202 Lakeview Park Rd | Colonial Heights, VA 23834
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202 Lakeview Park Rd
Colonial Heights, VA 23834
Terrace View Apartments · Multifamily Property For Sale · 62 Units
Investment Highlights
- Recession Resistant: Affordable housing is at a huge premium in the Richmond Metro.
- Value-Add Opportunity: Several properties within a mile of Terrace View are achieving sizeable rent premiums up to $400/month for renovated units
- Attractive Debt Options: Seller’s assumable Fannie Mae loans present buyers an opportunity to take on approximately 60% leverage
- Immediate Upside: Recent capital investments by current ownership will make a mark-to-max allowable rents achievable in year one of new ownership
- Investment Optionality: Buyers can execute a conversion to market rate rents in several years or undertake a renovation with tax credit equity
- Proximity to Employment: Terrace View is an easy commute to numerous locations
PROPERTY FACTS
| No. Units | 62 | Lot Size | 5.28 AC |
| Property Type | Multifamily | Building Size | 60,264 SF |
| Property Subtype | Apartment | Average Occupancy | 95% |
| Apartment Style | Low Rise | No. Stories | 2 |
| Building Class | B | Year Built | 1998 |
| No. Units | 62 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 5.28 AC |
| Building Size | 60,264 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1998 |
Unit Amenities
- Air Conditioning
- Washer/Dryer Hookup
- Heating
- Kitchen
- Views
- Wheelchair Accessible (Rooms)
Site Amenities
- Clubhouse
- Laundry Facilities
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 780 |
| 2+2 | 42 | - | 1,080 |
| 3+2 | 10 | - | 1,364 |
PROPERTY TAXES
| Parcel Number | 1400-01-00-001 | Improvements Assessment | $5,775,200 |
| Land Assessment | $750,200 | Total Assessment | $6,525,400 |
PROPERTY TAXES
Parcel Number
1400-01-00-001
Land Assessment
$750,200
Improvements Assessment
$5,775,200
Total Assessment
$6,525,400
zoning
| Zoning Code | R4 |
| R4 |
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