24 Apartments in Shockoe Bottom with Upside
Premier SHOCKOE
Location
A Walker’s Paradise (95 Walk Score) proximate to Richmond’s largest employers and surrounded by countless dining and entertainment destinations.
Exceptional Rent
Growth
Owners are currently implementing 10% rent increases at renewal. Class B submarket rents have grown nearly 20% year-over-year since early 2021 and at the same time have moved away from the traditional all-inclusive structure.
Strong occupancy with minimal collection loss
The property has no vacancy and the submarket is tight at 98% occupancy, giving owners both pricing power and discretion in qualifying new residents. Apartments at the property are being rented within days of becoming available.
Clear Upside
Close a $100+ delta between the subject and competing monthly rents. Owners have invested substantially in core building systems, creating an opportunity to make revenue generating improvements.
Features & Amenities
- Fully sprinklered, smoke detectors in units and corridors
- Units individually metered for electricity
- Units conditioned by individual split system heat/AC
- Washer/dryer/dishwasher
- Granite countertops, stainless appliances
- Original concrete and maple floors
- Abundant natural light from large picture windows
RESIDENTIAL UNITS
OCCUPANCY
PARKING SPACES
SQUARE FEET
