Why this home stands out
What sets Unit 515 apart is the rare combination of waterfront-district living and near-zero commute to two major installations. At 1,170 square feet across two bedrooms and two-and-a-half baths, this 1997-built condo delivers a full residential footprint inside one of Hampton Roads' most walkable, character-rich neighborhoods — without trading convenience for charm. River Front Park is at your doorstep, and a half-dozen restaurants are within a two-minute walk.
OLDE TOWNE and the Portsmouth real estate market
Olde Towne Portsmouth is one of the most distinctive urban neighborhoods in all of Hampton Roads. Cobblestone streets, 18th- and 19th-century architecture, and a working waterfront give the district a texture you simply won't find in the region's newer suburbs. The Elizabeth River runs along its eastern edge, and the neighborhood's compact grid means nearly everything — coffee, groceries, parks, and dinner — is reachable on foot. Portsmouth itself sits at the geographic center of Hampton Roads, bordered by the Elizabeth River to the east and connected to Norfolk by the Downtown Tunnel and the Pedestrian Ferry. The city carries a proud naval heritage, and Olde Towne is its cultural anchor: galleries, independent restaurants, and weekend farmers markets fill the historic blocks. Living at 475 Water Street #515 means you're not just in Portsmouth — you're in the neighborhood that defines it.
What's nearby
Step outside and River Front Park is immediately at hand, with Marquis De Lafayette Park and Portside Park both within a two-minute walk. Crawford Restaurant, Thyme On The River, and Peter's Market are all within a block for weeknight dinners or weekend brunches. Olde Towne Coffee is 0.2 miles away for your morning routine, and Wawa and Cure give you backup options a little further down the road. Groceries are covered by Simply Southern Market of Hampton Roads, Market Street & General Store, and Bier Garden Gift Shop & Market — all within a third of a mile. Movement Studio VA is nearby for daily workouts, with Effingham Street Family YMCA and Brikhouse Boxing and Fitness rounding out your fitness options.
For different buyers
For military families relocating
USCG Base Portsmouth is essentially at your front door, and Norfolk Naval Shipyard is a one-minute drive — making Unit 515 one of the shortest possible commutes in Hampton Roads for active-duty members assigned to either installation. A VA loan can make ownership here straightforward, and the walkable neighborhood means a second car is often optional for daily errands.
For buyers drawn to character
If you've been searching for a home with real urban energy — historic streetscapes, independent restaurants, river views, and a neighborhood that has genuine roots — Olde Towne Portsmouth delivers all of it. Unit 515 at 475 Water Street puts you inside one of Hampton Roads' most architecturally rich districts, where the Elizabeth River waterfront is your backyard and the city's history is literally built into the streets.
More buyer questions
How far is 475 Water Street #515 from Norfolk Naval Shipyard?
Norfolk Naval Shipyard is approximately a one-minute drive from 475 Water Street, making this one of the closest residential addresses to the shipyard in the entire Hampton Roads region.
Is 475 Water Street #515 in a walkable area?
Yes — the property sits in Olde Towne Portsmouth, one of the most walkable neighborhoods in Hampton Roads, with parks, restaurants, coffee shops, and grocery options all within a quarter mile.
What is the flood zone status for 475 Water Street #515?
Given its proximity to the Elizabeth River waterfront, buyers should review the current FEMA flood zone designation for this property; that information is displayed in the FloodRisk tile on this page.
Does 475 Water Street #515 have an HOA?
Yes, the property is part of a condominium association; buyers should request the current HOA documents, including bylaws and reserve fund disclosures, during due diligence.
How far is 475 Water Street #515 from USCG Base Portsmouth?
USCG Base Portsmouth is essentially adjacent to 475 Water Street, with a drive time of under a minute — one of the most convenient locations in Hampton Roads for Coast Guard personnel.
Want to see Unit 515 in person or talk through the numbers? Tom and Dariya Milan at LPT Realty know Olde Towne Portsmouth well — reach out and let's set something up.
