Marcus & Millichap is pleased to present The Flats at Gum Drive, a 16-unit multifamily investment opportunity located in Portsmouth, Virginia. This well-maintained property consists of two-story buildings featuring eight one-bedroom, one-bath units and eight two-bedroom, two-bath units. Originally built in 1972 and renovated in 1982, the property spans approximately 9,600 square feet on 0.75 acres, offering a balanced unit mix and modernized interiors. Portsmouth’s strategic location along the Elizabeth River provides residents with scenic waterfront views and access to recreational amenities, while its historic districts such as Olde Towne enhance the area’s charm and livability. The city benefits from a diverse economy anchored by shipbuilding, healthcare, education, and tourism, ensuring a stable demand for rental housing. Major employers include Bon Secours, Naval Medical Center Portsmouth, and the U.S. Department of Homeland Security, all within close proximity to the property. The Flats at Gum Drive offers strong connectivity with easy access to I-264 and I-464, placing residents within minutes of key employment centers, retail destinations, and entertainment venues. Current average rents of $1,038 per unit provide room for growth, with market comparables supporting higher rental rates. The property’s current CAP rate of 7.00% and projected Year 1 CAP rate of 8.69% underscore its attractive investment profile.