3527 Bolling Rd 5 Unit Apartment Building For Sale Richmond, VA 23223
INVESTMENT HIGHLIGHTS
- The Opportunity: Five-unit, two-bedroom townhome property with private backyards in East Highland Park.
- Recent Renovations: Extensive unit upgrades allow for top-market rents, reduced maintenance costs, and minimal future capital expenses.
- Strong Cash Flow: $1,285 rents, top in the area. Residents cover all utilities.
- Community Investment: Adjacent to Glenwood Farms, a 34-acre redevelopment featuring 913 homes, commercial space, and community centers.
EXECUTIVE SUMMARY
THE OPPORTUNITY
3527 Bolling Road is a five-unit property built on 1966, consisting entirely of two-bedroom town-house style units, that feature private backyards for each unit. The Property is located in East Highland Park, just off of Mechanicsville Turnpike and Laburnum Avenue.
STRONG IN-PLACE CASH FLOW
The Property has in-place rents of $1,285 placing it among the top of comparable properties in the surrounding area. The building is separately metered for electricity and the residents pay a monthly water fee, the net effect being that residents are responsible for all utilities.
SIGNIFICANT CAPEX RECENTLY COMPLETED
The current ownership recently completed extensive renovations throughout each of the units. These renovations allow new ownership to attract and retain tenants at top of the market rents, while reducing the costs of maintenance and the need for further capex.
PLANS FOR COMMUNITY INVESTMENT
The Property is located adjacent to Glenwood Farms, a 34-acre site that is being redeveloped into a master-planned mixed-use community. The development will feature 913 dwelling units, a mix of townhomes, apartments, and age-restricted units: in addition to commercial space, and multiple community centers.
3527 Bolling Road is a five-unit property built on 1966, consisting entirely of two-bedroom town-house style units, that feature private backyards for each unit. The Property is located in East Highland Park, just off of Mechanicsville Turnpike and Laburnum Avenue.
STRONG IN-PLACE CASH FLOW
The Property has in-place rents of $1,285 placing it among the top of comparable properties in the surrounding area. The building is separately metered for electricity and the residents pay a monthly water fee, the net effect being that residents are responsible for all utilities.
SIGNIFICANT CAPEX RECENTLY COMPLETED
The current ownership recently completed extensive renovations throughout each of the units. These renovations allow new ownership to attract and retain tenants at top of the market rents, while reducing the costs of maintenance and the need for further capex.
PLANS FOR COMMUNITY INVESTMENT
The Property is located adjacent to Glenwood Farms, a 34-acre site that is being redeveloped into a master-planned mixed-use community. The development will feature 913 dwelling units, a mix of townhomes, apartments, and age-restricted units: in addition to commercial space, and multiple community centers.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
PROPERTY FACTS
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 5,250 SF |
| No. Stories | 2 |
| Year Built | 1966 |
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Walk-Up
- Smoke Detector
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PROPERTY TAXES
| Parcel Number | 804-733-3365 | Improvements Assessment | $219,500 |
| Land Assessment | $40,000 | Total Assessment | $259,500 |
