Multifamily Property for Sale in Richmond, VA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Richmond, VA 23223

Description

The offering presents a rare opportunity to acquire NNN asset located in Richmond, Virginia, one of the Mid-Atlantic’s strongest and most supply-constrained rental markets. 2110 Redd Street has thirty-six units. All units are a mix of two-bedroom and one-bathroom. 2110 Redd Street was built in 1964 and situated on 1.01 acres. Richmond stands out as an exceptional locale for multifamily real estate investment due to a combination of economic stability, strategic location, and a thriving cultural scene. The city’s robust economy, fueled by diverse industries such as finance, manufacturing, and healthcare, provides a steady foundation for sustained property value appreciation. Richmond’s strategic position along major transportation routes enhances its appeal, facilitating easy access for residents and contributing to the city’s growth. Investment Highlights: • 36 Units: All Two-Bedroom & One-Bathroom • Absolute NNN Master Lease • 10.22% In-Place Cap Rate • 5.5 Years Remaining on Lease Term • Fully Passive from Day One

Market Context

This multifamily in Richmond, VA is listed for sale. It is offered at an approximate 1.0% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 days. Compare it against other multifamily listings for sale in Richmond, VA — <a href="/search/sale/multifamily/virginia/richmond">view the full market</a>.

As of Q4 2023, the Richmond multifamily market showed a 7.7% vacancy rate, and cap rates around 5.8%. Source: Www.lee-Associates.com Q4 2023 market report.

Its 1.0% asking cap rate is below the Richmond multifamily market average of about 5.8%, reflecting premium pricing relative to comparable assets.

Multifamily market FAQ

What is the typical cap rate for multifamily in Richmond?
About 5.8% as of Q4 2023, per Www.lee-Associates.com.
Is the Richmond multifamily market tightening or softening?
Vacancy is around 7.7% (Q4 2023).

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