$2,450,000
$2,595,000
5.6%For more information regarding the value of a property, please contact us for a free consultation.
21,836 SqFt
SOLD DATE : 11/07/2024
Key Details
Sold Price $2,450,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 21,836 sqft
Price per Sqft $112
MLS Listing ID 2419080
Sold Date 11/07/24
HOA Y/N No
Year Built 1917
Lot Size 5,601 Sqft
Acres 0.1286
Property Description
MARK TO MARKET OPPORTUNITY -There is an opportunity to capture a $300+ per unit rent increase by aligning current rents with market rates in new or renovated multifamily properties in downtown Richmond.
STRONG COMMERCIAL TENANCY - The property comes with an established commercial lease with a tenant that has been in place since 2013 featuring above-market annual rent increases of 7%.
RECENT CAPITAL INVESTMENT - Seller recently painted entire facade and continues to be an excellent steward of the property.
EXCELLENT SUBMARKET DEMOGRAPHICS -Jackson Ward is a prime area for capital investment and price appreciation, supported by job growth and excellent demographic trends.
UNBEATABLE MOBILITY - The property is on the GRTC Pulse bus line and is walkable to work, school, and leisure destinations.
Location
State VA
County Richmond City
Area 10 - Richmond
Interior
Cooling Central Air
Exterior
Roof Type Flat
Topography Level
Handicap Access Accessibility Features
Building
Lot Description Level
Building Description Brick, Multi-Tenant,No Elevators
Story 3
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Structure Type Brick
Others
Tax ID N000-0076-054
Ownership Investment
Financing Assumed
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Bought with NON MLS OFFICE