Marcus & Millichap has been selected to exclusively market for sale Marina Point Apartments, a 104-unit apartment complex located in Chesapeake, VA.
Marina Point Apartments consists of 104-units across thirteen two-story buildings built in 1965 and situated on 7.84 acres. There are (27) 750 sqft one-bedroom one-bathroom units, (9) 850 sqft one-bedroom one-bathroom den units, (48) 950 sqft two-bedroom one-bathroom units, (4) 1,040 sqft two-bedroom one-bathroom den units, and (16) 1,140 sqft three-bedroom one-and-a-half bathroom units. The units feature hardwood flooring, carpeting, walk in closets, fully functioning kitchens, dining areas, and ceiling fans.
The Hampton Roads economy is heavily anchored to the US Department of Defense, a dominant commercial driver for the area, which houses eight military installations, employs over 125,000 active duty, reserve, and civilian, personnel, and yields nearly 10,000 acres of the Hampton Roads commercial acquisition. The oldest and largest naval facility, Norfolk Naval Shipyard, is located only 2.8 miles away from the property. Marina Point has an excellent central location close to shopping and schools as well as convenient access to transportation. The property is situated 0.7 miles from I-264 and 1.3 miles from I-64, providing tenants access to all of Hampton Roads top employment drivers including the US Department of Defense, Portsmouth Naval Medical Center, Sentara Healthcare Centers, Old Dominion University, Portsmouth Marine Terminals, Tidewater Community College, BAE systems, Norfolk State University, ADP, and more.
Marina Point Apartments has a current vacancy of 6.73% while the Chesapeake market has shown 3.7% vacancy for the past year. With a focus on healthcare, professional, and business services sectors, Chesapeake is less susceptible to the volatility in the military and shipping industries that increased vacancies throughout the Hampton Roads. The site has a strong daytime working population of 82,229 with an average household income between $50,000 to $99,999 within a five mile radius.
