506 Ridge Street Trplex

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30581670
Property Subtypes: Duplex/Fourplex
Status: Pending/Contingent
Number of Units: 3 Units
Building Size (RSF): 3,049 SF
Gross Building Area: See Agent
Gross Land Area: 6,750 SF
Sale Price: $615,000
Unit Price: $205,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 6/15/2020

Overview / Comments

Fantastic Investment opportunity on this Triplex unit currently with full occupancy and producing income. Income information available upon request. Can also be bought and converted back to a single family home. Shown by appointment only. Walk to the downtown Charlottesville Mall and only minutes from the University of Virginia. Property in the process of a boundary line adjustment to a smaller lot (minimum size) than tax maps show. There is also other units available on adjacent parcels , from 5 to 7 more units, They are now also for sale as a package deal.

Additional Details

Nearest MSA: Charlottesville
County: Charlottesville City
Taxing Authority: City of Charlottesville
Tax ID/APN: 290277000
Zoning: R-2H
Percent Occupied: 100%
Property Located Between: Oak Street & Elliot Avenue
Highway Access: 2.5 Miles to Interstate 64
Airports: 10 miles to Charlottesville-Albemarle Airport
Site Description: Gently rolling lot fronting on Ridge Street. Basement lot.
Area Description: Charlottesville City entrance corridor/Ridge Street Downtown area
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1876
Construction/Siding: Brick
Exterior Description: Solid Brick
Parking Type: Surface
Parking Description: Off street parking
Laundry: In Each Unit
Heat Type: Other
Heat Source: Heat Pump
Fuel: Electric
Air Conditioning: Other
Internet Access: Cable, DSL, Satellite, Fiber Optic
Interior Description: Charming older home, many of the rooms have wood floors, large windows , tall celings and classic trim.
Zoning Description: R-2 but this unit is grandfathered as a 3 unit.
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,643 69,741 88,263
Median Age: 30.44 31.31 33.52
Households: 8,837 27,218 35,026


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