Multifamily

City Hall Apartments

30 Kings Way, Hampton, VA 23669

Listing Price: $2,250,000

Cap Rate
6.00%
Number of Units
22
GRM
9.29
Occupancy
94.5%
Price/Unit
$102,273
Price/Gross SF
$159.57
Gross SF
14,100

Investment Overview

Marcus & Millichap is pleased to present the exclusive offering for the City Hall Apartments located at 30 Kings Way in Hampton, Virginia. The subject asset is 22 units and is comprised of 19 One-bedroom, one-bathroom units, two two-bedroom, one-bathroom units, and one studio unit. The property sits atop .31 acres and was originally built to be the city hall for Hampton. Its located in the downtown Hampton retail district, and is a short drive to both Hampton University and Interstate-64.
The subject asset was first built in 1938 and was part of an adaptive use redevelopment in 2009. The units have been finished with stainless steel appliances, granite countertops, and vinyl plank and tile flooring. The units are currently getting top of the market rent and this is a steady return for an investor looking to get into the Hampton market.
Hampton, Virginia is known for its unique and diversified mix of growing and established business clusters making it a natural choice for established businesses and entrepreneurs. The city is rich in history and small-town charm, and has been recognized by Money magazine as one of the best places to live. Hampton was recently ranked eightieth on a national list of most affordable waterfront communities. According to the city of Hamptons website multifamily values have grown 11% from 2020 to 2021 adding to a very consistent trend across Virginia.
Hamptons quaint affordability location to Interstates-64 and 664, as well as, easy access to the Port of Hampton Roads has leant to its steady growth. The citys location also offers easy access to the Port of Hampton Road and allows businesses to reach customers worldwide. Hampton is in within 700 miles of 60% of the U.S. population. Hampton is home to technological innovation: NASA Langley Research Center began in Hampton and continues to support NASA space programs. The National Institute of Aerospace (NIA) also started in Hampton. NIA is a world-class research and educational institute created to do advanced aerospace and atmospheric research and develop new technologies. The major area employers include: Arconic, IBEX Global Customer Solutions; Huntington Ingalls Industries; and regional healthcare providers such as Sentara Healthcare and Riverside Health System

Investment Highlights

  • 22 Units Renovated in 2009
  • Well Situated in Downtown Hampton
  • Close to Hampton University & Interstate-64
  • Stainless Steel Appliances and Granite Countertops in All Units
  • Units Achieving Top of the Market Rents
  • Great Cost of Living

Exclusively Listed By

Multifamily

City Hall Apartments

Listing Price: $2,250,000

Cap Rate
6.00%
Number of Units
22
GRM
9.29
Occupancy
94.5%
Price/Unit
$102,273
Price/Gross SF
$159.57
Gross SF
14,100

Investment Highlights

  • 22 Units Renovated in 2009
  • Well Situated in Downtown Hampton
  • Close to Hampton University & Interstate-64
  • Stainless Steel Appliances and Granite Countertops in All Units
  • Units Achieving Top of the Market Rents
  • Great Cost of Living

Investment Overview

Marcus & Millichap is pleased to present the exclusive offering for the City Hall Apartments located at 30 Kings Way in Hampton, Virginia. The subject asset is 22 units and is comprised of 19 One-bedroom, one-bathroom units, two two-bedroom, one-bathroom units, and one studio unit. The property sits atop .31 acres and was originally built to be the city hall for Hampton. Its located in the downtown Hampton retail district, and is a short drive to both Hampton University and Interstate-64.
The subject asset was first built in 1938 and was part of an adaptive use redevelopment in 2009. The units have been finished with stainless steel appliances, granite countertops, and vinyl plank and tile flooring. The units are currently getting top of the market rent and this is a steady return for an investor looking to get into the Hampton market.
Hampton, Virginia is known for its unique and diversified mix of growing and established business clusters making it a natural choice for established businesses and entrepreneurs. The city is rich in history and small-town charm, and has been recognized by Money magazine as one of the best places to live. Hampton was recently ranked eightieth on a national list of most affordable waterfront communities. According to the city of Hamptons website multifamily values have grown 11% from 2020 to 2021 adding to a very consistent trend across Virginia.
Hamptons quaint affordability location to Interstates-64 and 664, as well as, easy access to the Port of Hampton Roads has leant to its steady growth. The citys location also offers easy access to the Port of Hampton Road and allows businesses to reach customers worldwide. Hampton is in within 700 miles of 60% of the U.S. population. Hampton is home to technological innovation: NASA Langley Research Center began in Hampton and continues to support NASA space programs. The National Institute of Aerospace (NIA) also started in Hampton. NIA is a world-class research and educational institute created to do advanced aerospace and atmospheric research and develop new technologies. The major area employers include: Arconic, IBEX Global Customer Solutions; Huntington Ingalls Industries; and regional healthcare providers such as Sentara Healthcare and Riverside Health System

Exclusively Listed By

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