1201 W City Point Rd, Hopewell, VA 23860
High Quality 50-Unit Apartment Investment in the Underpriced Richmond MSA Submarket
Capture Organic Rent
Rents growing 10% at renewals and trade outs
Capture the competition’s $100/month market rent premium with a discretionary value-add program
Supply constrained submarket
Supply constrained Hopewell submarket is 98.6% occupied with no units under construction.
Positive Operating Economics
Submarket rents and property gross income increased nearly 10% over the past year.
ZERO INTEREST RATE RISK
Eliminate interest rate risk with assumable loan fixed at 2.55%. Secondary financing available.
- Originally built in 1925 and completely renovated in 2010, including all new finishes and building systems
- Mix of studios, 1 bd, 2 bd, and 3bd units averaging 781 square feet
- In-place rents average $915 month / $1.17 per square foot
- 96% occupancy