Multifamily Property for Sale in Newport News, VA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Newport News, VA 23602

Description

Marcus & Millichap is pleased to present the offering memorandum for Colony Square Apartments located at 52-53 Colony Square Court in Newport News, VA. The portfolio consists of ninety-two units total. There are forty-four, one-bedroom and one-bathroom units, forty, two-bedroom and two-bathroom units and eight, three-bedroom and two-bathroom units. Colony Square’s one-bedroom units were built in 1974, two- & three-bedrooms were built in 2002 and thirty-six units were renovated in 2024. The property is situated on 4.27 ac. Investment Highlights: • SPACIOUS UNITS Larger than Average Unit Size, Offering More Livable Space • SIGNIFICANT UPSIDE IN NOI $378,280, 3 strategies: Op Ex Savings, Loss to Lease Burn-off & Renovation Premium • AVERAGE LEASE RENEWAL RENT GROWTH Average Lease Renewal Rent Growth: ~5.5% • NEW LEASE RENT GROWTH Average New Lease Rent Growth: ~6.00% • TRANSIT ORIENTED Easy access to Hampton Roads Bridge Tunnel, I-64, I-664 & James River Bridge • EASY ACCESS TO NUMEROUS EMPLOYMENT CENTERS Within 10 minutes from Huntington Ingalls, Canon, Christopher Newport University, and Newport News Shipbuilding

Market Context

This multifamily in Newport News, VA is listed for sale. It has been on the market for 53 days. Compare it against other multifamily listings for sale in Newport News, VA — <a href="/search/sale/multifamily/virginia/newport-news">view the full market</a>.

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