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Iron House Apartments 1309 W Broad St 35 Unit Apartment Building For Sale Richmond, VA 23220
INVESTMENT HIGHLIGHTS
- Contact agents for pricing
- Residential total RSF: 24,305 SF (*average unit/SF = 695 SF)
- 39 units total: 35 residential & 4 commercial
- Commercial total RSF: 5,860 SF (*average unit/SF = 1,465 SF)
EXECUTIVE SUMMARY
CORE-QUALITY ASSET WITH UPSIDE IN DOWNTOWN’S HOTTEST SUBMARKET
Iron House Apartments is a market rate multifamily asset with value-add upside in the ever-expanding Virginia Commonwealth University submarket. VCU enrollment continues to grow and demand for quality housing is as strong as it has ever been across all demographics. As Downtown Richmond evolves, the market will reward owners who prioritize entrepreneurial marketing tactics, provide integrated technologies, and offer retail amenities like fast casual dining. The current owners have spared no expense maintaining Iron House, so the new owner will be able to focus on income-generating strategies. The property is directly across the street from VCU’s indoor arena, the Siegel Center, a block from the VCU bookstore, and an easy walk or bike ride to the primary academic campus, Monroe Park, and its dining, recreational, and social offerings. With a Walk Score of 96, Iron House is a ‘Walker’s Paradise’ community, where daily errands do not require a car. Kroger, the area’s only major supermarket, is only a block west of the property.
STRENGTHS
-Infill location creates natural barriers against competition
-VCU’s steady growth continues to drive leasing and cash flows
-Property carries a sizeable prepaid rental balance
-All residential leases are co-signed @ 5x rent
-25 1BD units stay rented, anchoring income and occupancy
-100% units pay a scalable water/sewer fee
OPPORTUNITIES
-Iron House was an early acquisition for seller and is now their smallest property. Their operating model is no longer efficient at a property this size
-Create destination retail as a resident amenity to stand apart from competitors
-Terminate costly cable contract to save over $13,000 annually
-Deploy the latest marketing tactics like Spotify playlist targeting, YouTube Shorts and Instagram Reels
-Eliminate various technology-related administrative expenses
-Personnel expenses should be limited to successful leasing efforts and targeted maintenance calls
UNIT MIX:
-1 BD/1 BA: 25 units (566 average SF)
-2 BD/2 BA: 6 units (881 average SF)
-3 BD/2 BA: 4 units (1,221 average SF)
-Commercial: 4 units (1,465 average SF)
Iron House Apartments is a market rate multifamily asset with value-add upside in the ever-expanding Virginia Commonwealth University submarket. VCU enrollment continues to grow and demand for quality housing is as strong as it has ever been across all demographics. As Downtown Richmond evolves, the market will reward owners who prioritize entrepreneurial marketing tactics, provide integrated technologies, and offer retail amenities like fast casual dining. The current owners have spared no expense maintaining Iron House, so the new owner will be able to focus on income-generating strategies. The property is directly across the street from VCU’s indoor arena, the Siegel Center, a block from the VCU bookstore, and an easy walk or bike ride to the primary academic campus, Monroe Park, and its dining, recreational, and social offerings. With a Walk Score of 96, Iron House is a ‘Walker’s Paradise’ community, where daily errands do not require a car. Kroger, the area’s only major supermarket, is only a block west of the property.
STRENGTHS
-Infill location creates natural barriers against competition
-VCU’s steady growth continues to drive leasing and cash flows
-Property carries a sizeable prepaid rental balance
-All residential leases are co-signed @ 5x rent
-25 1BD units stay rented, anchoring income and occupancy
-100% units pay a scalable water/sewer fee
OPPORTUNITIES
-Iron House was an early acquisition for seller and is now their smallest property. Their operating model is no longer efficient at a property this size
-Create destination retail as a resident amenity to stand apart from competitors
-Terminate costly cable contract to save over $13,000 annually
-Deploy the latest marketing tactics like Spotify playlist targeting, YouTube Shorts and Instagram Reels
-Eliminate various technology-related administrative expenses
-Personnel expenses should be limited to successful leasing efforts and targeted maintenance calls
UNIT MIX:
-1 BD/1 BA: 25 units (566 average SF)
-2 BD/2 BA: 6 units (881 average SF)
-3 BD/2 BA: 4 units (1,221 average SF)
-Commercial: 4 units (1,465 average SF)
DATA ROOM Click Here to Access
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.34 AC |
| No. Units | 35 | Building Size | 30,165 SF |
| Property Type | Multifamily | Average Occupancy | 97% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1915 |
| Building Class | C | ||
| Zoning | B-6 - Commercial | ||
| Sale Type | Investment |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 30,165 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1915 |
| Zoning | B-6 - Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer
- Kitchen
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Satellite TV
- Oven
- Stainless Steel Appliances
- Carpet
- Freezer
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- On-Site Retail
- Maintenance on site
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Walk Score®
Walker's Paradise (96)
Bike Score®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | W000-0615-024 | Improvements Assessment | $4,839,000 |
| Land Assessment | $1,328,000 | Total Assessment | $6,167,000 |
PROPERTY TAXES
Parcel Number
W000-0615-024
Land Assessment
$1,328,000
Improvements Assessment
$4,839,000
Total Assessment
$6,167,000
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Iron House Apartments | 1309 W Broad St
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