Property Summary
24 RENOVATED UNITS IN FAN DISTRICT
One South Commercial is honored to be the exclusive listing brokerage for 2700 Idlewood Ave — a 24-unit apartment building located in the Fan District of Richmond, VA. This listing presents a rare opportunity to purchase a building with a large unit count in this high-demand neighborhood, as most of the buildings in the area contain fewer than 12 units. The location is superior as it is in walking distance to Carytown, Byrd Park, the commercial corridors of Robinson St and Main Street, and the Virginia Museum of Fine Arts. Tenants of this building also enjoy easy access to all parts of Richmond with a public transportation stop right outside their doorstep.
The building was totally renovated in 2010-2011 and the developer/owner is a great steward of the property. As a result, the buyer will enter a situation with little or no deferred maintenance, as the owner diligently resolves issues as they arise. Recent renovations include all new electrical, plumbing, HVAC, windows, bathrooms, kitchens, lighting, and roof.
In addition, the units at 2700 Idlewood Ave are designed with modern interior features that distinguish them from the typical Fan apartments at other properties. These features greatly appeal to prospective tenants as reflected in the building’s occupancy. The rental history of the building is excellent as it has been fully leased since the renovation. The current rents are also slightly below market rate for the area and allows room for increasing revenue.
The investor looking for an excellent apartment building with a great upside potential will find it in 2700 Idlewood Ave.
PROPERTY DETAILS
| Units | 24 |
|---|---|
| Parcel ID | W0001198007 |
| Road Frontage | Idlewood Ave |
| Zoning Desc. | R-63 Multifamily Urban |
| Construction Date | 1912 |
| Renovation Date | 2011 |
| Co-broker Fee | No |