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Old Store Lofts 1223-1229 Hull St 10 Unit Apartment Building For Sale Richmond, VA 23224
Investment Highlights
- Current insurance rates 50% lower than current policy
- Additional rent opportunity charging for parking and a premium for patio units
- Significant rent delta of $450/month on 1 Bed units and over $800/month on 2 Bed units within the competitive set
- Reduced taxes with property tax appeal after purchase well below current assessment
- Light value-add program offering additional rent premium
- Retail leasing has not been marketed with a retail broker and sits well below nearby comps
Executive Summary
CBRE is pleased to offer 1229 Lofts, a 10-unit adaptive reuse apartment property with 3,140 SF of ground-level retail space, located at 1229 Hull Street in Richmond, Virginia.
Positioned in the heart of Manchester’s revitalization, 1229 Lofts offers unmatched visibility and immediate connectivity within one of Richmond’s fastest-growing urban corridors. Ongoing public and private investment along the Hull Street Corridor is transforming the area with enhanced housing, improved infrastructure, and expanded employment opportunities, creating a vibrant live-work-play environment that continues to attract both residents and businesses. Just steps away, significant mixed-use developments—such as The Current & The Sampson Paint bringing new apartments, offices, restaurants, amenities, and structured parking—further bolster the neighborhood’s momentum and reinforce its appeal as a thriving, high-demand submarket.
Positioned in the heart of Manchester’s revitalization, 1229 Lofts offers unmatched visibility and immediate connectivity within one of Richmond’s fastest-growing urban corridors. Ongoing public and private investment along the Hull Street Corridor is transforming the area with enhanced housing, improved infrastructure, and expanded employment opportunities, creating a vibrant live-work-play environment that continues to attract both residents and businesses. Just steps away, significant mixed-use developments—such as The Current & The Sampson Paint bringing new apartments, offices, restaurants, amenities, and structured parking—further bolster the neighborhood’s momentum and reinforce its appeal as a thriving, high-demand submarket.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Sale Type | Investment | Building Size | 9,407 SF |
| No. Units | 10 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1920/2016 |
| Apartment Style | Low-Rise | Parking Ratio | 0.85/1,000 SF |
| Building Class | C | Cross Streets | W 13th |
| Lot Size | 0.24 AC | Opportunity Zone |
Yes
|
| Zoning | B-2 | ||
| Sale Type | Investment |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 9,407 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2016 |
| Parking Ratio | 0.85/1,000 SF |
| Cross Streets | W 13th |
| Opportunity Zone |
Yes |
| Zoning | B-2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | $1,107 | 615 |
| 2+1 | 1 | $1,295 | 730 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | S000-0085-024 | Improvements Assessment | $1,825,000 |
| Land Assessment | $175,000 | Total Assessment | $2,000,000 |
Property Taxes
Parcel Number
S000-0085-024
Land Assessment
$175,000
Improvements Assessment
$1,825,000
Total Assessment
$2,000,000
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Old Store Lofts | 1223-1229 Hull St
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