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1401 Coalter St
Richmond, VA 23223
Multifamily Property For Sale
·
20 Units
Investment Highlights
- Well-maintained 20-unit multifamily property offering a mix of long-term and newer short-term tenants for stable cash flow.
- Architectural appeal with several units featuring partial vaulted ceilings that enhance tenant desirability.
- Value-add opportunity through modest interior renovations and exterior enhancements to increase NOI and property appreciation.
- Current leases include newer agreements at $1,250, creating immediate income stability and growth potential.
- Ample on-site and surrounding parking with 20+ spaces available for residents and guests.
- Located in a growth-oriented Richmond neighborhood across from a well-maintained Richmond Redevelopment Housing Authority property.
Executive Summary
Value Add Investment Opportunity in Richmond, VA.: 20-Unit Apartment Complex. Discover this well-positioned 20-unit multifamily property, it provides a solid mix of both long-term tenants, and newer short-term tenants with newer leases of $ 1250.00, providing both stable cash flow, and room for income growth. With a Mix that includes several partial vaulted ceilings, adding to the architectural appeal and tenant desirability. A healthy tenant mix ensures ongoing revenue, and immediate upside potential through modest renovations and rent adjustments. With ample parking of 20+ parking spaces available on site and surrounding the property for residents and guests. Opportunities for interior updates and exterior enhancements, positioning this property as a strong candidate for increased NOI and future appreciation. Located across from a property managed by the Richmond Redevelopment Housing Authority, which is very well maintained by the City of Richmond located in an area poised for continued growth, making this an excellent long-term investment with strong rental demand and growth. Whether you're an investor seeking steady returns or buying for potential upside, this asset offers a balanced blend of income, location, and opportunity. Contact Ken Byers 804-919-4444 or Matt Smith 804-366-0200
Property Facts
| Price Per Unit | $120,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.59 AC |
| Cap Rate | 10.76% | Building Size | 15,000 SF |
| No. Units | 20 | Average Occupancy | 80% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1967 |
| Apartment Style | Garden | ||
| Zoning | R-53 - Apartment 12-24 Units | ||
| Price Per Unit | $120,000 |
| Sale Type | Investment |
| Cap Rate | 10.76% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.59 AC |
| Building Size | 15,000 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built | 1967 |
| Zoning | R-53 - Apartment 12-24 Units |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Family Room
Site Amenities
- Picnic Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 20 | - | 750 |
Property Taxes
| Parcel Number | E000-0604-015 | Improvements Assessment | $1,041,000 |
| Land Assessment | $108,000 | Total Assessment | $1,149,000 |
Property Taxes
Parcel Number
E000-0604-015
Land Assessment
$108,000
Improvements Assessment
$1,041,000
Total Assessment
$1,149,000
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