Multifamily

Exchange Alley Lofts

8-10 S 14th St, Richmond, VA 23219

Listing Price: $2,700,000

Cap Rate
6.23%
Number of Units
27
GRM
8.55
Occupancy
90.6%
Price/Unit
$100,000
Price/Gross SF
$195.78
Gross SF
13,791

Investment Overview

Marcus & Millichap is pleased to present the Exclusive Offering for the Exchange Alley Lofts, located at 8-10 South 14th Street, Richmond, Virginia. The property totals 27 units with a unit mix consisting of nine studio, one-bathroom units, 16 one-bedroom, one-bathroom units, and two three-bedroom, two-bathroom units. The property sits atop 0.09 Acres in the downtown historic Richmond neighborhood of Shockoe Slip. The subject asset has an attractive Freddie Mae, assumable note with a 4.19% interest, 10 year term and amortized over 30 years.

The property was built in 1870 and was recently renovated in 2017. All units in the building contain stainless steel appliances new countertops and flooring. The property is close to area retail, amenities, and restaurants, and Virginia Commonwealth University's MCV campus is only two blocks away. The Richmond International Airport is only a 15-minute drive away and the property is also walking distance to the Richmond convention center.

Richmond is the capital city 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 MeadWestvaco; Richmond attracts many employees and employers alike.

Since 2012, Richmond has seen an impressive growth in average rental rates especially in the upper mid-range asset class. Year-over-year rents have increased at an average rate of 3.18% trailing only that of low mid-range assets at 3.55%. Occupancy has also remained high with consistently averaging around 95% year over year since 2012. The consistently high occupancy has proven to investors that the fundamentals throughout the city are supporting the increased development of multifamily units with a net absorption of 2,515 units in the upper mid-range asset class over 47 months.

Investment Highlights

  • Built in 1870, Renovated in 2017
  • Close to Virginia Common Wealth University- MCV Campus
  • Desirable Unit Mix of Studio, One, and Two Bedroom Units
  • Well Situated in Shockoe Slip Neighborhood

Exclusively Listed By

Listing Price: $2,700,000

Cap Rate
6.23%
Number of Units
27
GRM
8.55
Occupancy
90.6%
Price/Unit
$100,000
Price/Gross SF
$195.78
Gross SF
13,791

Investment Highlights

  • Built in 1870, Renovated in 2017
  • Close to Virginia Common Wealth University- MCV Campus
  • Desirable Unit Mix of Studio, One, and Two Bedroom Units
  • Well Situated in Shockoe Slip Neighborhood

Investment Overview

Marcus & Millichap is pleased to present the Exclusive Offering for the Exchange Alley Lofts, located at 8-10 South 14th Street, Richmond, Virginia. The property totals 27 units with a unit mix consisting of nine studio, one-bathroom units, 16 one-bedroom, one-bathroom units, and two three-bedroom, two-bathroom units. The property sits atop 0.09 Acres in the downtown historic Richmond neighborhood of Shockoe Slip. The subject asset has an attractive Freddie Mae, assumable note with a 4.19% interest, 10 year term and amortized over 30 years.

The property was built in 1870 and was recently renovated in 2017. All units in the building contain stainless steel appliances new countertops and flooring. The property is close to area retail, amenities, and restaurants, and Virginia Commonwealth University's MCV campus is only two blocks away. The Richmond International Airport is only a 15-minute drive away and the property is also walking distance to the Richmond convention center.

Richmond is the capital city 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 MeadWestvaco; Richmond attracts many employees and employers alike.

Since 2012, Richmond has seen an impressive growth in average rental rates especially in the upper mid-range asset class. Year-over-year rents have increased at an average rate of 3.18% trailing only that of low mid-range assets at 3.55%. Occupancy has also remained high with consistently averaging around 95% year over year since 2012. The consistently high occupancy has proven to investors that the fundamentals throughout the city are supporting the increased development of multifamily units with a net absorption of 2,515 units in the upper mid-range asset class over 47 months.

Exclusively Listed By

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