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37 Labrook Dr
Richmond, VA 23225
Multifamily Property For Sale
·
18 Units
Investment Highlights
- Recently renovated with proven average mark to market of $394 for 1bd/1ba
- Opportunity to increase top-line by renovating remaining 5 classic units
- Upside in Loss-to-lease
- Proximate to Springline at District 60 & Chesterfield Towne Center
Executive Summary
This multi-family investment opportunity at 37 Labrook Drive offers a well-located apartment property in Richmond’s Beaufont submarket. The asset consists of a two-story building on a 1.44-acre parcel, zoned R-53, and has 18 units.
Positioned within the Beaufont Hills neighborhood, the property benefits from proximity to major transportation routes, including Chippenham Parkway (VA-150) and Midlothian Turnpike (US-60), offering convenient access to Downtown Richmond and surrounding employment hubs. The area is supported by a diverse economic base, nearby retail centers, and essential services, creating consistent rental demand.
Investors can capitalize on the property’s established residential setting and explore operational efficiencies or unit upgrades to enhance returns. The site’s generous lot size allows for ample parking and green space, contributing to long-term tenant retention. With Richmond’s continued population growth and strong rental fundamentals, this property represents a compelling opportunity for buyers seeking a stabilized or repositioning multi-family asset in a growing market.
Positioned within the Beaufont Hills neighborhood, the property benefits from proximity to major transportation routes, including Chippenham Parkway (VA-150) and Midlothian Turnpike (US-60), offering convenient access to Downtown Richmond and surrounding employment hubs. The area is supported by a diverse economic base, nearby retail centers, and essential services, creating consistent rental demand.
Investors can capitalize on the property’s established residential setting and explore operational efficiencies or unit upgrades to enhance returns. The site’s generous lot size allows for ample parking and green space, contributing to long-term tenant retention. With Richmond’s continued population growth and strong rental fundamentals, this property represents a compelling opportunity for buyers seeking a stabilized or repositioning multi-family asset in a growing market.
Property Facts
| Price Per Unit | $137,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.44 AC |
| Cap Rate | 7.19% | Building Size | 14,314 SF |
| No. Units | 18 | Average Occupancy | 89% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1974 |
| Apartment Style | Low-Rise | ||
| Zoning | R-53 | ||
| Price Per Unit | $137,500 |
| Sale Type | Investment |
| Cap Rate | 7.19% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.44 AC |
| Building Size | 14,314 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 1974 |
| Zoning | R-53 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | 680 |
| 2+1 | 9 | - | 800 |
Property Taxes
| Parcel Number | C005-1067-032 | Improvements Assessment | $587,000 |
| Land Assessment | $180,000 | Total Assessment | $767,000 |
Property Taxes
Parcel Number
C005-1067-032
Land Assessment
$180,000
Improvements Assessment
$587,000
Total Assessment
$767,000
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