Property Summary
One South Commercial is pleased to present for sale the historic Lofts at Worsham School (the “Property”), a 20-unit multifamily investment opportunity located adjacent to the campus of Hampden-Sydney College in Prince Edward County, VA and only minutes from Longwood University and Southside Community Hospital in Farmville, VA.
Converted to high quality apartments in 2011, the Lofts at Worsham School offer a unique combination of modern living and Colonial Revival charm. The Property stays fully occupied and offers investors reliable passive income as well as substantial opportunity to renovate, amenitize, grow rents, and improve bottom line revenue. All-inclusive rents include utilities, cable TV, internet, and trash removal whereas similar properties in Farmville require residents to contract directly for electricity, cable, and internet, or otherwise collect utility reimbursements. Current ownership has spared no expense in ongoing maintenance and resident retention since originally redeveloping the Property.
*Contact agent for pricing guidance
INVESTMENT HIGHLIGHTS
- Zero competition or development pipeline in a growing market.
- Solid track record of 100% non-student occupancy with 6% rent growth at renewals and 10% at trade outs.
- Monetize huge resident lounge, formerly the school auditorium, by adding premium amenitites or converting to several additional units.
- Residual acreage included in the purchase is zoned by right for future residential development.
- Proximity to Hampden-Sydney College and Longwood University provides student housing optionality.
PROPERTY DETAILS
| Units | 20 |
|---|---|
| Parcel ID | 064-A-59 |
| Const. Materials | Masonry |
| Construction Date | 1927 |
| Renovation Date | 2011 |
| Co-broker Fee | Yes |