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Multifamily

Village at Riley Pointe

19420 Midwest Cir, Abingdon, VA 24211

Listing Price: $1,700,000

Cap Rate
5.25%
Number of Units
26
Price/Unit
$65,385
Price/Gross SF
$52.31
Gross SF
32,500

Investment Overview

Marcus & Millichap is pleased to present this Market Positioning and Valuation Analysis of The Village of Riley Pointe in Abingdon, VA. Originally developed in 1977 and renovated in 2010, this 26-unit, two bedroom, one and one-half bath townhome style community is well-positioned in the up-and-coming neighborhood of Westwood Estates. This property received significant renovations in 2010 with prior ownership spending over $30,000/unit in upgrades to mechanicals and unit interiors. Current ownership has to enhance the property over the last twelve months, implementing strategic interior upgrades to five of the units as well as exterior improvements that include a new French drain system, exterior paint, new landscaping, and new signage. Interior upgrades are averaging $5,500/unit and include new carpet, new paint, new countertops, refinished cabinets, new hardware, new fixtures, new appliances when needed, and shower resurfacing. These upgrades are resulting in $250/month rent increases, providing an investor an outstanding 55% return on capital. New ownership has the ability to continue this proven upgrade program for the remaining nineteen units, providing the potential to increase the property’s value by almost $1.0 million. The asset also contains approximately 2.0+/- acres of excess land that could be utilized for the construction of additional units or installing new community amenities to such as a dog-park, grilling station, picnic area, and/or fire pits. The Village at Riley Pointe is also set up as a condominium structure, allowing an investor multiple exit strategies depending on market demand.

Investment Highlights

  • Recent Value-Add Interior Upgrades with Proven Ability to Increase Rents $250/month, Providing a 55% Return on Capital
  • Appealing Townhouse Style Community Consisting Solely of 2 Bedroom, 1.5 Bath Floorplans
  • Located in the Desirable Neighborhood of Westwood Estates

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Listing Price: $1,700,000

Cap Rate
5.25%
Number of Units
26
Price/Unit
$65,385
Price/Gross SF
$52.31
Gross SF
32,500

Investment Highlights

  • Recent Value-Add Interior Upgrades with Proven Ability to Increase Rents $250/month, Providing a 55% Return on Capital
  • Appealing Townhouse Style Community Consisting Solely of 2 Bedroom, 1.5 Bath Floorplans
  • Located in the Desirable Neighborhood of Westwood Estates

Investment Overview

Marcus & Millichap is pleased to present this Market Positioning and Valuation Analysis of The Village of Riley Pointe in Abingdon, VA. Originally developed in 1977 and renovated in 2010, this 26-unit, two bedroom, one and one-half bath townhome style community is well-positioned in the up-and-coming neighborhood of Westwood Estates. This property received significant renovations in 2010 with prior ownership spending over $30,000/unit in upgrades to mechanicals and unit interiors. Current ownership has to enhance the property over the last twelve months, implementing strategic interior upgrades to five of the units as well as exterior improvements that include a new French drain system, exterior paint, new landscaping, and new signage. Interior upgrades are averaging $5,500/unit and include new carpet, new paint, new countertops, refinished cabinets, new hardware, new fixtures, new appliances when needed, and shower resurfacing. These upgrades are resulting in $250/month rent increases, providing an investor an outstanding 55% return on capital. New ownership has the ability to continue this proven upgrade program for the remaining nineteen units, providing the potential to increase the property’s value by almost $1.0 million. The asset also contains approximately 2.0+/- acres of excess land that could be utilized for the construction of additional units or installing new community amenities to such as a dog-park, grilling station, picnic area, and/or fire pits. The Village at Riley Pointe is also set up as a condominium structure, allowing an investor multiple exit strategies depending on market demand.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

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