- For Sale Contact for pricing
- Property Type Other
- Property Size 851 SF
- Lot Size 6.44 SF
- Year Built 1974
- Year Renovated 2019
- Date Updated Apr 25, 2024
100-UNIT GARDEN-STYLE COMMUNITY WITH VALUE-ADD UPSIDE | PROVEN $320+/UNIT PREMIUMS
Colliers is pleased to present Residences at Cedar Hill, a 100-unit community with targeted value-add upside located in Newport News, VA. Built in 1973, 66 units have recently been enhanced with hardwood-style flooring, modern white shaker cabinets, new fixtures, and higher-end laminate countertops to achieve average premiums of $320+/unit. Renovating the remaining 34 units unlocks nearly $130,000 in untapped annual revenue. Additional value-add improvements such as backsplash, stainless steel appliances, and granite countertops further boost the property’s appeal with a higher-income demographic and accelerate top-line revenue. Since inception ownership invested over $2.6M to comprehensively reposition the property including 100% new roofs/gutters/downspouts (2019), 100% new siding (2019), and 100% new windows (2019).
In excellent physical condition, the property offers an appealing mix of community amenities that allows new ownership to concentrate investment capital on unit interior revenue-generating improvements.
CLOSE TO HUNTINGTON INGALLS SHIPBUILDING (20,000 JOBS) | NO NEW SUPPLY IN NEWPORT NEWS IN THE NEXT 3+ YEARS
Positioned just off I-64, Residences at Cedar Hill provides easy access to key amenities and an ideal commuter location near major employers. Huntington Ingalls Shipbuilding (20,000 jobs), Fort Eustis (5,000 personnel and 4,000 civilian jobs), and Yorktown Naval Weapons Station (2,500+ personnel, 1,000 civilian jobs, and 500 contractors) are only a short drive from the property.
With no new supply in Newport News over the next 3+ years, new ownership can leverage positive market conditions (41% effective Class B rent growth over the last 5 years) to quickly push top-line rent growth and time value-add improvements perfectly.
92% Occupied
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Contacts
Thomas Leachman
Will Mathews
Jake Bradshaw
Location
Getting Around
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Walk Score ®
Car-Dependent (15) -
Transit Score ®
Some Transit (35) -
Bike Score ®
Somewhat Bikeable (44)
- City Newport News, VA
- Neighborhood Skiffes Creek Landing
- Zip Code 23603
- Market Richmond Tidewater
Points of Interest
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Kenny Station
4.46 miles
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Williamsburg
9.77 miles
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RaceWay
1.54 miles
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7-Eleven
1.56 miles
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Exxon
1.77 miles
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7-Eleven
1.79 miles
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Mobil Neighborhood Market
3.09 miles
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Shell
3.49 miles
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Wawa
3.66 miles
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On-The-Go
3.74 miles
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Amoco
4.38 miles
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7-Eleven
4.52 miles
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Camp parking area
0.87 miles
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PSU 305
2.56 miles
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Denbigh Fringe Parking
4.00 miles
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MARAD
4.18 miles
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Grand French Battery - Parking
4.59 miles
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Yorktown Battlefield Visitor Center Parking
4.96 miles
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Ireland Parking Lot
4.98 miles
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Italy Parking Lot
5.09 miles
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Cell Phone Lot for Newport News/Williamsburg International Airport
5.11 miles
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Germany Parking Lot
5.18 miles
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Burger King
1.91 miles
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Hardee's
2.25 miles
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IHOP
2.47 miles
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Luigi's Italian Restaurant
2.80 miles
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Belgian Waffle & Steakhouse
3.99 miles
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Wendy's
4.29 miles
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Arby's
4.29 miles
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Taco Bell
4.29 miles
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McDonald's
4.33 miles
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Hardee's
4.38 miles
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David A Dutrow Elementary School
3.06 miles
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George J Mcintosh Elementary School
3.55 miles
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Holy Tabernacle Christian Academy
3.82 miles
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Yorktown Elementary School
3.87 miles
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Horace H Epes Elementary School
3.95 miles
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York Middle School
4.14 miles
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Denbigh Christian Academy
4.18 miles
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York High School
4.31 miles
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Tidewater Tech Trade School - Newport News
4.37 miles
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Courthouse Way Community Center
4.53 miles
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Stepping Stones Day Care
3.16 miles
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Garden of Children School
4.44 miles
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Little Log Cabin Child Care
4.60 miles
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Bright Heights Learning Center
6.50 miles
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Holloman Child Development
6.65 miles
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Alices Wonderland Playhouse & Daycare Center
7.01 miles
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A Plus Childcare
7.35 miles
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Childtime Children's Center
7.41 miles
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Goddard School
7.98 miles
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Living Word Academy
8.03 miles