime multifamily investment in Newport News with 160 units and a proven value-add strategy in progress.
- Ideally located near I-64, providing seamless access to Hampton Roads, military installations, and major employment hubs.
- Consistent rental demand supported by Newport News’ lower cost of living and proximity to Christopher Newport University, Tech Center, and City Center
- Strong regional economy anchored by shipbuilding, defense, and technology sectors, including major employers like Huntington Ingalls
- Community features include recently remodeled kitchens, a swimming pool, and a neighborhood setting close to retail, dining, and entertainment.
- Opportunity to enhance revenue through interior upgrades and operational efficiencies in a market with stable occupancy and growing rental rates.
EXECUTIVE SUMMARY
Warwick Village Apartments presents investors the opportunity to purchase a well positioned value add opportunity in Newport News, Virginia. This property, constructed in 1972, comprises 160 units totaling 123,456 square feet. The property offers a mix of one- and two-bedroom units, with average rents of $1,141, and is ideally positioned for an operator to step in and complete the proven value-add program.
Newport News is a strategic location for real estate investment, boasting a strong economy driven by shipbuilding, defense, and technology sectors, including major employers like Huntington Ingalls’ Newport News Shipbuilding, Ferguson Enterprises, and Canon, Inc. The city’s lower-than-average cost of living and ideal location amidst Hampton Roads contribute to a consistent demand for rental housing
Newport News is a strategic location for real estate investment, boasting a strong economy driven by shipbuilding, defense, and technology sectors, including major employers like Huntington Ingalls’ Newport News Shipbuilding, Ferguson Enterprises, and Canon, Inc. The city’s lower-than-average cost of living and ideal location amidst Hampton Roads contribute to a consistent demand for rental housing
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 8.36 AC |
| No. Units | 160 | Building Size | 139,176 SF |
| Property Type | Multifamily | Average Occupancy | 97% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1972 |
| Building Class | C | Parking Ratio | 2.16/1,000 SF |
| Zoning | C1 | ||
| Sale Type | Investment |
| No. Units | 160 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 8.36 AC |
| Building Size | 139,176 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 2.16/1,000 SF |
| Zoning | C1 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Heating
- Kitchen
- Walk-In Closets
- Carpet
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
- Tenant Controlled HVAC
- Laundry Service
- Maintenance on site
- Sundeck
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 48 | - | 556 |
| 2+1 | 112 | - | 864 |
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PROPERTY TAXES
| Parcel Number | 253.00-02-07 | Improvements Assessment | $20,404,261 CAD |
| Land Assessment | $2,237,616 CAD | Total Assessment | $22,641,877 CAD |
PROPERTY TAXES
Parcel Number
253.00-02-07
Land Assessment
$2,237,616 CAD
Improvements Assessment
$20,404,261 CAD
Total Assessment
$22,641,877 CAD
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Warwick Village | 495 Nelson Dr
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