The Corners

Multi-Family for Sale
Catylist Listing ID: 30585736
Property Subtypes: Mid-Rise, Mixed Use
Number of Units: 25 Units
Building Size (RSF): 31,540 SF
Gross Land Area: 1.91 Acres
Sale Price: $3,500,000
Unit Price: $140,000 Per Unit
Property Use Type: Investment
Building Name: The Corners
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Average Occupancy Rate: 88
Last Updated: 6/22/2020

Overview / Comments

Class A constructed 3 story mixed-use project with 16 apartments on two upper floors and 11,000 SF of office/retail on street level. There are 3 unfinished retail/offices paces of 1,075 SF each offered at $13/SF + $4/SF CAM after tenant build-out is negotiated. One vanilla box of 945 SF is available with floor covering to be at tenant's expense.
Apartments were built under an over 55 age ordinance which is no longer required. Hence there are no separate electric or water meters for apartments. Each apartment and each office has a separate heat pump. All apartment leases include include electric, water/sewer, and basic cable. All office/retail spaces have separate electric meters and pay for that service.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $33,528 (Annual)
Tax Value Land $916,600
Tax Value Improvements $2,688,600
Assessed Value - Total($) $3,605,200 (Annual)
Potential Rental Income $394,853 (Annual)
Gross Operating Income $345,650 (Annual)
Net Operating Income $175,100 (Annual)
Actual or Proforma Year Actual
Lender Name none
Loan Amount $0
Annual Debt Service $0 (Annual)

Additional Details

Nearest MSA: Winchester
County: Winchester City
Taxing Authority: Winchester
Tax ID/APN: 10620
Zoning: B2
Percent Occupied: 88%
Property Located Between: Valley Avenue & Apple Blossom Mall
Highway Access: one block off Rt. 11 (Valley Ave)
Airports: Dulles International Airport is approx 50 miles east of Winchester.
Site Description: Level Corner lot with 90 parking spaces.
Area Description: Combination of light retail, and Apple Blossom Mall plus densely populated residential neighborhoods.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 3
Year Built: 2008
Roof Type: Gable
Construction/Siding: Brick
Parking Ratio: 2.9 (per 1000 SF)
Parking Type: Surface
Parking Description: Paved front, rear & side. Striped.
Total Parking Spaces: 90
Passenger Elevators: 1
Laundry: In Each Unit
Sprinklers: Wet
Heat Source: Heat Pump
Fuel: Electric
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Each apartment has two master bedroom suites, a fully equipped kitchen, great room, laundry room, balcony patio, complimentary storage cages in basement. Secure lobby access to passenger elevator for apartment tenants.
Zoning Description: B-2 allows for office, retail and multi-family (mixed-use).
Lot Frontage: 407' on Valor and 285' on Taft.
Lot Depth: 285
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: underground electric, water/sewer, and cable.
Land Ownership: fee simple
Legal Description: 1.91 acres shown as Tax Map 270-06-5.

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,094 41,807 66,611
Median Age: 36.14 36.21 36.97
Households: 4,306 16,269 25,500

Contact

Photograph of Listing Agent

Hock Hockensmith

Roy Wheeler.com CVCMLS Member
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Charlottesville Area Association of REALTORS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.