Executive Investment Opportunity: 10-Unit Adaptive Reuse Conversion

Transform a high-visibility corner asset into a high-yield residential portfolio with this shovel-ready conversion of a former YMCA facility. This dual-parcel offering at 2702 Orcutt Ave includes 0.43 +/- acres of prime land and a 5,500 sq. ft. structure optimized for a 10-unit apartment conversion.

With an acquisition price of $350,000 and a comprehensive $475,000 renovation estimate already in hand, investors can secure a "10-door" asset at an all-in basis of just $82,500 per unit. This project leverages a massive value gap in a revitalizing Newport News submarket where stabilized 1 & 2 Star properties are currently valued at $110,000 per unit, providing an immediate path to significant forced equity and a projected 11.3% Cap Rate.

Investment Highlights:

• Strategic Location: Prime corner lot at Orcutt Ave and 27th St with dual-street frontage in a Ward 3 revitalization zone.
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• Turnkey Execution: Detailed scope includes 10 new high-efficiency HVAC systems, full electrical/plumbing overhauls, and modern LVP finishes.

• Scarcity & Demand: Positioned in a submarket with 0 units currently under construction, ensuring high demand for newly renovated residential stock.

• Exceptional Value: Total project basis is nearly 25% below the current market average for comparable multi-family assets in the area.

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