MLS#2601249
STATUSActive
PROPERTY TYPECommercial - Business
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
Property Type: Commercial - Business
Cooling: Central Air
Heating: Forced Air
Lot Size: 0.59 Acres
Roof Type: Asphalt, Shingle
Stories: 2.0
Year Built: 1967
Feature Descriptions
Building Features: Multi-Tenant, No Elevators
Days on Site: 46
Exterior: Metal Siding, Vinyl Siding
Fencing: None
Lot: Conservation Area, Level
Parcel#: E000-0604-015
Sewer: Public Sewer
Topography: Level
Water: Public
Listed By / Shown By
Listed By
Agency Name: Weichert Brockwell & Associate
Shown By
Agent Name: Scott Dearnley
Agent Phone: (804) 938-5277
Agency Title: Joyner Fine Properties
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1401 Coalter Street | MLS# 2601249
This commercial property located at 1401 Coalter Street , Richmond, VA 23223 is currently listed for sale with an asking price of $2,399,999. Search Richmond real estate on www.scottdearnley.com today.