516 N 2nd ST, Richmond VA 23219, Richmond City Richmond,Virginia

Property type:Multi Family

The space

  • Year Built: 1898


  • 7 residential condos


Great investment opportunity consisting of 7 residential condos (from total of 12 in the building, 5 sold to individual owners) in the heart of Jackson Ward adjacent to popular Hippodrome theater. Each condo is currently rented and bring approximately 5.5% CAP rate after expenses. 6 of the condos are efficiency studios offered for $100,000 each, approximately 430 sq ft each. 1 of the condos is 1bdr/1bath, 1015 sq ft with a loft area available for $170,000. Monthly HOA due of $150 includes water/sewer/trash and $40/month rental fee for parking at 514 N 2nd St. Portfolio can be purchased as whole or separately. Units are fully occupied with guaranteed annual rental income of $74,160. Appliances convey. In walking distance to MCV and VCU. Approximately 3 years of tax abatement remaining. Parking lot at 514 N 2nd St is available to purchase for additional fee.

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