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1300 Floyd Ave - Classic Fan District Triplex Steps from VCU 3 Unit Apartment Building Offered at $975,000 Richmond, VA 23220
Investment Highlights
- Prime Fan District location directly adjacent to VCU
- Significant rental upside with below-market in-place rents
- Historic brick architecture with strong long-term rental demand in one of Richmond’s most walkable neighborhoods
- Spacious unit mix featuring (2) one-bedroom apartments and (1) two-bedroom/two-bath apartment
- Recent capital improvements including updated roof, windows, kitchens improvements, and hot water heaters
Executive Summary
Positioned on one of Richmond’s most iconic residential neighborhoods – the Fan, 1300 Floyd Avenue presents a rare opportunity to acquire a classic Fan District triplex directly adjacent to Virginia Commonwealth University. This stately brick property blends historic Richmond architecture with strong in-place cash flow and substantial rental upside.
The property features three spacious apartment homes with an attractive unit mix ideal for students, young professionals, and long-term tenants seeking walkability to VCU, Carytown, the Fan’s restaurant scene, and downtown Richmond employment centers. The unit mix consists of a large one-bedroom apartment on the first floor with updated kitchen finishes, a spacious two-bedroom/two-bathroom apartment on the second floor, and a charming one-bedroom apartment occupying the third floor. All three units offer strong natural light, historic character, and layouts well suited for the urban renter profile driving demand throughout the Fan District.
Current ownership has completed several meaningful capital improvements including new thermal sash windows, updated kitchens and appliances, new hot water heaters, and a recently completed modified flat roof with copper flashing. The property has been well maintained while still offering investors the opportunity to increase rents significantly over time.
Current rents are considered substantially below market for renovated Fan District apartments within immediate proximity to VCU that include all utilities.
Current Gross Income: Approx. $53,217 annually
Estimated Expenses: Approx. $22,500 annually
Utility Information: Full Services Leases. Landlord Pays All Utilities.
Electric: Approx. $300/month
Water/Sewer/Gas/Trash: Approx. $340/month
The property features three spacious apartment homes with an attractive unit mix ideal for students, young professionals, and long-term tenants seeking walkability to VCU, Carytown, the Fan’s restaurant scene, and downtown Richmond employment centers. The unit mix consists of a large one-bedroom apartment on the first floor with updated kitchen finishes, a spacious two-bedroom/two-bathroom apartment on the second floor, and a charming one-bedroom apartment occupying the third floor. All three units offer strong natural light, historic character, and layouts well suited for the urban renter profile driving demand throughout the Fan District.
Current ownership has completed several meaningful capital improvements including new thermal sash windows, updated kitchens and appliances, new hot water heaters, and a recently completed modified flat roof with copper flashing. The property has been well maintained while still offering investors the opportunity to increase rents significantly over time.
Current rents are considered substantially below market for renovated Fan District apartments within immediate proximity to VCU that include all utilities.
Current Gross Income: Approx. $53,217 annually
Estimated Expenses: Approx. $22,500 annually
Utility Information: Full Services Leases. Landlord Pays All Utilities.
Electric: Approx. $300/month
Water/Sewer/Gas/Trash: Approx. $340/month
Property Facts
| Price | $975,000 | Lot Size | 0.07 AC |
| Price Per Unit | $325,000 | Building Size | 3,286 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1910 |
| Apartment Style | Mid-Rise | ||
| Zoning | R-6 | ||
| Price | $975,000 |
| Price Per Unit | $325,000 |
| Sale Type | Investment |
| No. Units | 3 |
| Property Type | Multifamily |
| Apartment Style | Mid-Rise |
| Lot Size | 0.07 AC |
| Building Size | 3,286 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1910 |
| Zoning | R-6 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 2+2 | 1 | - | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Some public transit
50/100
Moderately bikeable
60/100
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1300 Floyd Ave - Classic Fan District Triplex Steps from VCU
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