Multifamily

Timber's Townhomes

7004 Northgate Dr #5, Norfolk, VA 23513

Listing Price: Request For Offer

Investment Overview

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.

Investment 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

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Sales Manager

    License(s): VA: 0225215181

    Virginia

Financing By

  • Stephen Arrivello

    Director

    Direct:

    Email Stephen

    Philadelphia, PA

Investment 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

Investment Overview

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.

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Sales Manager

    License(s): VA: 0225215181

    Virginia

Financing By

  • Stephen Arrivello

    Director

    Direct:

    Email Stephen

    Philadelphia, PA

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