Premier Fan District Triplex - Student Housing Opportunity
1623 West Grace Street Richmond Virginia 23220
$635,000
RECENT IMPROVEMENTS (2024)
One South Commercial is pleased to bring to market 1623 W Grace Street, a renovated 1910’s Victorian triplex in the heart of Richmond’s iconic Fan District. Just blocks from the VCU campus, this triplex has maintained a strong history of 100% occupancy and offer value add opportunities through cosmetic upgrades. The property features two 1 bedroom and one 2 bedroom floor plans. These three apartments offer the charm and character of a historic home including beautiful hardwood floors and decorative fireplaces. Amenities include central air, washer/dryer and off street parking. Additionally, the units are individually metered for electricity.
Recent improvements include: Two new HVAC units (Unit A & C, 2024), new ventilation pipe for boiler/water heater, new exterior paint, new bathroom flooring (Unit C, 2024), Rebuilt Back Deck (2016). 1623 W Grace Street is a strong multi-family opportunity in
Richmond’s most premier neighborhood. This property is ideal for an investor looking to expand their portfolio or anyone looking to enter the multi-family market with true presence.
ABOUT THE FAN DISTRICT
Largely developed in the early 1900’s, the Fan District remains one of the most walkable and pedestrian friendly places to live in the city. You will never be without tenants in this fabulous location within walking distance to the some of the area’s best restaurants and breweries in the Fan and Scott’s Addition as well as VCU area amenities, Whole Foods, and the Science Museum. Located in Richmond’s Historic Fan District – 1623 W Grace St. is just minutes away from Virginia Commonwealth University, Scott’s Addition, and West Broad Street’s Arts District. The famed Virginia Museum of Fine Arts (VMFA), the Virginia Museum of History and Culture, the Science Museum of Virginia, and the Children’s Museum are also all conveniently located within walking distance of each other.
In addition to museums, the location of this property provides numerous nearby entertainment options such as the Bow Tie Theater and The Diamond, home to the Flying Squirrels baseball club (AA Affiliate of the San Francisco Giants). Additionally, fine and performing art centers including the Altria Theatre, Dominion Energy Center/Carpenter Center, the Institute of Contemporary Art (ICA), and The National are located immediately east of the Fan in the heart of VCU and in the Downtown district. In keeping with the early 20th century urban design philosophy, almost every location within the Fan is within a short walk of several restaurants and/ or markets. Main Street and Robinson Street serve as commercial corridors, offering many restaurants, breweries, coffee shops, and more. Lombardy, Meadow, and Strawberry Street all have plenty of dining establishments and markets. The triplex at 1623 W Grace St. couldn’t be in a more deal location for anyone looking to explore, or live, in the heart of Downtown Richmond, VA.
Isaac is a Virginia native who grew up in a small community in the Northern Shenandoah Valley. From this rural setting, he attended the University of Virginia and earned a degree from the Woodrow Wilson School of Politics. After graduation, he entered the uniquely demanding world of politics working as a consultant at both the state and national levels. He now brings the same approach that generated a number of successes on the campaign trail to multifamily and investment brokerage. With the same infectious energy, Isaac actively focuses his effort to help clients plant or expand their roots within the greater Richmond community and beyond.
Justin is a seasoned commercial real estate expert with over 15 years worth of experience. Having a widespread knowledge of the Richmond real estate market, Justin is comfortable handling many types of transactions, but his primary practice areas are multifamily and investment sales. Justin possesses a commanding knowledge of Richmond’s rental market, providing his clients with in-depth analysis of the competitive landscape and value-added solutions. Justin is a Richmond native and a graduate of Virginia Commonwealth University.
DISCLAIMER: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative. *Information provided deemed reliable but not guaranteed
