37 Labrook Dr
Richmond, VA 23225
Multifamily Property For Sale · 18 Units

Alpha Real Estate Investment Advisors is pleased to present 37 LaBrook Dr in Richmond, VA. LaBrook Apartments is comprised of 18, 1 bed 1 bath units measuring approximately 650 sq ft. The property is currently performing at 95% occupancy and has maintained a strong historical occupancy. The landlord currently pays for water, electricity, and cable for the tenants, creating a unique opportunity for a new investor to significantly increase the NOI by passing through some of these costs through to the tenants. Currently, the property is being professionally managed by KRS Management out of Richmond. Many capital improvement have been made to the property in the recent years including replacement / repair of the steel staircases, repair settlement cracks, facia boards/ gutters/ flashing / drainage, laundry room remodel, re-pave settlement cracks in the parking lot and sidewalks as well as many other small repairs. LaBrook Apartment is located off of Midlothian Turnpike in the south western quadrant of Richmond. The tenants benefit from on site laundry, a quite neighborhood surrounded by single family homes and retail / commercial properties, as well as a short walk to public transportation hubs. This area of the city is undergoing a moderate redevelopment period in which older structures are being either renovated or razed and redeveloped. This redevelopment effort has largely been spurred by the transformation of the former Cloverleaf mall into what is now called Stonebridge. Stonebridge is a multi-use redevelopment project of the former Cloverleaf Mall in Chesterfield County, Virginia, and was named the Best Private/Public Project by Virginia Business. Stonebridge is a multi-use, walkable development anchored by national grocer Kroger with future office and commercial opportunities as well as a variety of residential options. The project as a whole will consist of 300,000 SF of commercial, retail and office uses and multifamily units. Investors will find value in acquiring a property with turn key management, significant upside in passing through utility expenses to the tenants, and a property with a great location and very few competing properties.