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13065 E Patrick Henry Rd 9 Unit Apartment Building $1,230,000 ($136,667/Unit) 6.16% Cap Rate Ashland, VA 23005
Investment Highlights
- Nine-unit multifamily portfolio on 9.25 acres in Hanover County.
- Located near Hanover Country Club with easy access to I-95 and Randolph-Macon College.
- County-approved condo conversion option with draft legal documents prepared.
- Includes seven single-family homes and one duplex across three parcels.
- 2024 projected Net Operating Income of $75,797 with professional management in place.
- Strong local demographics with high average household incomes and population growth.
Executive Summary
This 9-unit multifamily portfolio in Hanover County presents a rare investment opportunity in a high-demand residential market. Located at 12603 West Patrick Henry Road in Ashland, VA, the property spans three tax parcels totaling 9.25 acres and includes seven single-family homes and one duplex. Positioned near Hanover Country Club, the portfolio offers a desirable suburban setting with convenient access to major routes, including I-95, and proximity to Randolph-Macon College, retail centers, and local schools.
The portfolio generates a projected 2024 Net Operating Income of $75,797, supported by a stable rent roll and professional property management already in place. The county planning department has confirmed that a condominium conversion is permissible under state law without additional restrictions, and draft condo documents have been prepared, providing a clear path for value-add strategies. With a competitive asking price of $1,230,000, this asset offers investors strong current income and significant upside potential through repositioning or redevelopment.
The portfolio generates a projected 2024 Net Operating Income of $75,797, supported by a stable rent roll and professional property management already in place. The county planning department has confirmed that a condominium conversion is permissible under state law without additional restrictions, and draft condo documents have been prepared, providing a clear path for value-add strategies. With a competitive asking price of $1,230,000, this asset offers investors strong current income and significant upside potential through repositioning or redevelopment.
Property Facts
| Price | $1,230,000 | Apartment Style | Garden |
| Price Per Unit | $136,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 9.25 AC |
| Cap Rate | 6.16% | Building Size | 7,243 SF |
| No. Units | 9 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | ||
| Zoning | A1 | ||
| Price | $1,230,000 |
| Price Per Unit | $136,667 |
| Sale Type | Investment |
| Cap Rate | 6.16% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 9.25 AC |
| Building Size | 7,243 SF |
| No. Stories | 1 |
| Year Built | 1900 |
| Zoning | A1 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Ceiling Fans
- Dining Room
- Freezer
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | 800 - 1,000 |
1 1
Property Taxes
| Parcel Numbers | Improvements Assessment | $465,600 | |
| Land Assessment | $380,600 | Total Assessment | $846,200 |
Property Taxes
Parcel Numbers
Land Assessment
$380,600
Improvements Assessment
$465,600
Total Assessment
$846,200
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13065 E Patrick Henry Rd
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