UNDER CONTRACT | 11240 Jefferson Davis Hwy Richmond, VA 23237
About This Property
One South Commercial is please to present the listing of the Chester Masionette Apartments at 11240 Jefferson Davis Hwy in Chesterfield County. Located adjacent to the junction of Route 288 and I-95, the site is just 10 minutes away from Downtown Richmond by car.
Currently, 52 garden-style multifamily units are on the 16 acre property with an extraordinary 1,300 feet of frontage along Jefferson Davis Highway. The units, constructed in 1963, are situated in 13 one-story buildings dispersed on the tree-lined property that features a large pond at its southern end. These units have consistently been 100% occupied.
Recent development in the area includes the Colony Apartments just north of the site, and the under construction Rolling Ridge subdivision across Jeff Davis Hwy. A large commercial area with several national retailers is also located less than two miles away at Jeff Davis Hwy and W Hundred Rd.
While the current development provides consistent and reliable revenue and would suit an investor looking to continue its operation, the site is also primed for redevelopment. The property is part of the Northern Jefferson Davis Special Area Multi-Family Redevelopment Study adopted by Chesterfield County in 2019 to encourage multifamily and mixed use redevelopment. This plan specifically emphasizes mixed uses, including retail and commercial, and high density residential development with the goal of promoting new economic development. The plan specifies residential densities at up to 25 units per acre creating a potential for a redevelopment scenario for the property with up to 400 units. However, any redevelopment of the property at this density would be subject to special approval from the County in accordance with the plan.
For the operator/buyer or the investor/developer, this listing provides great options and significant opportunities in one of the fastest growing areas of Chesterfield County and Metro Richmond.
|Parcel ID||796661526800000, -0879700000|
|Road Frontage||Jeff Davis Hwy|
|Zoning Desc.||C-3 Community Business|