Description

RICHMOND'S BEST BUY – 20-Unit Value-Add Apartment Opportunity Attention Investors! Here's your chance to acquire a true value-add apartment complex in Richmond (23223). This 20-unit multifamily property offers tremendous upside for experienced investors looking to increase cash flow and build equity. Whether you're planning a BRRRR strategy, long-term hold, or portfolio expansion, this property checks all the boxes. The property consists of five separate quad buildings, with each building featuring two upstairs units with vaulted ceilings and two downstairs units. All units are all-electric and offer approximately 744 square feet with 2 bedrooms and 1 full bathroom. Current Property Highlights -20 total units -12 units currently leased -6 vacant units that are rent-ready -2 units currently being used for storage (potential to convert back to income-producing units) -Owner pays water, sewer, and trash -Tenants pay their own electric -Electric forced-air heat and window A/C units -Immediate Value-Add Potential The six rent-ready vacant units provide an opportunity to increase rental income immediately. At current market rents of approximately $1,250 per month, simply leasing these units could add approximately $7,500 in monthly gross rental income without major renovations. Beyond that, cosmetic improvements such as: -New flooring -Fresh paint -Updated cabinets -New countertops -Landscaping -Fence repairs -Driveway improvements -General exterior cleanup can significantly increase the property's appeal and rental rates. Because the kitchens are relatively small and open, upgrading to granite countertops can be completed at a reasonable cost while providing a strong return on investment. Over time, replacing the existing heating and cooling systems as they reach the end of their useful life will further enhance the property's value. If you're looking for one of Richmond's best value-add multifamily investments, this property deserves your attention.