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450 Van Buren Dr
Petersburg, VA 23803
Landmark Apartments · Multifamily Property For Sale
·
53 Units
Investment Highlights
- Landmark Apartments is a stabilized, income-producing apartment opportunity in Petersburg.
- Regularly 100% occupied and currently has a waiting list of 71 applicants. In 2022, the Seller has made over $200,000 of capital improvements.
- The current estimated population of the MSA is 1,300,000, making it Virginia’s third largest, and has increased 26.9% since 2000.
- The property operates under the project-based Section 8 Housing Assistance program, wherein HUD pays 85% of the rent roll directly to the Landlord.
- Excellent investment opportunity driven by strong, stable, federal government subsidized cash flow with relatively low tenant turnover.
- Y/Y asking rents grew by 11.8%, while vacancy declined to 4.7%. Population growth and market rent growth have limited the supply of affordable housing
Property Facts
| No. Units | 53 | Building Size | 48,391 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1983 |
| Building Class | C | Parking Ratio | 1.78/1,000 SF |
| Lot Size | 6.24 AC | ||
| Zoning | PUD - Planned Urban Development | ||
| No. Units | 53 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.24 AC |
| Building Size | 48,391 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1983 |
| Parking Ratio | 1.78/1,000 SF |
| Zoning | PUD - Planned Urban Development |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Washer/Dryer
- Heating
- Pantry
Site Amenities
- Clubhouse
- Laundry Facilities
- Storage Space
- Maintenance on site
Property Taxes
| Parcel Number | 030-01-0013 | Improvements Assessment | $1,578,100 |
| Land Assessment | $795,000 | Total Assessment | $2,373,100 |
Property Taxes
Parcel Number
030-01-0013
Land Assessment
$795,000
Improvements Assessment
$1,578,100
Total Assessment
$2,373,100
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