Multifamily Property for Sale in Richmond, VA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Richmond, VA 23225

Description

Marcus & Millichap is pleased to present the offering memorandum for 37 Labrook Drive in Richmond, VA. The property consists of eighteen units total. There are seventeen, one-bedroom one-bathroom units and one, two-bedroom one-bathroom units. The property was built in 1974 and is situated on 1.44 acres. Investment Highlights: • 18 Units: A Mix of One- & Two-Bedrooms • TRANSIT ORIENTED Easy Access to I-64, I-95, I-195 and US Route 1 • CLOSE PROXIMITY TO DOWNTOWN RICHMOND 7 Minutes from Downtown Richmond Area Attractions

Market Context

This multifamily in Richmond, VA is listed for sale. It is offered at an approximate 8.1% 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 8.1% asking cap rate is above the Richmond multifamily market average of about 5.8%, implying a higher yield (and typically more risk or upside) than 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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