This brick apartment community consists of fifteen 1BR/1BA units and two 2BR/1BA units housed in several low rise brick and cinderblock buildings with plenty of off street parking. The property has been well maintained under current ownership with many recent upgrades including vinyl replacement windows, exterior painting and facade improvements, and new french-drain style drainage system. The metal pitched roofs were replaced in 2004.
Investors will appreciate the opportunity to acquire a stable, high occupancy property with upside available through gradual increases in rents. Currently, the property operates with baseboard electric heat and window A/C units for cooling. Electric service is separated and paid by the tenants. Owner pays trash and water & sewer, which is on public utility service. Offered in conjunction with 12 townhouse style units located at 600 5th Street, Radford, VA 24141 (see Loopnet Listing ID 17889281).
The property is located along a commercial arterial and is surrounded buy national retail and restaurants in Fairlawn, Virginia, which is a bedroom community of Radford, Virginia. Radford is part of the Blacksburg-Christiansburg-Radford MSA that contains both Radford University as well as Virginia Tech University, the second largest public university in the state. Radford University is less than 3.5 miles from the subject property. As of the 2010 census, the MSA had a population of 162,958.
Radford has experienced steady growth in recent years due largely to strategic partnerships forged by Radford University. In 2018, it was announced that Radford would merge with the Jefferson College of Health Sciences in Roanoke, which is expected to double the number of nursing students within the next five years. In November 2019, Governor Ralph Northam announced the Radford University would receive $17.3 in funding over the next 20 years as part of a statewide initiative known as the Tech Talent Investment Program, which is slated to add 400 additional graduates in emerging tech fields. Continued expansion of the university has fueled numerous private-market economic development projects in the area, which should continue to increase tourism and add to local lifestyle amenities.
