The Farms at Jefferson Mill

Multi-Family for Sale
Catylist Listing ID: 30817000
Property Subtypes: Mixed Use, Other
Number of Units: 9 Units
Building Size (RSF): 18,900 SF
Gross Building Area: See Agent
Sale Price: $7,600,000
Unit Price: $844,444.44 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/9/2023

Overview / Comments

Introducing a unique opportunity to purchase an established, income-generating rental community of nine single-family home rentals in Albemarle County with an additional 16 homes permitted by-right. Minutes from the Tasting Room & Tap House at Mount Ida Reserve and downtown Scottsville, the Farms at Jefferson Mill is a beautiful neighborhood of colonial homes situated on over 250 acres of rolling hills with extensive road and river frontage. The homes are thoughtfully constructed with similar footprints for easy management. Each home occupies its own platted, 20-acre lot and boasts hardi-plank siding, 2,100 square feet of living space, 4 bedrooms, 2.5 baths, attached 2 car garage, 20 x 12 deck and an 1,100 square foot unfinished walk-out basement roughed in for an additional bedroom and bathroom. In addition to the nine existing homes, the assemblage offers four additional buildable lots plus another 12 development rights on the remainder of the acreage for a total of 16 additional homes that can be constructed by-right. Existing infrastructure (underground electric and fiber) are in place. The Farms at Jefferson Mill currently generates approximately $175,000 of rental revenue annually and the additional by-right development offers extensive upside for a rarified investment opportunity.

Additional Details

Nearest MSA: Charlottesville
County: Albemarle
Tax ID/APN: 493541835135
Total Number of Buildings: 9
Number of Stories: 25
Year Built: 2014
Construction/Siding: HardiePlank Siding
Parking Description: Attached Garage, Driveway
Total Parking Spaces: 2
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Engineered System
Water Service: Well
Sewer Type: None

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Demographic Statistics

Proximity: 5 miles
Total Population: 2,904
Median Age: 41.38
Households: 1,182


Photograph of Listing Agent

Daniel Heider

TTR Sotheby's
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