307 St Thomas Dr | Newport News, VA 23606
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307 St Thomas Dr
Newport News, VA 23606
Forest Lake at Oyster Point · Multifamily Property For Sale · 296 Units
Investment Highlights
- Value-Add Opportunity: 155 units are candidates for renovation with potential submarket upside premium of $250 to $300/unit.
- Located in the cradle of STEM, Tech Center Research Park - serving as the economic engine for the City and region.
- Mission-Eligible Asset: Property rents introduce possibility for advantageous agency financing initiatives.
- Strong organic rent growth trends where Recent 2 and 5 rents are averaging 11.6% (+$142) and 9.4% (+$115) greater than the Property's Avg. in-place.
- Among the top Mid-Atlantic locations for effective rent growth performance, where Class B rents have grown by a staggering 32.5% over the past 36 Mo.
PROPERTY FACTS
| No. Units | 296 | Building Size | 299,300 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1986 |
| Building Class | C | Cross Streets | Jefferson Ave |
| Lot Size | 20.73 AC |
| No. Units | 296 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 20.73 AC |
| Building Size | 299,300 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1986 |
| Cross Streets | Jefferson Ave |
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Washer/Dryer
- Heating
- Security System
- Ceiling Fans
- Eat-in Kitchen
- Vaulted Ceiling
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Satellite TV
- Range
- Views
- Wi-Fi
Site Amenities
- Fitness Center
- Playground
- Property Manager on Site
- Tennis Court
- Corporate Suites
- Car Wash Area
- Grill
- Package Service
- Pet Play Area
PROPERTY TAXES
| Parcel Number | 183.00-01-15 | Improvements Assessment | $37,463,000 |
| Land Assessment | $5,920,000 | Total Assessment | $43,383,000 |
PROPERTY TAXES
Parcel Number
183.00-01-15
Land Assessment
$5,920,000
Improvements Assessment
$37,463,000
Total Assessment
$43,383,000
zoning
| Zoning Code | R7 (MEDIUM DENSITY MULTIPLE-FAMILY DWELLING DISTRICT) |
| R7 (MEDIUM DENSITY MULTIPLE-FAMILY DWELLING DISTRICT) |
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