Link Representative For Property
Affiliated Company
Marcus & Millichap
Asset Focus
Office
Retail
Industrial
Land
Multifamily
Special Purpose
Hospitality
Mixed Use
Other
Listing Data Provided By
Address
7004 Northgate Dr #5, Norfolk, VA 23513 Norfolk Virginia 23513
Building/Land Information
Property Type
Multifamily
Property Subtype
Multifamily
Property Classification Description
Multi Family
7004 Northgate Dr #5, Norfolk, VA 23513 104 Unit Apartment Complex For Sale - Request Pricing
Market
Norfolk
Location Description
Marcus & Millichap is pleased to present the exclusive Offering Memorandum for Timber Townhomes, a 104 unit apartment complex located in Norfolk, VA. The property consists of 104 units, constructed in 1973, and is currently 100% occupied with a waitlist to get in. The property is serviced by I-64, known as the Hampton Roads Beltway, providing tenants access to the Hampton Roads major commercial corridors and top employment drivers including: the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE Systems, Norfolk State University, ADP, Huntington
Ingalls Shipbuilding, and more.
The Hampton Roads economy is heavily diverse and home to the fastest growing port on the East Coast. Its also home to two Fortune 500 companies, low business costs, global access, and a robust talent pipeline. The area is well known for its ports, shipyards, food and beverage processing, and the U.S. Armed Forces. There are seven universities and three community colleges with +/- 17,000 students graduating annually, consistently supplying a highly skilled workforce to the area. The Market has a current vacancy of 3.6% and the property has slightly below average market rents, making this a perfect value add opportunity. Given the strong submarket fundamentals, quality of the asset, and the ability to add value, the Timbers Townhome
represents a strong long-term investment opportunity.
Ingalls Shipbuilding, and more.
The Hampton Roads economy is heavily diverse and home to the fastest growing port on the East Coast. Its also home to two Fortune 500 companies, low business costs, global access, and a robust talent pipeline. The area is well known for its ports, shipyards, food and beverage processing, and the U.S. Armed Forces. There are seven universities and three community colleges with +/- 17,000 students graduating annually, consistently supplying a highly skilled workforce to the area. The Market has a current vacancy of 3.6% and the property has slightly below average market rents, making this a perfect value add opportunity. Given the strong submarket fundamentals, quality of the asset, and the ability to add value, the Timbers Townhome
represents a strong long-term investment opportunity.
Sale Information +-
Sale Description
Marcus & Millichap is pleased to present the exclusive Offering Memorandum for Timber Townhomes, a 104 unit apartment complex located in Norfolk, VA. The property consists of 104 units, constructed in 1973, and is currently 100% occupied with a waitlist to get in. The property is serviced by I-64, known as the Hampton Roads Beltway, providing tenants access to the Hampton Roads major commercial corridors and top employment drivers including: the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE Systems, Norfolk State University, ADP, Huntington
Ingalls Shipbuilding, and more.
The Hampton Roads economy is heavily diverse and home to the fastest growing port on the East Coast. Its also home to two Fortune 500 companies, low business costs, global access, and a robust talent pipeline. The area is well known for its ports, shipyards, food and beverage processing, and the U.S. Armed Forces. There are seven universities and three community colleges with +/- 17,000 students graduating annually, consistently supplying a highly skilled workforce to the area. The Market has a current vacancy of 3.6% and the property has slightly below average market rents, making this a perfect value add opportunity. Given the strong submarket fundamentals, quality of the asset, and the ability to add value, the Timbers Townhome
represents a strong long-term investment opportunity.
Ingalls Shipbuilding, and more.
The Hampton Roads economy is heavily diverse and home to the fastest growing port on the East Coast. Its also home to two Fortune 500 companies, low business costs, global access, and a robust talent pipeline. The area is well known for its ports, shipyards, food and beverage processing, and the U.S. Armed Forces. There are seven universities and three community colleges with +/- 17,000 students graduating annually, consistently supplying a highly skilled workforce to the area. The Market has a current vacancy of 3.6% and the property has slightly below average market rents, making this a perfect value add opportunity. Given the strong submarket fundamentals, quality of the asset, and the ability to add value, the Timbers Townhome
represents a strong long-term investment opportunity.
Sale Highlights
- Easy Access to Employment Centers, Local Attractions, and Retail Destinations
- Strong Submarket Fundamentals
- Surrounding Roads See Over 48,000 VPD
- Property Vacancy Rate is 0%
- Close Proximity to Major Highways
- Property has a Waitlist for Future Tenants
- Strong Submarket Fundamentals
- Surrounding Roads See Over 48,000 VPD
- Property Vacancy Rate is 0%
- Close Proximity to Major Highways
- Property has a Waitlist for Future Tenants
Property Use
Investment
