Excellent Value || The buyer of Canterbury Townhouses will acquire a cash flowing, fully-leased apartment community at a substantial discount to replacement cost and with a multitude of value enhancement opportunities. First and foremost, rents at Canterbury are substantially below market and have not been pushed for 10 years. A healthy local economy anchored by Fort Lee, the ever-expanding headquarters for the Quartermaster General of the US Army, supports capital investment in the property as well as near-term rent
increases. Rental rates in the Richmond Metro region are growing at 4-5% per year. Canterbury Townhouses should be able to capture that rent growth as there are too few apartments or new home deliveries scheduled to absorb increasing demand.
Quality Construction and Favorable Zoning || Canterbury was originally developed as an attached single-family project, so the units were constructed with energy-efficient concrete block, which is unaffected by termites, extreme temperatures, and is virtually soundproof. The property is grandfathered for R-3 high density residential use and each unit is separately metered for water/sewer and electricity and could come with at least two parking spaces.Canterbury presents prospective buyers an interesting opportunity to condo and sell some or all of the units to homeowners at a significant premium. There are currently fewer than ten attached single family homes available to purchase in all of Hopewell with units selling in the $120,000 range.
Recent Capital Improvements || Over the past several years, the seller has installed vinyl siding and replaced the roof decking and shingles on every building in the complex. The City of Hopewell is responsible for maintenance of the main vehicle thoroughfare bisecting the site, further limiting exposure to future capital expenditures. The project also boasts unused acreage on which new units and a clubhouse, office, or other amenities could be immediately built, at which point the current on-site office, which is housed in the 142nd unit, can be placed back in service.
AMENITIES
Heating & Central Air
ALL utilities separately metered including water & sewer
Ample parking
Pool
Rear patio with storage
Refrigerator
Tub/Shower
*Please sign and return the attached c/a on the property for more information.
