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Multifamily

Southampton Appartments

4118 Southway Ln, Triangle, VA 22172

Listing Price: $11,250,000

Cap Rate
5.96%
Number of Units
83
Occupancy
97.0%
Price/Unit
$135,542
Price/Gross SF
$185.46
Gross SF
60,660

Investment Overview

Marcus & Millichap is pleased to present the Exclusive Offering for the Southampton Apartments located in Hampton, VA. The subject asset is a ninety - six (96) unit, one bedroom and one bathroom, two bedroom and two bathrooms units. Southampton sits atop a spacious 3.63-acre lot with room for additional outdoor amenities for a new owner to add. The property has been operating with virtually no vacancy, offering an opportunity for a new owner to increase rents closer to a market rental rate. The property currently operates at a 5.97% cap rate with a lot of room to grow in the upcoming years. Hampton has seen an impressive growth in average rental rates – especially in the B and C asset class. Since the global pandemic, the Hampton has seen a historically high occupancy rate of 97%, and due to the housing shortage nationally, it is expected to continue through 2023. The high occupancy across the Hampton is also contributing to massive percentage increases in year-over-year rent which has been as high as 15% on new leases.

Investment Highlights

  • 96 Unit Value Add Opportunity on Richmond's Southside
  • 100% Occupancy with great cash flow
  • Attractive Cash on Cash Investment

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Multifamily

Southampton Appartments

Listing Price: $11,250,000

Cap Rate
5.96%
Number of Units
83
Occupancy
97.0%
Price/Unit
$135,542
Price/Gross SF
$185.46
Gross SF
60,660

Investment Highlights

  • 96 Unit Value Add Opportunity on Richmond's Southside
  • 100% Occupancy with great cash flow
  • Attractive Cash on Cash Investment

Investment Overview

Marcus & Millichap is pleased to present the Exclusive Offering for the Southampton Apartments located in Hampton, VA. The subject asset is a ninety - six (96) unit, one bedroom and one bathroom, two bedroom and two bathrooms units. Southampton sits atop a spacious 3.63-acre lot with room for additional outdoor amenities for a new owner to add. The property has been operating with virtually no vacancy, offering an opportunity for a new owner to increase rents closer to a market rental rate. The property currently operates at a 5.97% cap rate with a lot of room to grow in the upcoming years. Hampton has seen an impressive growth in average rental rates – especially in the B and C asset class. Since the global pandemic, the Hampton has seen a historically high occupancy rate of 97%, and due to the housing shortage nationally, it is expected to continue through 2023. The high occupancy across the Hampton is also contributing to massive percentage increases in year-over-year rent which has been as high as 15% on new leases.

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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