Iron House Apartments 1309 W Broad St
35 Unit Apartment Building For Sale Richmond, VA 23220
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INVESTMENT HIGHLIGHTS
- MARK COMMERCIAL RENTS TO MARKET
- PREMIER RICHMOND LOCATION
- OPTIMAL DEMOGRAPHICS
- GROW RESIDENTIAL INCOME IN A MATURING SUBMARKET
- EXCELLENT WALKABILITY & TRANSIT
- CORE MACRO LOCATION IN A LOW VELOCITY SECONDARY MARKET
EXECUTIVE SUMMARY
Iron House Apartments is a uniquely Richmond multifamily investment opportunity affording investors a piece of the Virginia Commonwealth University ecosystem, which generates billions of dollars in economic impact each year. Over the past several years, institutional developers and investors have flocked to the Richmond Metro and VCU submarket drawn to superior rent growth potential and new economic drivers. New amenity packages have resulted in double-digit rent increases and offer local and regional players a blueprint for success. The downtown Richmond housing market is still anchored by unique architecture and experiential amenities, positioning Iron House for long-term success.
-Avg Iron House Residential Rents: $1,329
-Avg Submarket Residential Rents: $2,040
-Latest Iron House Leasing Cycle vs Submarket:
-1 Bd: $1,191 vs $1,591
-2 Bd: $1,615 vs $2,082
-3 Bd: $2,410 vs $2,491
-Avg Iron House Commercial Rents: $22 PSF MG
-Avg Submarket Commercial Rents: $30 PSF NNN
-Latest Iron House Commercial Lease Rent: $30 PSF MG
-Avg Iron House Residential Rents: $1,329
-Avg Submarket Residential Rents: $2,040
-Latest Iron House Leasing Cycle vs Submarket:
-1 Bd: $1,191 vs $1,591
-2 Bd: $1,615 vs $2,082
-3 Bd: $2,410 vs $2,491
-Avg Iron House Commercial Rents: $22 PSF MG
-Avg Submarket Commercial Rents: $30 PSF NNN
-Latest Iron House Commercial Lease Rent: $30 PSF MG
DATA ROOM Click Here to Access
PROPERTY FACTS
Sale Type | Investment |
No. Units | 35 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Mid Rise |
Building Class | C |
Lot Size | 0.33 AC |
Building Size | 32,400 SF |
Average Occupancy | 97% |
No. Stories | 4 |
Year Built/Renovated | 1915/2007 |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer
- Kitchen
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Satellite TV
- Oven
- Stainless Steel Appliances
- Carpet
- Freezer
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- On-Site Retail
- Maintenance on site
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Walk Score®
Walker's Paradise (96)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
Parcel Number | W000-0615-024 | Improvements Assessment | $4,752,000 |
Land Assessment | $1,328,000 | Total Assessment | $6,080,000 |
ZONING
Zoning Code | B-6 (Commercial) |