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The Hill Building 114 Virginia St 48 Unit Apartment Building $9,000,000 ($187,500/Unit) 6.28% Cap Rate Richmond, VA 23219
Investment Highlights
- 48 Units: Mix of Studio, One- and Two-Bedroom Apartments
- Recently Renovated Units
- Prime Location: Near VCU, Downtown Richmond, and 7 Fortune 500 companies
Executive Summary
Marcus & Millichap is pleased to present the offering memorandum for The Hill Building located at 114 Virginia Street Richmond, VA in the Shockoe Slip neighborhood. The property consists of forty-eight units total. There are eleven studio units, ten, one-bedroom one-bathroom units and nine, two-bedroom one-bathroom units, across one, three story building built in 1878, renovated 2015 and situated on 0.27 acres.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
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-
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| Other Income |
-
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-
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| Vacancy Loss |
-
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-
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| Effective Gross Income |
-
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-
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| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $9,000,000 | Property Subtype | Apartment |
| Price Per Unit | $187,500 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 6.28% | Lot Size | 0.27 AC |
| Gross Rent Multiplier | 10.18 | Building Size | 44,800 SF |
| No. Units | 48 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1878/2015 |
| Zoning | B-5 | ||
| Price | $9,000,000 |
| Price Per Unit | $187,500 |
| Sale Type | Investment |
| Cap Rate | 6.28% |
| Gross Rent Multiplier | 10.18 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.27 AC |
| Building Size | 44,800 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1878/2015 |
| Zoning | B-5 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Granite Countertops
- Hardwood Floors
- Stainless Steel Appliances
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 20 | - | 500 |
| 1+1 | 15 | - | 639 - 751 |
| 2+2 | 13 | - | 1,100 |
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Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (88)
Property Taxes
| Parcel Number | E000-0067-017 | Improvements Assessment | $5,876,000 (2025) |
| Land Assessment | $590,000 (2025) | Total Assessment | $6,466,000 (2025) |
Property Taxes
Parcel Number
E000-0067-017
Land Assessment
$590,000 (2025)
Improvements Assessment
$5,876,000 (2025)
Total Assessment
$6,466,000 (2025)
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The Hill Building | 114 Virginia St
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