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.

‍