78 Units Starboard Town-homes Portsmouth VA

Town-homes, a 78-unit complex located in Portsmouth, VA.

Built in 1970, Starboard Townhomes contain 10 Two Story buildings totaling ±69,000 SF. The property contains ±2.62 acres and offers 150 surface parking spaces. Starboard is currently 88% occupied and the unit mix consists of (8) One Bedroom/One Bath, (62) Two Bedroom/One bath, and (8) Three Bedroom/One Bath Townhomes.

Location: Starboard is strategically located in the heart of the Hampton Roads. The historic seaport has all the lure of a major city, without the traffic or inconvenience. It’s hard not to fall in love with Olde Towne’s unique shops, chef and family-owned restaurants, as well as local professional and service businesses.

Portsmouth, VA includes both the oldest operating US Naval Hospital and the first operational dry dock facility in the United States. Portsmouth also holds the proud distinction of being an official US Coast Guard City with ships from the 5th Coast Guard District stationed here. With 90 miles of shoreline as well as being Mile Post Zero on the Intracoastal Waterway, residents and visitors alike can enjoy being on the bustling Elizabeth River and watching a maritime community in action as it is one of America’s most historic seaports.

Major Employers include:
Naval Medical Center, Old Dominion University, Landmark Interactive, Colonna’s Shipyard West, BAE Systems, Aramark Corp, American Refrigeration Supplies, and Bon Secours Maryview Medical Center, Coca-Cola Enterprises Inc, Children’s Hospital-The King’s, Eastern VA Medical School, Norfolk Southern Corp and US Navy Dept Production Dept.

Nearby Attractions:
Naval Shipyard Museum, Virginia Sports Hall of Fame & Museum, Children’s Museum of Virginia, and Busch Gardens.

Value-add opportunity
Owner currently pays water/sewer/trash removal
Rent comps surrounding the subject property in 1.5 mile radius currently average $1.5 per sq/ft. (Starboard currently averages $.90 per sq/ft)
2018 demographics of ±242,950 people with average household Income of ±$45,874 within a 5-mile radius
Located in an opportunity zone
12.5 % cash on cash

Virginia Multifamily Off-Market assets are getting more difficult to find. The sellers are wanting to sell at a premium price, but the buyers are looking for value-add and discount pricing. The market is still on the upswing for multifamily across the United States, and Portsmouth Virginia has some great industry and education systems.