One South Commercial is pleased to be the exclusive listing brokerage for 116 S Arthur Ashe Boulevard. Constructed in 1920, this property consists of a 3,586 SF multifamily building containing three residential units. Unit A is a 1bed/1bath unit with 718 SF of area. Unit B is also 1,075 SF but features a 2bed/1bath configuration. Unit C is an expansive 3bed/1bath apartment with 1,793 SF of area. Additionally, a rental income generating detached garage with alley access sits at the rear of the property. The total rents are below market and offers a significant value add opportunity for a prospective purchaser.
Arthur Ashe Boulevard, or simply “the Boulevard” as it was previously known, is one of Metro Richmond’s most prominent and historic thoroughfares. It serves as the border between Carytown/Museum District to the west and the Fan District to the East, and is the location of some of Richmond’s most prominent historical residential buildings.
Close to the shops and restaurants of Carytown and the Fan District, this property is also conveniently located near Byrd Park and Maymont and provides tenants with an unmatched variety of amenities within walking distance.
One of the units is currently in excellent condition. With renovations to the other two units, income could be raised to market level for substantial return on investment. The property’s extremely desirable location is one reason that the units are consistently 100% occupied and presents a unique scenario for an investor looking for a value add opportunity in this area of Richmond.
|Leasable Area||3586 sq. ft.|
|Road Frontage||Arthur Ashe Blvd|
|Zoning Desc.||R-48 Multifamily|