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314 W Grace St
Richmond, VA 23220
Jernigan Hall · Multifamily Property For Sale
·
36 Units
Property Facts
| No. Units | 36 | Lot Size | 0.16 AC |
| Property Type | Multifamily | Building Size | 25,548 SF |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built/Renovated | 1966/2012 |
| Building Class | C | Parking Ratio | 0.47/1,000 SF |
| Zoning | B-4 | ||
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 25,548 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1966/2012 |
| Parking Ratio | 0.47/1,000 SF |
| Zoning | B-4 |
Amenities
Unit Amenities
- Cable Ready
- High Speed Internet Access
- Stainless Steel Appliances
- Tub/Shower
Site Amenities
- Trash Pickup - Door to Door
About 314 W GRACE ST , RICHMOND, VA 23220
The subject property was built in 1966 and was renovated in 2012 and features spacious modern units with modern amenities. All units in the building contain stainless steel appliances, bamboo cabinetry, dishwashers, stainless steel appliances, and polished concrete floors. The property is additionally close to area retail, amenities, and restaurants. The Virginia Commonwealth university is only moments away down the road. The Richmond International Airport is only a 15-minute drive away. The property is also walking distance to the Richmond convention center. Since 2012, Richmond has seen an impressive growth in average rental rates especially in the upper mid-range asset class. Year-over-year rents have increased at an average rate of 3.18% trailing only that of low mid-range assets at 3.55%. Occupancy has also remained high with consistently averaging around 95% year over year since 2012. The consistently high occupancy has proven to investors that the fundamentals throughout the city are supporting the increased development of multifamily units with a net absorption of 2,515 units in the upper mid-range asset class over 47 months.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | - |
| 1+1 | 25 | - | - |
| 2+2 | 1 | - | - |
Property Taxes
| Parcel Number | W000-0175-022 | Improvements Assessment | $4,151,000 |
| Land Assessment | $540,000 | Total Assessment | $4,691,000 |
Property Taxes
