Great Location with Rentals or Multi-House Renovation

Multi-Family for Sale
Catylist Listing ID: 30391886
Property Subtypes: Duplex/Fourplex, Government Subsidized, Low-Rise/Garden, Mixed Use, Student Housing
Number of Units: 6 Units
Building Size (RSF): 7,573 SF
Gross Building Area: See Agent
Gross Land Area: 0.35 Acres
Sale Price: $639,000
Unit Price: $106,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 100
Last Updated: 6/24/2019

Overview / Comments

Fantastic chance to own an Historical property and convert to AirBnB at 217 5th St SW with a total of 6 units. Build your own parking garage! Or use current zoning for an owner to occupy 1 unit and rent out other 5 units (grosses about $63,300 annual income). Most systems in units, and roofs, are less than 10 years old. City has been talking with owner to change zoning to higher density, so may be an opportunity to add more units or take down the rear current buildings and build new condo complex similar to neighboring property at 215 5th St SW. Verify info with City before counting on your business plans to work. One of the buildings (the 2 story one in front) is in historical registry - what a great opportunity to own a piece of history!

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $5,152 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Charlottesville
County: Charlottesville City
Tax ID/APN: 7402.000000000000000
Zoning: R-1SH
Percent Occupied: 100%
Property Located Between: W Main St & Dice St
Airports: Charlottesville Airport - 10 miles
Site Description: Off street parking
Area Description: Large condo building right next door. Seller had attorney look into rezoning and city said they're contemplating it. Currently R-1SH (historical overlay).
Total Number of Buildings: 4
Property Condition: Fair
Number of Stories: 2
Year Built: 1911
Year Renovated: 1984
Roof Type: Gable
Construction/Siding: Stucco
Parking Type: Surface
Parking Description: Off street
Total Parking Spaces: 10
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Heat Pump
Fuel: Gas, Other
Air Conditioning: Other
Internet Access: Cable, DSL
Zoning Description: R-1SH (historical overlay)
Lot Frontage: 74'
Lot Depth: 202'
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Legal Description: Multi-Family TM 29-66, 0.396 AC

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 25,807 71,962 89,562
Median Age: 29.29 31.53 33.69
Households: 9,957 28,273 35,482
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