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Listing Details

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School Ratings & Info

Description

Situated in the Old Manchester District, this mixed-use building is surrounded by the best of urban life.The owner-developers renovated the building 10 years ago using State of Virginia and Federal Historic Rehabilitation Tax Credits. These tax credits enabled the developers to take an old electrical company headquarters and transform it into a residential and commercial building. It was a total renovation with all new systems, windows, walls, roofs and kitchens and baths. The building includes 14 loft style apartments, 3 commercial tenants, and a rear parking lot with 15 spaces. One of the commercial units also has a live-work situation where there is an apartment in the space. The commercial spaces have a good history of tenancy and have been a stable source of income. The apartments are always leased. A mix of one-and two-bedroom units, this building offers an investor a good upside as the rents are below market. With a little bit of capital, the building could see all the rents increase to the market rate. The asking price per unit is below market allowing an investor a nice return.

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All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are © 2021 Central Virginia Regional Multiple Listing Service, LLC. All rights reserved.The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 2021-09-19T20:57:07.507.
www.exithomesearch.com/homes/121195308
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Address Not Available By Request Richmond, VA 23224

  • Price: $2,700,000
  • Status: Active
  • Updated: 53 min ago
  • MLS #: 2127684
0
Beds
0
Baths
0
½ Baths
0.33
Acres
1900
Built
Neighborhood:
60 - Richmond
County:
Richmond City
Area:
60 - Richmond
Property Description
Situated in the Old Manchester District, this mixed-use building is surrounded by the best of urban life.The owner-developers renovated the building 10 years ago using State of Virginia and Federal Historic Rehabilitation Tax Credits. These tax credits enabled the developers to take an old electrical company headquarters and transform it into a residential and commercial building. It was a total renovation with all new systems, windows, walls, roofs and kitchens and baths. The building includes 14 loft style apartments, 3 commercial tenants, and a rear parking lot with 15 spaces. One of the commercial units also has a live-work situation where there is an apartment in the space. The commercial spaces have a good history of tenancy and have been a stable source of income. The apartments are always leased. A mix of one-and two-bedroom units, this building offers an investor a good upside as the rents are below market. With a little bit of capital, the building could see all the rents increase to the market rate. The asking price per unit is below market allowing an investor a nice return.
Exterior Features

Construction Materials Brick Lot Features Level Road Frontage Type City Street Roof Flat Topography Level

Interior Features

Basement YN No Building Area Total 13588 Cooling Central Air Cooling YN Yes

Property Features

Property Condition Good Condition Sewer Sanitary Water Source Public Zoning Description B-5

Listing courtesy of One South Realty Group, Llc. Listing information © 2021 CVRMLS and CBRAR.


All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are © 2021 Central Virginia Regional Multiple Listing Service, LLC. All rights reserved.The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 2021-09-19T20:57:07.507.
 
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Marc Austin Properties at EXIT First Realty
11207 Nuckols Road, Suite E
Glen Allen VA, 23059