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Multifamily

37 Labrook Dr

37 Labrook Dr, Richmond, VA 23225

Listing Price: $2,000,000

Cap Rate
7.15%
Number of Units
18
Occupancy
95.0%
Price/Unit
$111,111
Price/Gross SF
$211.06
Gross SF
9,476

Investment Overview

Marcus & Millichap is pleased to present the market Exclusive Offering for the Labrook Apartments located just off RT. 60 on the south side of Richmond, Virginia. The property consists of (18) one bed one bath flats with ample parking and exterior circulation. The current owner has done extensive exterior cap ex including; completely sealing the exterior of the building, repaving and striping the parking lot, landscaping, new dumpster cage. They have also fully renovated three of the 18 units and increased the rent by an average of $300 at a cost per door of approximately $12,500. Richmond has seen an impressive growth in average rental rates – especially in the B and C asset class. Since the global pandemic, Richmond has seen a historically high occupancy rate of 97% and due to the housing shortage nationally, it is expected to continue through 2022. The high occupancy across the Richmond MSA is also contributing to massive percentage increases in year-over-year rent which has been as high as 15% on new leases. Richmond is the capital of the Commonwealth of Virginia. Centrally located in the state, Richmond, is 62 square miles steeped in history and politics. As a metropolitan area the city nurtures a culture rich in, education, the arts, and economic growth. Home to six Fortune 500 company headquarters including: Altria, Dominion Resources, and Westrock. Richmond attracts many employees and employers alike. The city employs over 130,000 and is home to over 33,000 students.

Investment Highlights

  • 18 Units with Proof of Concept, Value Add
  • Stabilized Cap Rate of 7.15%
  • Excellent Value Add Opportunity for New Investor
  • Quick Access to Rt. 150 and Close to Downtown Richmond
  • High Rents Achieved for Renovated Units
  • Onsite Laundry and Ample Parking

Exclusively Listed By

Multifamily

37 Labrook Dr

Listing Price: $2,000,000

Cap Rate
7.15%
Number of Units
18
Occupancy
95.0%
Price/Unit
$111,111
Price/Gross SF
$211.06
Gross SF
9,476

Investment Highlights

  • 18 Units with Proof of Concept, Value Add
  • Stabilized Cap Rate of 7.15%
  • Excellent Value Add Opportunity for New Investor
  • Quick Access to Rt. 150 and Close to Downtown Richmond
  • High Rents Achieved for Renovated Units
  • Onsite Laundry and Ample Parking

Investment Overview

Marcus & Millichap is pleased to present the market Exclusive Offering for the Labrook Apartments located just off RT. 60 on the south side of Richmond, Virginia. The property consists of (18) one bed one bath flats with ample parking and exterior circulation. The current owner has done extensive exterior cap ex including; completely sealing the exterior of the building, repaving and striping the parking lot, landscaping, new dumpster cage. They have also fully renovated three of the 18 units and increased the rent by an average of $300 at a cost per door of approximately $12,500. Richmond has seen an impressive growth in average rental rates – especially in the B and C asset class. Since the global pandemic, Richmond has seen a historically high occupancy rate of 97% and due to the housing shortage nationally, it is expected to continue through 2022. The high occupancy across the Richmond MSA is also contributing to massive percentage increases in year-over-year rent which has been as high as 15% on new leases. Richmond is the capital of the Commonwealth of Virginia. Centrally located in the state, Richmond, is 62 square miles steeped in history and politics. As a metropolitan area the city nurtures a culture rich in, education, the arts, and economic growth. Home to six Fortune 500 company headquarters including: Altria, Dominion Resources, and Westrock. Richmond attracts many employees and employers alike. The city employs over 130,000 and is home to over 33,000 students.

Exclusively Listed By

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