Property seeking 1031 Exchange offer. This 20- unit apartment community presents a compelling value-add Opportunity with potential strong cap rate improvement and a clear pathway to long term growth. All units have over 740 square feet (2 bedroom/1bath), upper units have spacious vaulted ceilings, making this an attractive differential… Read More among other mainstream apartments. Located just minutes from the VCU campuses, and downtown Shockoe Bottom, the property benefits from a strong renter/ tenant demand driven by proximity to major universities, employment center, and urban amenities. This asset requires professional property management and operations to optimization and growth and minimize current expenses. Giving investors the opportunity to implement a focused business plan aimed at improving efficiency, stabilizing tenants, and remodeling to increase current rents that could exceed $ 1400 plus per unit a month. The location and unit mix supports future rent increases, making this an excellent 1031 Exchange property. This unique property uniquely combines current cash flow, massive equity upside, future rent increases, and a strong renter market fundamentals in one of Richmond's most demanding rental corridors. Read Less
Courtesy of Weichert Brockwell & Associate 804-518-0500
Listing Snapshot
Days Online
7
Last Updated
Property Type
Other
Square Ft.
14,899
Lot Size
0.59 Acres
Year Built
1967
MLS Number
2608017
30 Days Snapshot Of 23223
$349k
-11%
(avg) sold price
38
-26%
homes sold
29
-29%
(avg) days on market
Snapshot
Area Map
Additional Details
Property Access
Road Frontage Type: CityStreet
Building
Construction Materials: MetalSiding, VinylSiding, Features: MultiTenant, NoElevators, Rooms Total: 40
Lot
Parcel Number: E000-0604-015
Parking
Parking Total: 20
Property
Property Condition: GoodCondition, Property Sub Type: Other, Topography: Level
Taxes
Tax Assessed Value: $0, Tax Legal Description: HOWARD GROVE L56-62 PTL63 0220.00X0117.56 0000.000, Tax Lot: 63
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