UNDER CONTRACT | 116 S Arthur Ashe Blvd Richmond, VA 23220

$594,000
Price

Multi-Family
Property Type


Units

0.11 AC
Parcel

3,586 SF
GBA

Under Contract Listing

About This Property

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.

Additional Information

94
Walkability

44
Transit

Leasable Area 3586 sq. ft.
Units 3
Parcel ID W0001240008
Road Frontage Arthur Ashe Blvd
Zoning Desc. R-48 Multifamily
Construction Date 1920
Co-broker Fee Yes

Related Properties

For Sale

1707 E Main St
Richmond, VA 23223

Multi-Family, Office

For Sale

230 N Sycamore St, 25 W Bank St
Petersburg, VA 23803

Multi-Family

For Sale

2028 W Cary St
Richmond, VA 23220

Mixed Use, Multi-Family