Residential Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30498772
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 83 Units
Building Size (RSF): 61,105 SF
Gross Building Area: 76,200 SF
Gross Land Area: 2.16 Acres
Sale Price: $13,800,000
Unit Price: $166,265.06 Per Unit
Property Use Type: Investment
Building Name: The Jeffersonian
Usable Size (USF): 61,105 SF
Sale Terms: Cash to Seller
Cap Rate: 2.8%
Average Occupancy Rate: 100
Last Updated: 12/23/2019

Overview / Comments

The Jeffersonian Apartment complex is a multi-family community located adjacent to the University of Virginia North Grounds area that include the Darden Business School, Law School and JAG School. Immediately to the east of the complex is the Barracks Road Shopping Center. This is the most successful and desirable shopping center in the Charlottesville area. Additionally, you are only a short 10 minute walk the the UVA sports complex that includes the John Paul Jones Arena, Davenport Baseball Field and soon to be new Olympic sports facilities.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $76,821 (Annual)
Tax Value Land $2,468,100
Tax Value Improvements $5,618,300
Tax Value Personal Property $0
Assessed Value - Total($) $8,086,400 (Annual)
Potential Rental Income $887,760 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Charlottesville
County: Charlottesville City
Taxing Authority: City of Charlottesville
Tax ID/APN: 060001900
Zoning: R-3
Percent Occupied: 100%
Community Amenities: Outdoor Pool, Play Ground, On-Site Maintenance
Property Located Between: Near the intersection of Arlington Blvd. and Millmont Street.
Highway Access: Property is located .2 mile from Emmet St. and approximately 1 mile from the US 29 & US 250 interchange. Also located approximately 3.5 miles from Interstate 64.
Airports: Charlottesville/Albemarle Airport(CHO): 8 miles.
Site Description: The complex sits on a rectangular lot of 2.16 acres with excellent visibility from Arlington Blvd. It gently slopes from West to East. There is an exterior pool and a small playground area.
Area Description: The property is adjacent to the University of Virginia North Grounds area that contains the Darden Business School, Law School and JAG School. Immediately to the East is the Barracks Road Shopping Center. Additionally, there are other multi-family residential buildings along commercial office space.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 3
Year Built: 1969
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: The complex contains 2 buildings that step down from West to East. There is one exterior pool and a small play areas. There are 118 paved parking spaces.
Parking Ratio: 1.6 (per 1000 SF)
Parking Type: Surface
Parking Description: The resident manager and maintenance crew have their own designated area for parking. Guests have an area to park that is limited. There are no fees charged for parking.
Total Parking Spaces: 118
Laundry: Shared
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Fuel: Electric
Air Conditioning: Engineered System
Internet Access: Cable, DSL
Interior Description: The complex is a mixture of one and two bedrooms units. Some of the units have den/office area. All the units have one bath and one kitchen. Most of the units are carpeted with vinyl in the bath and kitchen area.
Zoning Description: The current zoning classification for this site is R-3 (high density residential zoning). For a complete breakdown of the allowable density along with Special Use Permit(S.U.P.) density, please contact listing agents.
Lot Frontage: 400
Lot Depth: 219
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities
Easements Description: This site contains the typical municipal utility easements.
Land Ownership: Fee simple
Legal Description: Part Lot C-4, Arlington Blvd. Also shown on Charlottesville City Tax Map:060001900

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,608 75,348 94,898
Median Age: 27.74 32.76 34.07
Households: 5,698 29,640 37,480

Contact

Photograph of Listing Agent

Mary Katherine King

LONG & FOSTER - OLD IVY CVCMLS Member
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