Offering Highlights
Turnkey 8-Unit Multifamily in Portsmouth, VA
Fully stabilized asset with 8 updated 2BR/1BA units across 4,800 SF in a central, transit-friendly location.
Below Market Rents = Upside
Current rents average $1,041/month ($1.39/SF), while nearby comps rent for $1,153/month ($1.41/SF) or more, leaving room for rent growth
Substantial Renovations Completed
New roof, new windows, fresh landscaping, exterior paint, and 7 fully updated units—all major CapEx done for you
Strong Returns & Financing Potential
Current 6.74% cap rate, with potential to push over 7.9% on pro forma, and 8.73% cash-on-cash return using market financing.
Prime Location Near Shipyard & Major Employers
Minutes from I-264, Maryview Bon Secours Hospital, the Norfolk Naval Shipyard, Rivers Casino, and downtown Portsmouth

201 Dixie Avenue – Renovated 8-Unit Multifamily Investment in Portsmouth, Virginia

Marcus & Millichap is pleased to present 201 Dixie Avenue, a turnkey 8-unit multifamily property in the heart of Portsmouth, VA. This two-story building features eight spacious 2-bedroom, 1-bathroom units averaging 750 SF, with seven units already fully renovated. Major capital improvements include a new roof, new windows, fresh exterior paint, landscaping, and upgraded interiors—allowing investors to step into immediate cash flow with minimal deferred maintenance.

The property sits on 0.28 acres and is strategically located near I-264, providing quick access to downtown Portsmouth, Norfolk, and key employment centers like Bon Secours Maryview Hospital, Portsmouth Public Schools, and the Norfolk Naval Shipyard. With current rents averaging $1,041/month ($1.39/SF) and market comparables reaching $1,150+ per unit, this property offers immediate rent growth potential.

Investors benefit from a 6.74% cap rate, 8.73% projected cash-on-cash return, and stable tenant demand in a high-growth submarket supported by ongoing infrastructure projects, including Rivers Casino and the HRBT expansion.

Whether you’re seeking cash flow, appreciation, or a hedge against inflation—201 Dixie Avenue is a smart addition to any multifamily portfolio.

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