Property Summary
One South Commercial is pleased to present for sale Hopewell Lofts, a 50-unit multifamily investment opportunity located in the heart of Hopewell, a high occupancy and supply constrained submarket of the Richmond Metro (the “Property”). Originally the James E. Mallonee School, the Property was thoughtfully converted to apartments in 2010 to blend historic charm with modern living. Hopewell Lofts boasts washers and dryers in each unit, refinished hardwood and terrazzo floors, granite countertops, cherry cabinetry, onsite storage, and much more.
Only minutes from thousands of high paying jobs
- Fort Lee, home of the U.S. Army’s Combined Arms Support and several other major commands
- Meadowville Technology Park, a master-planned advanced manufacturing hub home to international corporations like Amazon, Capital One, and Northrup Grumman
- Downtown Richmond, capital of the Commonwealth and home to Virginia Commonwealth University
PROPERTY DETAILS
| Units | 50 |
|---|---|
| Parcel ID | 030-0252 |
| Addl. Features | Deal Highlights -The Property is 96% leased and management is easily increasing rents by 10% at renewals and trade outs. -Hopewell Lofts is a short drive to some of the region’s largest employers -5 minutes from HCA’s John Randolph Medical Center -10 minutes to Fort Lee -10 minutes to Meadowville Technology Park -25 minutes from downtown Richmond -Capture the competition’s $150/month rent premium with a discretionary value-add program -Supply constrained Hopewell submarket is 98.6% occupied with no units under construction. -Submarket rents and property gross income increased nearly 10% over the past year. -Eliminate interest rate risk with assumable loan fixed at 2.55%. Secondary financing available. -RealPage Analytics 2022 Forecast -Occupancy: 97% -Rent Growth: 11% -Revenue Growth: 10% -Job Growth: 19,400 Unit Summary -1 Bed/ 1 Bath: 690 (avg. SF) // 10 units -2 Bed/ 1 Bath: 915 (avg. SF) // 3 units -2 Bed/ 1.5 Bath: 960 (avg. SF) // 4 units -2 Bed/ 1.5 Bath: 1,100 (avg. SF) // 8 units -2 Bed/ 2 Bath: 885 (avg. SF) // 12 units -3 Bed/ 2.5 Bath: 1,690 (avg. SF) // 13 units |
| Construction Date | 1925 |
| Renovation Date | 2010 |
| Co-broker Fee | Yes |