This Multifamily Property is Off-Market.

2340 Hampstead Avenue
Richmond, VA 23230 ·

98 Units · Multifamily For Sale

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Hampstead Apartments

Price N/A Cap Rate 7.83%
No. Units 98 Gross Rent Multiplier 6.51
Building Size 64,442 SF Occupancy 100%
Property Type Multifamily No. Stories 2
Property Sub-type Garden/Low-Rise Year Built 1962
Property Use Type Investment Lot Size 7.50 AC
Listing ID: 15639538 Date Created: 03/31/2008 Last Updated: 08/13/2008

Description

Hampstead Apartments is a 98-unit garden-style apartment community built in the early 1960' s located in the West End of Richmond, VA. All the units are two bedrooms and one bath, and each unit totals approximately 658 s.f. 31 units have upgraded interiors with new countertops, cook tops, ovens, refrigerators, stacked washer/dryers available for lease, tiled back splash and flooring. Rents currently average about $600/month with a current vacancy rate under 2%. Advertised rents are significantly higher averaging $665/month. The apartment component, which lies on approximately 7.5 +/- acres, is being offered at $4,750,000 which equates to a 7.83% cap rate on projected income. The property is being sold "AS IS, WHERE IS."

Over the past few years, the owner has acquired four adjacent parcels. Two of these are west of the entrance to Hampstead and two are east. The two parcels to the west total just over .25-acre and the two parcels to the east about .6-acre. One of the east parcels includes a two-story, 2,100 s.f. house with three bedrooms and bath. Currently, the house is rented for $1,150/month. These are being offered with the apartment for an additional $225,000.

The subject property is only one block off West Broad Street, the major commercial arterial north of the James River. It is convenient to all services, shopping, restaurants, medical/professional offices and St. Mary' s Hospital. Public transportation is available via GRTC on West Broad Street. The subject is served by Henrico County public schools, which rank among the best in Virginia.

Property uses to the south include retail and restaurant establishments along Broad Street with a smattering of office and flex buildings. To the north lies a single family subdivision, Westbourne. Housing values in this subdivision are between $115,000 and $175,000 depending upon size and condition. Many of these houses are not owner occupied. Median household income in a one mile radius is estimated at $41,686.

To summarize, the area is very convenient to services and employment, but because of the age and condition of the housing stock, the area has attracted lower income families and a high percentage of hard working immigrants.

Please submit the Confidentiality Agreement for a full offering memorandum.

Highlights

  • 98 garden apartment units situated over 7.5+/- acres near the intersection of Libbie Avenue and West Broad Street
  • Offered free & clear of debt so buyers may take advantage of attractive agency financing
  • Current owner has owned the property since it was developed in the early 1960's
  • Close proximity to numerous retail amenities with easy access to I-64
  • Very low vacancy rate with limited competition within the Henrico County submarket
  • Upside revenue potential

Research

2340 Hampstead Avenue, Richmond, VA 23230 (Henrico County)

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