Iron House Apartments
1309 West Broad Street Richmond Virginia 23220
Contact Agents For Pricing
Iron House Apartments is a uniquely Richmond multifamily investment opportunity affording investors a piece of the Virginia Commonwealth University ecosystem, which generates billions of dollars in economic impact each year. Over the past several years, institutional developers and investors have flocked to the Richmond Metro and VCU submarket drawn to superior rent growth potential and new economic drivers. New amenity packages have resulted in double-digit rent increases and offer local and regional players a blueprint for success. The downtown Richmond housing market is still anchored by unique architecture and experiential amenities, positioning Iron House for long-term success.
Residential Unit Summary
Commercial Unit Summary
COMMUNITY AMENITIES
APARTMENT FEATURES
MARK COMMERCIAL RENTS TO MARKET: Push commercial rental income via new leases in two spaces totaling 3,200 square feet. Current base rents in suites A and D are nearly 50% below market ($16-$18 psf versus $28-$30 psf). Securing new leases at market rates will add approximately $25,000 to annual gross potential rent.
GROW RESIDENTIAL INCOME IN A MATURING SUBMARKET: Investors will have the opportunity to continue implementing material rent increases (7-10%) without appreciable capital investment. New student-focused deliveries in the immediate area are pushing prevailing rents and Iron House is perfectly positioned to be a lower cost alternative yet still shadow those increases.
PREMIER RICHMOND LOCATION: The Property’s premier location is at the center of Downtown Richmond’s exciting restaurant, night life and concert venues, and is near Virginia Commonwealth University. Scott’s Addition, Carytown, The Fan, and The Museum District are all less than a mile away.
EXCELLENT WALKABILITY & TRANSIT: Walk Score 96, Walker’s Paradise (no car required); Transit Score 55, Good Transit (many nearby public transportation options); Bike Score 88, Very Bikeable (biking is convenient for most trips).
OPTIMAL DEMOGRAPHICS: Average household incomes among the primary renter cohort in the Property’s zip code are $58,422, and 48.2% of the population is 34 years old or younger. 66.3% of the housing units within a one-mile radius of the Property are renter-occupied by discretionary renters who are willing and able to pay premium rents for quality housing, illustrating that the area surrounding the Property is transient with a demonstrable need for rental housing.
CORE MACRO LOCATION IN A LOW VELOCITY SECONDARY MARKET: Opportunity for an investor to gain a rare foothold in the highly sought after Richmond MSA and affords the opportunity to achieve outsized yields relative to comparable markets in the southeast such as Charlotte, Raleigh/Durham, and Nashville.
ASCEND RVA
PARC VIEW AT COMMONWEALTH
CIRC
T&E APARTMENTS
THE SQUARE
COLISEUM LOFTS
DISTRICT SQUARE
IRON HOUSE APARTMENTS
1309 West Broad Street, Richmond, VA, USA
Ryan’s practice at One South Commercial focuses on investment and development site sales throughout Virginia. He brings a detailed, solutions-oriented approach to each transaction and has successfully represented a wide array of buyers and sellers on deals ranging from $1 million to $35 million. A Richmond native with a background in institutional real estate management, Ryan leverages a wide network of industry contacts and his experience “under the hood” to advise One South Commercial’s clients on everything from local sub-markets to national capital markets, and is ready and able to tackle anything in between.
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.
Tom Rosman has been brokering investment real estate since the early 1990’s in the Richmond, VA, metro area. He has brought hundreds of transactions to a successful conclusion, including large apartment complexes, apartment buildings in historic neighborhoods, office buildings, retail properties, mixed use buildings, and numerous historic adaptive reuse properties.
Tom was one of the first brokers to recognize the transformative changes occurring in many of Richmond’s most architecturally significant but ignored neighborhoods. Having helped place many of the warehouses and other commercial structures in the hands of Richmond’s development community, Tom’s belief in what a property should be was never compromised by the condition it was in.
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
