Colonial Landing | 92-Unit Redevelopment Opportunity | Hampton, VA

Offered at $3.3 million, Colonial Landing presents a rare chance to reposition a large-scale asset in the high-demand Hampton Roads market. This 92-unit multifamily property is currently vacant and condemned by the City of Hampton, with no certificate of occupancy—making it ideal for experienced value-add operators seeking scale, location, and upside.

Originally built in 1938, the property consists of one-, two-, and three-bedroom layouts across three buildings totaling nearly 68,000 SF on 5.33 acres. With a proposed renovation budget and strong pro forma financials, projected ARV exceeds $9.2M with a 7.03% stabilized cap rate and 62% leveraged IRR over three years.

Located minutes from Newport News Shipbuilding, Hampton University, and Riverside Hospital—with easy access to I-64, I-664, and the Newport News/Williamsburg International Airport—the asset is strategically positioned for long-term renter demand. Major infrastructure projects like the $3.9B HRBT Expansion, Rivers Casino, and Atlantic Park add further tailwinds.

Whether you're a developer, fund, or experienced operator, Colonial Landing offers a scalable, high-return multifamily opportunity in one of Virginia’s fastest-transforming submarkets.

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