Russell Lofts is located at 2nd North Street and East Jackson Street in Richmond’s Historic Jackson Ward. The property is named after a famous architect who worked in the area, Charles T. Russell, who designed this building. Built in 1920 and fully renovated in 2011, the Russell Lofts consist of the office building, a small bank building next door, and a duplex. This superior location sits blocks way from numerous large-scale developments including the Richmond Convention Center, the BioTech Park with numerous large research buildings including Altria’s research headquarters, City Hall, VCU Health Systems, the State of Virginia office buildings, and the future Broad Street North Development – over 10 acres of office, apartments, retail, and the future home of the new Richmond Coliseum.
The property consists of 12 loft-style apartments – all two bedroom units, each featuring a washer/ dryer. The adjacent parking lot has 14 spaces. The renovation in 2011 was a complete rehab with new roofs, HVAC, electrical, plumbing, kitchens, baths, floors (hardwood floors were sanded and refinished, and new tile and carpets where needed), walls, doors, light fixtures, appliances and countertops.
The apartments have an excellent rental history and offer a new owner a chance to increase revenue with some minor work, such as new paint, etc. The area is becoming very popular with Millennials in Richmond, as it is very walkable to numerous amenities like cafes, coffee houses, restaurants, galleries, and bike shops. Given this, a new owner is poised for an investment situated in a neighborhood with strong rental demand.
This sale consists of 3 parcels: 700 N 2nd Street, 706 N 2nd Street & 110 E Jackson (parking lot).
