Developers/Investors- 10 Rental Units plus extra land for apartments

Multi-Family for Sale
Also listed as Vacant Land
Catylist Listing ID: 30287194
Property Subtypes: Duplex/Fourplex, Other
Number of Units: 10 Units
Building Size (RSF): 9,197 SF
Gross Building Area: See Agent
Gross Land Area: 1.65 Acres
Sale Price: $2,600,000
Unit Price: $260,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Usable Size (USF): 9,197 SF
Sale Terms: Undisclosed, Cash to Seller, Purchase Money Mortgage, Owner Financing
Cap Rate: Undisclosed
Last Updated: 2/4/2020

Overview / Comments

Fantastic Development Potential with 4 properties that have extra land attached for the future possible construction of apartments or townhomes. Current 4 properties consist of two duplexes, two triplexes (10 rental units ) Great monthly income. Buy now collect the income while you develop / build the new units. With a 50% Down-payment, Owner Financing Available!

506, 508 & 510 Ridge Street can be purchased for $1,450,000. See MLS #30333509

512 Ridge Street plus an Acre of Land can be purchased for $1,500,000. See MLS #30330945

Shown by appointment only. Income information available. Access off of city street. Walk to the downtown Charlottesville Mall and only minutes from the University of Virginia.

Additional Details

Nearest MSA: Charlottesville
County: Charlottesville City
Tax ID/APN: 8651.000000000000000
Zoning: R-2
Property Located Between: Ridge Street and Main Street/Downtown area
Highway Access: Ridge Street which is a city street, also may be possible to access off of Burnett
Airports: 10 miles
Site Description: Four improvements (2 Duplexes & 2 Triplexes) each on separate parcels in the City of Charlottesville, two of the lots have extra land behind the properties which are available for development and the possible addition of other units.
Area Description: Located on a Main Corridor to the City of Charlottesville and within the town's limit.
Total Number of Buildings: 4
Property Condition: Average
Number of Stories: 2
Roof Type: Gable
Construction/Siding: Block, Brick
Exterior Description: Two Older Brick homes (3 apts each) and two one level duplexes /over under units.
Parking Description: Private parking & street parking
Heat Type: Electricity
Heat Source: Wall Units, Heat Pump
Fuel: Gas, Electric
Air Conditioning: Other
Internet Access: Cable, DSL, Satellite
Interior Description: two duplex units (over under) , each has 2 bedrooms. Two triplex units
Zoning Description: R2-H
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: TMP 290277000 TMP 290276000 TMP 290275000 TMP 290274000

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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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