Description
Outstanding opportunity to acquire an investor friendly 9-unit multifamily asset with stabilized rental income and an appraisal-supported cap rate of approximately 8.5% and current seller-provided operating figures close to a 9.5% cap rate. With average rent at $1200 per unit this investment opportunity is strong and reliable. The two-story brick apartment building offers a practical and consistent unit mix with nine (9) 2-bedroom, 1-bath residences, each approximately 700 square feet, for a total building size of approximately 6,448 square feet on a 0.27-acre parcel. The property features a NEWER roof, NEW exterior access, durable brick construction, multiple unit entrances, and functional interior layouts that support long-term rental operations. The property offers a courtyard-style exterior, low-maintenance brick façade, and bright interior spaces. Select units feature hardwood or plank-style flooring, white kitchen cabinetry, electric range appliances, and neutral wall colors. The interiors provide simple, efficient layouts that allow for continued rental use while also presenting potential for future cosmetic updates or operational improvements. Tenants are responsible for heat and electric, while the landlord pays for water and trash removal. The property also offers some off-street parking, along with convenient access to nearby public transportation and Interstate 64. All units are tenant occupied with a strong rent roll. Recent improvements and area growth suggest potential upside through lease-up, rent optimization, or future improvements, subject to market conditions and applicable lease terms. With a consistent tenant base, low maintenance, and strong rental income this apartment building presents a compelling opportunity for investors seeking a multifamily property in the Richmond market. Reach out today!
Details
| MLS # | 2614044 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1950 |
| Days On Site | 151 |
| Listing Provided By | Hometown Realty | Sean Gould |
Features
| SQ Feet | 6,448 |
|---|---|
| Basement | Y |
| Story(s) | 2 |
| Units | 1 |
| Zoning | R-53 |
| Acreage | 0.27 |
Interior
| Appliances | Electric Water Heater |
|---|
Exterior
| Construction Materials | Brick, Drywall |
|---|
Parking
| Garage Yes / No | No |
|---|---|
| Parking Features | Off Street, On Street |
Utilities
| Sewer | Public Sewer |
|---|
Taxes
| Tax Annual Amount | 7332 |
|---|
Area Information
| State | VA |
|---|---|
| County | Richmond City |
| City | Richmond |
| Zip Code | 23223 |
| Area | 10 Richmond |
| Community Name | Woodville |
| Listing VS Median (in Woodville) | |
Price: $989,000 low | high Med: $205,000 sqft: 6,448 low | high Med: 910 $ / sqft: $153 low | high Med: $225 On site: 151 low | high Med: 49 | |
Market Activity 23223
Request a showing
Request a showing
Contact
Learn More About This Property
| State | VA |
|---|---|
| County | Richmond City |
| City | Richmond |
| Zip Code | 23223 |
| Area | 10 Richmond |
| Community Name | Woodville |
| Listing VS Median (in Woodville) | |
Price: $989,000 low | high Med: $205,000 sqft: 6,448 low | high Med: 910 $ / sqft: $153 low | high Med: $225 On site: 151 low | high Med: 49 | |