Multifamily
Huntwood Apartments
2507 Alcott Rd, Richmond, VA 23237
Listing Price: $2,900,000
Investment Overview
Marcus & Millichap is pleased to exclusively present Oakwood Apartments & Huntwood Apartments, a prime investment opportunity featuring two multifamily properties located in Chesterfield County, Virginia. This portfolio includes 64 units across 36,800 square feet of rental space, offering a compelling investment proposition in one of the region’s most desirable submarkets.
Oakwood Apartments, built in 1975, consists of 32 two-bedroom units and is situated on a 107,244-square-foot lot. The property has been well-maintained and presents an excellent opportunity for targeted capital improvements to enhance both individual units and common areas. Twenty (20) units have been updated with modern renovations, adding value by increasing rent and appeal for potential residents.
Huntwood Apartments features 32 one-bedroom units on a 113,822-square-foot lot. The building, constructed in 1974, offers a solid foundation for further modernization and value-add improvements. Seventeen (17) units have been updated with modern renovations, adding value by increasing rent and appeal for potential residents.
Both properties are located in high-demand areas of Chesterfield County, offering a perfect blend of suburban tranquility and urban convenience. With easy access to major highways, retail centers, major employers, schools, and recreational spaces, these properties offer residents the ideal living experience, ensuring consistent tenant demand.
This portfolio presents investors with the flexibility to acquire either one or both properties. Potential growth opportunities include adjusting rental rates to market levels, upgrading unit interiors, improving amenities, and implementing operational efficiencies to enhance long-term profitability. With historically strong occupancy rates, favorable market conditions, and significant potential for value creation, these properties offer a unique opportunity for investors seeking long-term success and growth in a thriving market.
Huntwood Apartments
Investment Highlights
- Revenue Growth Opportunity: Current average rents are significantly below market rates, presenting a strong opportunity for investors to implement rent increases.
- Modernized Units: Selective unit upgrades under current ownership include vinyl plank flooring, modernized countertops, new appliances, and renovated bathrooms.
- Utility Cost-Saving Benefits: Residents are billed a monthly fee ranging from $105 to $125 per unit for water, sewer and trash reimbursements.
- Rapidly Growing Market: Located in Chesterfield County, VA, these properties offer quick access to I-95 and I-64, as well as top employers like VA Hospital, Lego, DuPont, HCA Virginia, and Amazon. With a strong local job market, new ownership can expect steady rental demand, high occupancy, and long-term financial stability.
- Upgrades & Amenities: Ongoing unit updates and new outdoor amenities boost the property's appeal, attract quality tenants, support rent increases, and promote long-term profitability and resident retention.
Exclusively Listed By
Listing Price: $2,900,000
Investment Highlights
- Revenue Growth Opportunity: Current average rents are significantly below market rates, presenting a strong opportunity for investors to implement rent increases.
- Modernized Units: Selective unit upgrades under current ownership include vinyl plank flooring, modernized countertops, new appliances, and renovated bathrooms.
- Utility Cost-Saving Benefits: Residents are billed a monthly fee ranging from $105 to $125 per unit for water, sewer and trash reimbursements.
- Rapidly Growing Market: Located in Chesterfield County, VA, these properties offer quick access to I-95 and I-64, as well as top employers like VA Hospital, Lego, DuPont, HCA Virginia, and Amazon. With a strong local job market, new ownership can expect steady rental demand, high occupancy, and long-term financial stability.
- Upgrades & Amenities: Ongoing unit updates and new outdoor amenities boost the property's appeal, attract quality tenants, support rent increases, and promote long-term profitability and resident retention.
Investment Overview
Marcus & Millichap is pleased to exclusively present Oakwood Apartments & Huntwood Apartments, a prime investment opportunity featuring two multifamily properties located in Chesterfield County, Virginia. This portfolio includes 64 units across 36,800 square feet of rental space, offering a compelling investment proposition in one of the region’s most desirable submarkets. Oakwood Apartments, built in 1975, consists of 32 two-bedroom units and is situated on a 107,244-square-foot lot. The property has been well-maintained and presents an excellent opportunity for targeted capital improvements to enhance both individual units and common areas. Twenty (20) units have been updated with modern renovations, adding value by increasing rent and appeal for potential residents. Huntwood Apartments features 32 one-bedroom units on a 113,822-square-foot lot. The building, constructed in 1974, offers a solid foundation for further modernization and value-add improvements. Seventeen (17) units have been updated with modern renovations, adding value by increasing rent and appeal for potential residents. Both properties are located in high-demand areas of Chesterfield County, offering a perfect blend of suburban tranquility and urban convenience. With easy access to major highways, retail centers, major employers, schools, and recreational spaces, these properties offer residents the ideal living experience, ensuring consistent tenant demand. This portfolio presents investors with the flexibility to acquire either one or both properties. Potential growth opportunities include adjusting rental rates to market levels, upgrading unit interiors, improving amenities, and implementing operational efficiencies to enhance long-term profitability. With historically strong occupancy rates, favorable market conditions, and significant potential for value creation, these properties offer a unique opportunity for investors seeking long-term success and growth in a thriving market.
Exclusively Listed By
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