Multi-Family For Sale | 46 - 54 Main Street | 46 Main St
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Multi-Family For Sale | 46 - 54 Main Street 46 Main St
9 Unit Apartment Building $599,000 ($66,556/Unit) 7.80% Cap Rate Stanardsville, VA 22973
Investment Highlights
- 9 rental units (8 apartments, one office) spread over 4 contiguous buildings on one parcel of land
- On-site parking available
- Four 2 Br/1 Ba units, three 1 Br/1Ba units, and one efficiency unit. First floor office/retail space fronts Main St.
- Many long-time tenants in place
Executive Summary
Unique 4 building Multi-Family property located in the 230 acre town of Stanardsville.
46-54 Main St consists of 9 rental units (8 apartments, one office) spread over 4 contiguous buildings on one parcel of land. Located next to Greene Commons, the home of the Stanardsville Farmers Market and Pavilion/Stage, and William Monroe High School, these buildings are nestled in an area with historic charm, wonderful views and setting, and conveniently located to nearby amenities.
Stanardsville was established in 1794, and is apart of Greene County, which is known as the ‘Gateway to the Blue Ridge’. The town of Stanardsville was designated a Historic District in 2004, and is listed on both the federal and state registries of historic places.
- 9 rental units (8 apartments, one office) spread over 4 contiguous buildings on one parcel of land
- Four 2 Br/1 Ba units, three 1 Br/1Ba units, and one efficiency unit. First floor office/retail space fronts Main St.
- Tenants responsible for cooling units (no central air conditioning)
- On-site parking available
- Many long-time tenants in place
- Rent roll, leases and additional information available upon request
- Showings available during week with 48 hours notice
- For Sale: $599,000
46-54 Main St consists of 9 rental units (8 apartments, one office) spread over 4 contiguous buildings on one parcel of land. Located next to Greene Commons, the home of the Stanardsville Farmers Market and Pavilion/Stage, and William Monroe High School, these buildings are nestled in an area with historic charm, wonderful views and setting, and conveniently located to nearby amenities.
Stanardsville was established in 1794, and is apart of Greene County, which is known as the ‘Gateway to the Blue Ridge’. The town of Stanardsville was designated a Historic District in 2004, and is listed on both the federal and state registries of historic places.
- 9 rental units (8 apartments, one office) spread over 4 contiguous buildings on one parcel of land
- Four 2 Br/1 Ba units, three 1 Br/1Ba units, and one efficiency unit. First floor office/retail space fronts Main St.
- Tenants responsible for cooling units (no central air conditioning)
- On-site parking available
- Many long-time tenants in place
- Rent roll, leases and additional information available upon request
- Showings available during week with 48 hours notice
- For Sale: $599,000
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$72,600
|
$11.69
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$72,600
|
$11.69
|
| Taxes |
$3,441
|
$0.55
|
| Operating Expenses |
$22,447
|
$3.61
|
| Total Expenses |
$25,888
|
$4.17
|
| Net Operating Income |
$46,712
|
$7.52
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $72,600 |
| Annual Per SF | $11.69 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $72,600 |
| Annual Per SF | $11.69 |
| Taxes | |
|---|---|
| Annual | $3,441 |
| Annual Per SF | $0.55 |
| Operating Expenses | |
|---|---|
| Annual | $22,447 |
| Annual Per SF | $3.61 |
| Total Expenses | |
|---|---|
| Annual | $25,888 |
| Annual Per SF | $4.17 |
| Net Operating Income | |
|---|---|
| Annual | $46,712 |
| Annual Per SF | $7.52 |
Property Facts Under Contract
| Price | $599,000 | Apartment Style | Garden |
| Price Per Unit | $66,556 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 7.80% | Building Size | 6,213 SF |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment |
| Price | $599,000 |
| Price Per Unit | $66,556 |
| Sale Type | Investment |
| Cap Rate | 7.80% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 6,213 SF |
| No. Stories | 2 |
| Year Built | 1950 |
Unit Amenities
- Microwave
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | - |
| 1+1 | 3 | $750.00 | - |
| Studios | 2 | $600.00 | - |
zoning
| Zoning Code | TRC (Zoning allows for Mixed-Use Residential, which is currently how it's being used. Potential conversion to office/retail/restaurant.) |
| TRC (Zoning allows for Mixed-Use Residential, which is currently how it's being used. Potential conversion to office/retail/restaurant.) |
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Multi-Family For Sale | 46 - 54 Main Street | 46 Main St
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