Multi-Family•Mid-Rise•For Sale

BLILEY'S GARAGE 15 UNIT APARTMENTS

412 NORTH THIRD STREET, Richmond, Virginia 23219

Sale Price $3,500,000
Sale Type Investment
Zoning B4
Bldg Type Multi-Tenant
Year Built 1930
Year Renovated 2015
Stories 2
Cap Rate 5.00%
Vacancy 95%
Annual Taxes $12,100.00
Gross Bldg 18,336 SqFt
RBA 18,336 SqFt
Land Area .32 Acres
Ceiling Height 20.0 Ft
Project Size 15
Improvements 13,059sf footprint offers offortunity for redevelopment with addition of multiple stories. Zoning allows for relaxed parking requirements and height restrictions. Although there were no institutional grade sales in Broad Street Arts District, the area provides an interesting case study for significantly increased sale value and potential adaptive re-use. The Broad Street corridor, bounded by Belvidere and the Capitol, was established as the City’s Arts district in 2012. The designation came with specific funding for façade improvements, expedited permit review and rebates for re-zoning and application fees. The addition of the Quirk Hotel, an adaptive re-use and art-focused boutique hotel on Broad Street helped boost property values and bring traffic to the neighborhood from residents and travelers alike. One of the recent sales this year in May is the 14-unit Simon Cycle Building, which sold for $2.03 million, or about $135,000 per unit, nearly 10 times its sale price in 2011, CoStar data shows.
Net Op Inc $165,000
Market Richmond
Sub-Market Downtown
MLS# 1722063
Legal Descr 0105.51x0130.53 IRG0000.300 AC
Bliley's Garage Apartments at Richmond's City Center was built in 1930 and redeveloped in 2011 to 15 brownstone apartments consisting of (10) 1 and (5) 2 bedroom units. The integrity of its design and construction earned developers the Better Housing Coalition Golden Hammer Award for the region's best and most environmentally-friendly project and the Greater Richmond Association of Commercial Real Estate's Best Multi-Family Project of 2011. You will feel the structurally superior building with original, historic and modern features. Advanced energy-efficient systems, the outdoor patio, large, open spaces, tall ceilings and windows allow for an abundance of natural lighting. Custom kitchens crafted with handmade cabinets and unique finishes add to the industrial feel and and integrity of one of Jackson Ward's most historically prominent properties. Enjoy stable cashflow with opportunity to increase rentable square footage. Opportunity Zone incentives apply. Costar Dec 1 Article states the arts district is increasing in value, as one recent example is the 14-unit Simon Cycle Building, which sold in May for $2.03 million, or about $135,000 per unit, nearly 10 times its sale price in 2011, CoStar data shows. Jackson Ward is one of Richmond’s most historic neighborhoods, centrally located at the entrance to downtown and within walking distance to the Central Business District, is thriving with hot local restaurants, arts and culture. and is experiencing an economic renaissance over the past decade and especially in recent times. Located just off I-95, trendy and convenient urban property sits at the heart ofeverything, facing the Richmond Convention Center, across from Medical College of Virginia, Biotechnology Research Park and $1B 10-acre coliseum redevelopment project, taking place 1 block east along with other developments in the process and mass transit system connecting to the Amtrak and other parts of the metro area within minutes.
  • 15 Luxury-Apartments with Opportunity to Add Retail/Apts
  • Opportunity Zone
  • Custom Renovations with Low-Maintenance and Eco-Friendly Systems
  • Located at the 'City Center" at Pulse Rapid Transit Stops
  • Walk to Downtown, MCV, Restaurants and Shops
  • Located Directly Across from 700,000sf Greater Richmond Convention Center
  • 1 block to $1 Billion Coliseum Redevelopment
  • Dedicated Bike Lanes
  • Interstate Access
11/30/2018 3:23:36 PM 12/2/2018 8:29:42 PM

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