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Icon Studio Apartments 15589 Lee Hwy 61 Unit Apartment Building $4,400,000 ($72,131/Unit) 6.23% Cap Rate Bristol, VA 24202
Investment Highlights
- Recently renovated 61-unit workforce housing asset with upside through operational improvements and stabilization.
- All 60 units were fully renovated in 2024.
- Opportunity for new ownership to bill back $20-25 for water and electricity.
- Current ownership has spent $1,252,812 on capital improvements in the past 36 months.
- HVACs consist of Electric PTAC units (All Replaced in 2024).
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/306976/icon-studio-apartments
Marcus & Millichap has been selected to exclusively market for sale the Icon Studio Apartments in Bristol, VA. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in a growing regional economic hub.
This offering provides investors the opportunity to acquire a well-located multifamily asset with meaningful upside through improved operations and stabilization. The property is currently operating below market potential, creating an opportunity to increase cash flow through more efficient expense management and stronger day-to-day operations. Its studio-focused unit mix serves a segment of the rental market that continues to see steady demand, while limited competing supply supports long-term occupancy fundamentals. With a basis well below recent valuation benchmarks and upside that can be realized without a major renovation program, the property presents a straightforward value-add opportunity in the Bristol market.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of the Icon Studio Apartments.
Marcus & Millichap has been selected to exclusively market for sale the Icon Studio Apartments in Bristol, VA. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in a growing regional economic hub.
This offering provides investors the opportunity to acquire a well-located multifamily asset with meaningful upside through improved operations and stabilization. The property is currently operating below market potential, creating an opportunity to increase cash flow through more efficient expense management and stronger day-to-day operations. Its studio-focused unit mix serves a segment of the rental market that continues to see steady demand, while limited competing supply supports long-term occupancy fundamentals. With a basis well below recent valuation benchmarks and upside that can be realized without a major renovation program, the property presents a straightforward value-add opportunity in the Bristol market.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of the Icon Studio Apartments.
Property Facts
| Price | $4,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $72,131 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.92 AC |
| Cap Rate | 6.23% | Building Size | 122,680 SF |
| No. Units | 61 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1962/2021 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | B2 BUSINES | ||
| Price | $4,400,000 |
| Price Per Unit | $72,131 |
| Sale Type | Investment |
| Cap Rate | 6.23% |
| No. Units | 61 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.92 AC |
| Building Size | 122,680 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1962/2021 |
| Opportunity Zone |
Yes |
| Zoning | B2 BUSINES |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Property Manager on Site
- Tenant Controlled HVAC
- Walking/Biking Trails
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 60 | - | 490 |
1 1
Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 143A4-A-7 | Improvements Assessment | $721,300 |
| Land Assessment | $281,600 | Total Assessment | $1,002,900 |
Property Taxes
Parcel Number
143A4-A-7
Land Assessment
$281,600
Improvements Assessment
$721,300
Total Assessment
$1,002,900
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