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Madison Terrace 420 S 21st Ave 76 Unit Apartment Building For Sale Hopewell, VA 23860
Investment Highlights
- Compelling Value-Add Opportunity
- Significant Mark-to-Market Potential
- Proximity to Fort Lee
- Demonstrated Leasing Momentum
- Strategic Hopewell Location
Executive Summary
Newmark is pleased to present the exclusive opportunity to acquire Madison Terrace (the “Property”), a well-located value-add multifamily community in Hopewell, Virginia. Ideally positioned just minutes from Fort Lee, the Property benefits from a strong and diverse employment base driven by military personnel, government agencies, and the greater Tri-Cities workforce, providing a stable foundation for long-term rental demand.
Property Facts
| Sale Type | Investment | Lot Size | 3.80 AC |
| No. Units | 76 | Building Size | 63,080 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1970 |
| Building Class | C | Parking Ratio | 1.25/1,000 SF |
| Zoning | R-4 - Residential | ||
| Sale Type | Investment |
| No. Units | 76 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.80 AC |
| Building Size | 63,080 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 1.25/1,000 SF |
| Zoning | R-4 - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Property Manager on Site
- Tenant Controlled HVAC
- Grill
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 76 | - | 830 |
Fairly walkable
40/100
Very drivable
80/100
Minimal public transit
10/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $5,530,000 | |
| Land Assessment | $652,000 | Total Assessment | $6,182,000 |
Property Taxes
Parcel Numbers
Land Assessment
$652,000
Improvements Assessment
$5,530,000
Total Assessment
$6,182,000
(202) 331-7000
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Contacts
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Charles Wentworth -
Garrison Gore -
Victoria Pickett -
John Chobanian -
Amanda Archer -
Daniel Wake -
Newmark
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Madison Terrace | 420 S 21st Ave
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