Property Summary
One South Commercial is excited to present Landmark Apartments, a 100% occupied apartment complex in Petersburg, VA. This project-based Section 8 property is approved for a 5.1% OCAF rent increase on August 1, 2023, which is an average of $45 per unit/month.
*Seller Financing Option Available
INVESTMENT HIGHLIGHTS
Capital Improvements
- Current ownership has invested over $300,000 since 2021, which includes siding and roof/gutter repairs, new mailboxes, LED and water efficiency upgrades, asphalt repairs, appliance replacements, floor replacements, and HVAC replacements.
Long-Term Occupancy
- Due to long term tenancies, and the affordable, HUD- subsidized rents, there is historically little vacancy. The property generally carries a waiting list.
HUD-Guaranteed Rents
- All 53 units have HUD-guaranteed rents that are adjusted annually to offset operating cost increases. 80% of the current rent roll is paid by HUD.
Embedded Value
- Landmark Apartments offers investors an opportunity to acquire a well-maintained, stabilized asset at a fraction of replacement cost.
Reliable Yield on Investment
- The regional housing shortage and continued inbound migration means long-term secure yield on investment.
PROPERTY DETAILS
| Units | 53 |
|---|---|
| Parcel ID | 030-010013 |
| Construction Date | 1983 |
| Co-broker Fee | No |