Investment Overview

Marcus & Millichap is pleased to present the Exclusive Offering for 101 Jackson St, Richmond, VA, 23220. This building is located in downtown Richmond, very accessible from the highway, about a 15-minute walk from VCU, and about 13 blocks from the MCV campus. Walking distance from convenience stores, drug stores, and restaurants. The neighborhood is home to students, as well as families. The property consists of six (6) mix units of two (2) studios, two (2) one bed, and two (2) two-beds. All apartments are equipped with central heating and cooling. The property has been self-operating with no vacancy, and all of the leases are below market rent, offering an opportunity for a new owner to increase rents closer to a market rental rate. A new owner can focus on value add and interior upgrades, as well as an operational upside. The property currently operates at a 5.25% cap rate with a lot of room to grow in the upcoming years. Richmond has seen impressive growth in average rental rates - especially in the B and C asset class. The Richmond MSA has seen a historically high occupancy rate of 97%, and due to the housing shortage nationally, it is expected to continue through 2024. 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.