Residential Apartments
Multi-Family
for Sale
Sale Pending
| Catylist Listing ID: |
30498772 |
| Property Subtypes: |
Low-Rise/Garden
|
| Status: |
Pending |
| 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: |
$166,265.06 Per Unit |
| Property Use Type: |
Investment |
| Building Name: |
The Jeffersonian |
| Usable Size (USF): |
61,105 SF |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
2.8% |
| Average Occupancy Rate: |
100 |
| Last Updated: |
2/15/2021 |
Overview / Comments
|
The Jeffersonian Apartment complex is a multi-family community located adjacent to the University of Virginia North Grounds area that include the Darden Business School, Law School and JAG School. Immediately to the east of the complex is the Barracks Road Shopping Center. This is the most successful and desirable shopping center in the Charlottesville area. Additionally, you are only a short 10 minute walk the the UVA sports complex that includes the John Paul Jones Arena, Davenport Baseball Field and soon to be new Olympic sports facilities.
|
Financials
| Finance Data Year |
2019 |
| Real Estate Taxes - Annual($) |
$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% |
| 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 |
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 |
|
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The information presented herein is provided as is, without warranty of any kind.
Neither Charlottesville Area Association of REALTORS nor
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