Property Description

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 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.

Property Features