Deltha Gardens, 503-511 Randolph Road, Newport News, VA

Property Overview

This investment offers a rare combination of immediate yield and long-term appreciation potential within the Hampton Roads region. The property consists of 6,500 square feet of residential space situated on a 0.34-acre lot at 505-511 Randolph Street. With a current CAP rate of 8.23% and a projected Year 1 cash-on-cash return of 11.77%, Deltha Gardens is positioned as a high-performing income generator. Its location is particularly advantageous, sitting within 10 minutes of major economic drivers including the Newport News Shipbuilding—the nation’s largest—and Christopher Newport University.

Investment Highlights

• Exceptional Yield Profile: The asset delivers a strong 8.23% current CAP rate and a projected 11.77% Year 1 cash-on-cash return, significantly outperforming many traditional multifamily markets.
• Strategic Unit Mix: The property features four 2-bedroom/1-bath and three 4-bedroom/2-bath units, providing spacious floor plans that average 907 square feet.
• Massive Local Employment Base: Located minutes from Newport News Shipbuilding, the largest shipbuilding company in the U.S. and a critical pillar of the local economy.
• Proximity to Billions in Infrastructure: Residents benefit from regional growth drivers, including the $3.9B HRBT Expansion and the $1.0B Norfolk International Airport expansion.
• Transit-Oriented Location: Offers effortless access to major regional thoroughfares, including I-64, I-664, and the James River Bridge, ensuring high tenant desirability and ease of commute.

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