Property Summary
ONE SOUTH COMMERCIAL is pleased to present for sale a stabilized portfolio of 59 single-family and
duplex rental properties in the Tri-Cities area, part of the Richmond MSA.
The portfolio is being offered for $7,200,000 free-and-clear of existing debt. Seller diligently assembled the portfolio one property at a time, offering investors meaningful scale without the headaches and transactional expense of aggregation. Seller replaces roofs and windows at acquisition and installs durable, low-maintenance finishes and systems as needed. Tenants are carefully qualified, limiting collection loss and turnover.
Petersburg proved to be a resilient rental market during the turbulence of COVID and is benefiting from investment by savvy real estate developers as well as growth companies looking for cost effective operations with easy access to Richmond and Interstates 85 and 95.
PROPERTY HIGHLIGHTS
- 59 units: 100% occupied
- Large units offer competitive advantage (1,093 SF average unit size)
- Pricing Power: rising mortgage rates and a market-wide housing shortage have resulted in voracious demand for workforce rentals
- Proximity to numerous employment centers & universities
- Download the C/A to access due diligence materials & refer to page 9 of the brochure for QR code to access additional photos
PROPERTY DETAILS
| Units | 59 |
|---|---|
| Parcel ID | *Download CA to see units details PDF |
| Const. Materials | Wood/Vinyl/Masonry |
| Co-broker Fee | Yes |