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Stabilized 8-Unit Apartments with Upside 2000 Lamb Ave 8 Unit Apartment Building $1,275,000 ($159,375/Unit) Richmond, VA 23222
Investment Highlights
- Strong historical occupancy
- Off-street parking
- 6 of 8 units renovated
Executive Summary
2000 Lamb Avenue presents a compelling opportunity to acquire a stabilized, value-add multifamily asset in an improving Richmond submarket. The property consists of eight (8) apartment units and has strong historical occupancy, offering immediate cash flow with upside remaining.
Ownership has completed substantial capital improvements, including full renovations of six (6) of the eight units, exterior painting, window replacement as needed and paving of the rear parking lot, significantly reducing near-term capital expenditure needs. The renovated units feature modern finishes in the kitchen & bathroom and in-unit washer and dryers, a highly desirable amenity that supports strong tenant demand and retention.
Despite the recent improvements, the property still offers a clear value-add opportunity through the renovation of the remaining two units. Additionally, current rents remain slightly below market, providing investors the ability to capture further upside through strategic rent growth as units turn and market conditions continue to strengthen.
Located in an area of Richmond that continues to see reinvestment and neighborhood improvement, 2000 Lamb Avenue benefits from solid fundamentals, strong occupancy, and long-term appreciation potential. This asset is well suited for investors seeking a balance of stable income today with meaningful upside tomorrow.
Ownership has completed substantial capital improvements, including full renovations of six (6) of the eight units, exterior painting, window replacement as needed and paving of the rear parking lot, significantly reducing near-term capital expenditure needs. The renovated units feature modern finishes in the kitchen & bathroom and in-unit washer and dryers, a highly desirable amenity that supports strong tenant demand and retention.
Despite the recent improvements, the property still offers a clear value-add opportunity through the renovation of the remaining two units. Additionally, current rents remain slightly below market, providing investors the ability to capture further upside through strategic rent growth as units turn and market conditions continue to strengthen.
Located in an area of Richmond that continues to see reinvestment and neighborhood improvement, 2000 Lamb Avenue benefits from solid fundamentals, strong occupancy, and long-term appreciation potential. This asset is well suited for investors seeking a balance of stable income today with meaningful upside tomorrow.
Property Facts
| Price | $1,275,000 | Building Class | C |
| Price Per Unit | $159,375 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 5,692 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1969 |
| Apartment Style | Low-Rise | ||
| Zoning | R-53 | ||
| Price | $1,275,000 |
| Price Per Unit | $159,375 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 5,692 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
| Zoning | R-53 |
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Property Taxes
| Parcel Number | N000-0409-003 | Improvements Assessment | $692,000 |
| Land Assessment | $55,000 | Total Assessment | $747,000 |
Property Taxes
Parcel Number
N000-0409-003
Land Assessment
$55,000
Improvements Assessment
$692,000
Total Assessment
$747,000
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Stabilized 8-Unit Apartments with Upside | 2000 Lamb Ave
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