512 Ridge Street Duplex and Land to build other apartments

Multi-Family for Sale
Catylist Listing ID: 30330945
Property Subtypes: Duplex/Fourplex, Mid-Rise
Building Status: Proposed
Number of Units: 2 Units
Building Size (RSF): 1,626 SF
Gross Building Area: See Agent
Gross Land Area: 1 Acre
Sale Price: $1,125,000
Unit Price: $562,500 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/18/2023

Overview / Comments

Fantastic Development/Investment Potential. Currently has an existing over/under duplex on Ridge Street, and the extra land attached is ideal for future possible construction of new apartments or townhomes. Shown by appointment only, no visits to the property without agent knowledge or permission. Access off of city street. Walk to the downtown Charlottesville Mall and only minutes from the University of Virginia. The owner will cooperate with zoning change to obtain higher density for the construction of new units. With a 50% Down-payment, Owner Financing is Available! The owner may be willing to participate in a rezoning to achieve the highest density possible.

Additional Details

Nearest MSA: Charlottesville
County: Charlottesville City
Taxing Authority: Charlottesville
Tax ID/APN: 8712.000000000000000
Zoning: R-2H
Property Located Between: Elliott Ave & Oak St, between Ridge St and the Cemetery
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 2
Year Built: 1957
Roof Type: Gable
Construction/Siding: Block
Parking Type: Surface
Laundry: In Each Unit
Heat Type: Natural Gas
Heat Source: Baseboard
Fuel: Gas, Electric
Internet Access: Cable, DSL
Zoning Description: R-2H
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 25,154 69,741 88,263
Median Age: 29.58 31.31 33.52
Households: 9,766 27,218 35,026


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