This property is Off-Market
604 Henrico Boulevard
Richmond, VA 23222 ·
184 Units · Multifamily For Sale
North Oak Portfolio
|No. Units||184||Gross Rent Multiplier||4.38|
|Building Size||121,464 SF||Occupancy||96%|
|Property Type||Multifamily||No. Stories||2|
|Property Sub-type||Garden/Low-Rise||Year Built||1966|
|Property Use Type||Investment||Lot Size||5.84 AC|
|Listing ID: 16359036||Date Created: 08/17/2009||Last Updated: 05/25/2010|
CB Richard Ellis | Richmond is pleased to offer for sale North Oak Apartments and 2 additional buildings, an ideal value-enhancement opportunity located on the Northside (Ginter Park) of Richmond, VA. The offering includes 184 garden apartment units situated on 3 properties totaling approximately 5.84 acres near the intersection of Chamberlayne and Laburnum Avenues. The purchase price is $5,520,000 which equates to $30,000 per unit and a projected cap rate of 9.3%.
The properties have been owned by the same entity since 1980 and may potentially qualify for Low Income Housing Tax Credits (LIHTC). The protfolio is offered free & clear of debt, so investors may take advantage of attractive agency financing. The units have a historically low vacancy rate with some of the most affordable rents in the corridor. The properties have close proximity to the GRTC bus line, Route 301, I-95 & I-64, the Children' s Hospital, Virginia Union University, Union Theological and a branch of the YMCA of Greater Richmond.
North Oak Apartments are located very close to the intersection of Chamberlayne Ave and Laburnum Ave. Chamberlayne runs north/south through the City of Richmond and serves as US Route 301. Laburnum runs east/west and is also know as Virginia route 197. This area of the City of Richmond is also known as the Northside and Ginter Park. Ginter Park itself was the first suburban development in the City commencing in the late 19th century along the then new street car line. Major Ginter, the developer, was a hugely successful tobacco executive, who sited this development here so that residents would not have to ride into the CBD for work with the sun in their eyes. A number of long standing institutions established a presence in this area to take advantage of the then bucolic setting.
The CBD is about 2 miles south of the site. There are nodes of employment in any direction from the site. As would be expected, there are many opportunities for shopping and services within walking distance or a short ride from the site.
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