- For Sale Contact for pricing
- Property Type Other
- Property Size 1,038 SF
- Year Built 2009
- Date Updated Apr 30, 2025
A PERFECT VALUE-ADD ASSET IN AFFLUENT CHESAPEAKE, VA
Colliers is pleased to present Pillars at Great Bridge, 192 units with proven value-add upside in the affluent pocket of Chesapeake, VA. Built in 2009 with 9-foot ceilings, Pillars at Great Bridge has a proven track record of demand and stable occupancy, averaging 97% over the past 6 months. In excellent physical condition, new ownership can leverage outstanding organic rent growth (16.4% on renewals and 2.7% on new leases over the last 3 months), no new supply within a 5-mile radius of the property, and a proven renovation program to push top-line rent growth.
The upside potential at Pillars at Great Bridge is still largely untapped. 50 Classic units (26%) are in near original condition with linoleum floors and laminate countertops. 77 Partially Renovated units (40%) have modest upgrades including hardwood-style floors and washers and dryers. 65 Renovated units (34%) have been significantly upgraded with premiums finishes such as granite countertop, backsplash, hardwood-style floors, pendant lighting, modern cabinets, and stainless steel appliances to achieve average rents of $561/unit above unrenovated units. Renovating all Classic and Partially Renovated units to the highest renovation scope unlocks over $415,000 in untapped annual revenue. Additionally, the 65 Renovated units offer value-add upside through finishing touches such as updated subway-tile backsplash, adding hardware to the cabinetry, and implementing a tech package including keyless entry and modern thermostats.
Offering a comprehensive amenity package that appeals to a higher-income demographic, Pillars at Great Bridge allows new ownership to focus investment capital into unit interior revenue-generating improvements. With an unbeatable combination of proven value-add, upscale amenities, incredible organic rent growth, and location within an affluent submarket ($117,700 AAHI within a 3-mile radius), Pillars at Great Bridge represents a perfect value-add asset.
There are 39 bond units with significant below-market rents that can immediately convert to market-rate upon renewal.
97% Occupied (as of 4/14/25)
Reach out to the broker for more info on lease terms and amenities
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Contacts
Location
Getting Around
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Walk Score ®
30/100
Car-Dependent
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Transit Score ®
24/100
Minimal Transit
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Bike Score ®
39/100
Somewhat Bikeable
- City Chesapeake, VA
- Neighborhood Preserve on the Elizabeth
- Zip Code 23320
- Market Richmond Tidewater
Points of Interest
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Ingleside Road
7.40 miles
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Military Highway
7.49 miles
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Ballentine/Broad Creek
7.63 miles
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Norfolk
7.63 miles
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Harbor Park
7.69 miles
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NSU
7.72 miles
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Newtown Road
7.86 miles
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Civic Plaza
7.91 miles
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MacArthur Square
8.09 miles
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Monticello
8.33 miles
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Marathon
0.58 miles
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7-Eleven
1.05 miles
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Wawa
1.12 miles
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BP
1.25 miles
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Great Bridge Citgo
1.32 miles
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Great Bridge BP
1.35 miles
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Shell
1.38 miles
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Exxon
1.38 miles
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Electric Vehicle Charging Station
5.48 miles
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Tesla Supercharger
8.44 miles
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Chesapeake Arboretum Parking
0.60 miles
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Orchard Square Parking Lot
3.05 miles
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Faculty Parking
4.34 miles
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12th Grade Parking
4.40 miles
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11th Grade Parking
4.42 miles
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Lot A
4.90 miles
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Lot M
5.04 miles
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Lot B
5.16 miles
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WoodSpring Suites Chesapeake Norfolk South
0.29 miles
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Savannah Suites
2.12 miles
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Hampton
2.17 miles
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Super 8
2.23 miles
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Studios 4 Less
2.24 miles
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Hyatt Place - Chesapeake/Greenbrier
2.47 miles
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WoodSpring Suites Chesapeake-Norfolk Greenbrier
2.90 miles
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Aloft Chesapeake
2.97 miles
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SpringHill Suites Chesapeake Greenbrier
2.97 miles
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Residence Inn Chesapeake Greenbrier
2.99 miles
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Pirate's Cove
0.27 miles
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Mercury Fine Violins
0.28 miles
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Okasa Ramen
0.29 miles
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El Toro Loco
0.29 miles
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Subway
0.30 miles
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IHOP
0.35 miles
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Red Bones Raw Bar Seafood Grille
0.38 miles
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McDonald's
0.40 miles
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Sal's NY Style Pizza
0.56 miles
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Dragon China
0.58 miles
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Greenbrier Christian Academy
0.69 miles
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Oscar Smith High School
0.84 miles
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Veritas Christian Academy
0.88 miles
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Tidewater Community College - Regional Automotive Center
1.48 miles
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Great Bridge Primary School
1.52 miles
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Greenbrier Enrichment Center and School
1.61 miles
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B M Williams Primary School
1.64 miles
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Great Bridge Middle School
1.87 miles
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Greenbrier Middle School Bus Ramp
1.89 miles
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Greenbrier Middle School
2.00 miles
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Creative World Day Care
0.91 miles
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Childtime Child Care
1.61 miles
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Apple Tree Learning Center
1.72 miles
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Promote Family Learning Centers Inc.
1.77 miles
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A World of Children
2.17 miles
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KinderCare
2.36 miles
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Childtime
2.72 miles
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Kids Kollege Day Care Center
3.14 miles
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Basics Primary School & Daycare
3.15 miles
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Primrose School at Cahoon Commons
3.55 miles
Frequently Asked Questions
The sale price for Pillars at Great Bridge is available upon request. Contact the listing broker for more information.
Pillars at Great Bridge totals 1,038 square feet.
Pillars at Great Bridge was built in 2009.
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