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Multifamily

Chestnut Creek Apartments

305 N Main St, Galax, VA 24333

Listing Price: $1,450,000

Cap Rate
5.89%
Number of Units
33
Occupancy
97.0%
Price/Unit
$43,939
Price/Gross SF
$76.82
Gross SF
18,876

Investment Overview

Marcus & Millichap is pleased to present, to qualified investors, the opportunity to acquire Chestnut Creek Apartments, a 33-unit complex located in the heart of Galax, Virginia. Built in 1978, this asset is comprised of 5 Studio units, 19 One bedroom / One bathroom units, 9 Two bedroom / One bathroom units. Current ownership has put a large capita injection over the past 3 years, including: Roof, heat/AC units, landscaping, parking lot, exterior painting, and interior renovation of 80% of the units. Ownership pays for water, sewer, electric and trash pick up service and tenants have access to a public laundromat on site.

Investment Highlights

  • Recently Renovated Asset with Little Deferred Maintenance
  • Ability to Increase NOI By Reducing Expenses and Increasing Rents Opportunity to Renovated
  • Commercial Space on Site for Additional Revenue

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s) VA: 0225215181

    Virginia

Multifamily

Chestnut Creek Apartments

Listing Price: $1,450,000

Cap Rate
5.89%
Number of Units
33
Occupancy
97.0%
Price/Unit
$43,939
Price/Gross SF
$76.82
Gross SF
18,876

Investment Highlights

  • Recently Renovated Asset with Little Deferred Maintenance
  • Ability to Increase NOI By Reducing Expenses and Increasing Rents Opportunity to Renovated
  • Commercial Space on Site for Additional Revenue

Investment Overview

Marcus & Millichap is pleased to present, to qualified investors, the opportunity to acquire Chestnut Creek Apartments, a 33-unit complex located in the heart of Galax, Virginia. Built in 1978, this asset is comprised of 5 Studio units, 19 One bedroom / One bathroom units, 9 Two bedroom / One bathroom units. Current ownership has put a large capita injection over the past 3 years, including: Roof, heat/AC units, landscaping, parking lot, exterior painting, and interior renovation of 80% of the units. Ownership pays for water, sewer, electric and trash pick up service and tenants have access to a public laundromat on site.

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s): VA: 0225215181

    Virginia

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