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600 74th St
Newport News, VA 23605
New Market Apartments · Multifamily Property For Sale
·
12 Units
Investment Highlights
- Significant capital improvements totaling approximately $200,000, including HVAC systems, sewer line replacement, and site enhancements.
- In-place gross annual rental income of roughly $150,732, supported by consistent leasing performance.
- Strong operating performance with estimated Net Operating Income of $108,767 and a projected 7.3% cap rate at offering.
- Stabilized occupancy structure with a mix of Section 8 and market-rate tenants, plus assurance of full occupancy at closing.
- Bathroom and interior upgrades across multiple units, enhancing tenant appeal and retention.
- Property positioned for long-term stability with minimal anticipated near-term maintenance costs.
Executive Summary
New Market Apartments offers investors a stabilized 12-unit multifamily property with significant recent capital improvements, ensuring reduced future maintenance requirements. Approximately $200,000 has been invested in property enhancements, including 12 new HVAC systems, eight new hot water heaters, main sewer line replacement, structural reinforcement, and upgrades to bathrooms, flooring, and site infrastructure. These updates position the asset for long-term durability and tenant satisfaction.
The current tenant mix includes four Section 8 residents and six market-rate renters, with two units in lease-up; the seller will deliver the asset fully leased. Current rental rates average $1,050 per unit, producing steady income supported by government-assisted leases. At the offering price of $1,500,000, the property achieves an estimated Net Operating Income (NOI) of $108,767, translating to an approximate 7.3% cap rate under self-management.
Located in Newport News, the property benefits from strong regional employment drivers, robust transportation infrastructure, and proximity to major highways and economic hubs. This acquisition provides an opportunity for an investor seeking stabilized cash flow, predictable returns, and limited near-term capital investment requirements.
The current tenant mix includes four Section 8 residents and six market-rate renters, with two units in lease-up; the seller will deliver the asset fully leased. Current rental rates average $1,050 per unit, producing steady income supported by government-assisted leases. At the offering price of $1,500,000, the property achieves an estimated Net Operating Income (NOI) of $108,767, translating to an approximate 7.3% cap rate under self-management.
Located in Newport News, the property benefits from strong regional employment drivers, robust transportation infrastructure, and proximity to major highways and economic hubs. This acquisition provides an opportunity for an investor seeking stabilized cash flow, predictable returns, and limited near-term capital investment requirements.
Property Facts
| Price Per Unit | $176,337 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Cap Rate | 7.25% | Building Size | 11,400 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.14/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | C2 / R4 - C2/R4 | ||
| Price Per Unit | $176,337 CAD |
| Sale Type | Investment |
| Cap Rate | 7.25% |
| Sale Condition | 1031 Exchange |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 11,400 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2025 |
| Parking Ratio | 1.14/1,000 SF |
| Zoning | C2 / R4 - C2/R4 |
Amenities
Unit Amenities
- Air Conditioning
- Ceiling Fans
- Kitchen
- Carpet
- Dining Room
Site Amenities
- Security System
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | $1,375 CAD | 950 - 11,400 |
Property Taxes
| Parcel Number | 279.00-02-14 | Improvements Assessment | $908,608 CAD |
| Land Assessment | $170,364 CAD | Total Assessment | $1,078,972 CAD |
Property Taxes
Parcel Number
279.00-02-14
Land Assessment
$170,364 CAD
Improvements Assessment
$908,608 CAD
Total Assessment
$1,078,972 CAD
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