For Sale | Value Add Triplex Near Carytown

ONE SOUTH COMMERCIAL

FOR SALE | VALUE ADD TRIPLEX NEAR CARYTOWN

116 S ARTHUR ASHE BLVD Richmond VA 23220

$599,000 PID: W0001240008 0.11 AC Parcel Area 3,586 SF Building Area 3 Units R-48 Multifamily Residential Zoning Arthur Ashe Blvd Location near Carytown

PETERSBURG[1] MULTIFAMILY PORTFOLIO TABLE OF CONTENTS

3 PROPERTY SUMMARY R-48 MULTIFAMILY 4 PHOTOS ZONING

5 RICHMOND METRO AREA / CARYTOWN

10 RICHMOND ECONOMIC DEVELOPMENT 12 RICHMOND MAJOR EMPLOYERS 3,586 SF 13 DEMOGRAPHICS & MULTIFAMILY MARKET GBA

14 LOCATION MAP

15 ONE SOUTH COMMERCIAL TEAM

2 STORIES

3 UNITS

100% CONSISTENT OCCUPANCY Communication: One South Commercial is the exclusive representative of Seller in its disposition of 116 S Arthur Ashe Blvd. All communications regarding the property should be directed to the One South Commercial listing team.

Property Tours: Prospective purchasers should contact the listing team regarding property tours. Please provide at least 72 hours advance notice when requesting a tour date out GARAGE of consideration for current residents. 360 SF

Offers: Offers should be submitted via email to the listing team in the form of a non- binding letter of intent and should include: 1) Purchase Price; 2) Earnest Money Deposit; 3) Due Diligence and Closing Periods.

Disclaimer: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One VALUE ADD South Commercial nor Seller make any representations or warranties with OPPORTUNITY respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative.

116 S ARTHUR ASHE BLVD | RICHMOND VA Value Add Triplex Opportunity Near Carytown

One South Commercial is pleased to be the exclusive listing brokerage for 116 S Arthur Ashe Boulevard. Constructed in 1920, this property consists of a 3,586 SF multifamily building containing three residential units. Unit A is a 1bed/1bath unit with 718 SF of area. Unit B is also 1,075 SF but features a 2bed/1bath configuration. Unit C is an expansive 3bed/1bath apartment with 1,793 SF of area. Additionally, a rental income generating detached garage with alley access sits at the rear of the property. The total rents are below market and offers a significant value add opportunity for a prospective purchaser.

Arthur Ashe Boulevard, or simply “the Boulevard” as it was previously known, is one of Metro Richmond’s most prominent and historic thoroughfares. It serves as the border between Carytown/Museum District to the west and the Fan District to the East, and is the location of some of Richmond’s most prominent historical residential buildings.

Close to the shops and restaurants of Carytown and the Fan District, this property is also conveniently located near Byrd Park and Maymont and provides tenants with an unmatched variety of amenities within walking distance.

One of the units is currently in excellent condition. With renovations to the other two units, income could be raised to market level for substantial return on investment. The property’s extremely desirable location is one reason that the units are consistently 100% occupied and presents a unique scenario for an investor looking for a value add opportunity in this area of Richmond.

Richmond is one of the oldest and most historic cities in the United States. As the site of numerous seminal events in the nation’s history, Richmond has been a center for politics, trade, and commerce for over three centuries. Today, the metro area is home to more than 1.3 million residents and headquarters to ten Fortune 1000 companies including Altria Group, Carmax, Performance Food Group, and Dominion Energy.

In addition to its role as a business hub, Richmond serves a critical role as the center of health care, research, and education in the Mid-Atlantic region. Four universities are located within the metro area including Virginia Commonwealth University -- the largest university in Virginia -- and the VCU Health System both located in Downtown.

RICHMOND VA #39 The New York Times lists Richmond as one of “52 Places to Go in 2020” in the world

View of Downtown Richmond along Broad St

Carytown Commercial Area Fan District

Directly across the Boulevard from the Fan District, Carytown is one of the most popular and unique commercial areas in the City of Richmond. Running along West Cary Street in the City’s Near West End, Carytown is surrounded by prominent residential neighborhoods including the Museum and the Fan Districts.

Carytown’s proximity to these neighborhoods and its accessibility from the Downtown Expressway have helped create a successful business district that is able to support a variety of businesses, many locally owned and operated, including restaurants, retail, offices, beauty salons, grocery stores, and many others. Over 230 shops, restaurants, and attractions are located in Carytown, including the historic Byrd Theatre which first opened in 1928.

These storefronts and recent road and sidewalk improvements have created a district that accommodates automobile traffic while being pedestrian-friendly. The success of this arrangement can be seen throughout the year, but especially during pleasant weather, when large crowds of both locals and tourists stroll up and down West Cary Street to visit the shops, businesses, and restaurants in Carytown.

[9] 116 S ARTHUR ASHE BLVD | RICHMOND VA RICHMOND MSA

POPULATION MEDIAN PROPERTY VALUE MEDIAN HOUSEHOLD INCOME 1.31M $246,100 $67,703

MEDIAN AGE NUMBER OF EMPLOYEES MED HH INCOME GROWTH (1 YR) 38.8 658,555 0.10%

MEDIAN HH INCOME $42,356 2017 VALUE 2.84% 1 YEAR GROWTH

PROPERTY VALUE $209,200 2017 MEDIAN $199,300 2016 MEDIAN

[10] 116 S ARTHUR ASHE BLVD | RICHMOND VA RICHMOND METRO AREA ECONOMIC DEVELOPMENT

Throughout its long history, Richmond has been a center for economic development with wide ranging impacts for the region and beyond. Its economy is based on a business-friendly setting and infrastructure that make the area attractive to both large and small businesses and organizations.

KEY INDUSTRIES FORTUNE 500 Seven Fortune 500 companies call Metro Richmond home including the COMPANIES Altria Group, Carmax, Owens and Minor, and Genworth Financial. These HEADQUARTERS IN 7 RICHMOND and other companies represent diverse industries including creative, high-tech, health care, traditional manufacturing, and financial services.

Adweek’s “Agency of the Year”, the Martin Agency, is located in Richmond along with many other leading design, architecture, and creative companies. In addition, VCU is one of the top creative and design universities in the country.

VCU Health Systems is the leading healthcare provider and research centers in the region. However, they are not alone in representing this sector. HCA Healthcare and Bon Secours Health Systems also have a major presences in the area. In addition, the VA Bio+Tech Park is home to over 70 companies on the cutting edge of this critical field. YEARS CONSECUTIVE JOB GROWTH To complement these high tech companies, traditional manufacturing, 10 and financial services are also well-represented in Metro Richmond. WestRock, NewMarket, Universal Corporation, and others produce chemicals, plastics, packaging, and tobacco products that are globally exported. And in a role it has played for centuries, Richmond is the hub for financial services. Today, the Fifth District Federal Reserve Bank, BB&T, SunTrust, Wells Fargo, and numerous other financial service firms are located in the central business district.

EMPLOYMENT

Due to the strong local economy, Richmond is enjoying steady growth in employment opportunities. In December 2019, Metro Richmond’s UNEMPLOY employment increased 2% over the year to 696,500. This increase is MENT significantly higher than the national growth of 1.4% over the same period. 2.9% DEC 2019 The increase in job growth in Metro Richmond represents almost 10 consecutive years of gains in the area. Education and health services had the largest employment gain from December 2018 to December 2019, adding 5,400 jobs. The recent advance represents a 5.4-percent rate of job growth over the year in the local area, double the nationwide advance of 2.7 percent for this industry.

Similarly the unemployment rate in Metro Richmond stands at 2.9% and much lower than the already historically low national rate of 3.8%

[11] 116 S ARTHUR ASHE BLVD | RICHMOND VA RICHMONDPETERSBURG METRO DEMOGRAPHICS* MAJOR EMPLOYERS

1 4 7 30 MIN DRIVE

6 5 2 20 MIN DRIVE 15913 DOWNTOWN RICHMOND 11 3

DRIVE TIME TO MAJOR AREA EMPLOYERS LARGEST RICHMOND EMPLOYERS

EMPLOYER MILES TIME EMPLOYER EMPLOYESS 1. Capital One 24.5 30 Min 1. Capital One 13,000 2. VCU Health 4.6 13 Min 2. VCU Health 9,313 3. HCA Health System 14.5 20 Min 3. HCA Health System 7,628 4. Bon Secours 3.8 9 Min 4. Bon Secours 7,136 5. Dominion VA Power 4.1 10 Min 5. Dominion VA Power 5,433 6. SunTrust Banks Inc. 13.1 19 Min 6. SunTrust Banks Inc. 3,810 7. Altria Group 4.0 10 Min 7. Altria Group 3,800 8. Amazon.com 11.8 18 Min 8. Amazon.com 3,800 9. Wells Fargo 3.5 9 Min 9. Wells Fargo 2,902 10. Anthem 4.0 10 Min 10. Anthem 2,655 11. UPS 20.4 25 Min 11. UPS 2,490 12. DuPont 4.0 10 Min 12. DuPont 2,376 13. Bank of America 11.1 20 Min 13. Bank of America 1,921 14. Markel Corp 3.7 10 Min 14. Markel Corp 1,886 15. Federal Reserve Richmond 15.0 20 Min 15. Federal Reserve Richmond 1,882

[12] 116 S ARTHUR ASHE BLVD | RICHMOND VA DEMOGRAPHICSPETERSBURG DEMOGRAPHICS* & MULTIFAMILY SUBMARKET DATA

DEMOGRAPHICS (WITHIN 5 MILES) DISTANCE FROM PROPERTY 1 MILE 3 MILE 5 MILE

289,044 Population: POPULATION 2025 Projection 22,924 121,414 289,044

2020 Estimate 22,227 115,246 275,988

2010 Census 22,587 102,090 246,467

Growth 2020-2025 3.14% 5.35% 4.73% $73,684 AVG HOUSEHOLD Growth 2010-2020 (1.59%) 12.89% 11.98% INCOME Households:

2025 Projection 11,801 56,171 123,750

2020 Estimate 11,494 53,371 118,268

12.0% 2010 Census 11,924 47,291 105,741 POPULATION GROWTH PAST 10 YEARS Growth 2020 - 2025 2.67% 5.25% 4.64%

Growth 2010 - 2020 (3.61%) 12.86% 11.85%

Owner Occupied 4,257 21,655 51,669

Renter Occupied 7,236 31,715 66,600 CARYTOWN MULTIFAMILY SUBMARKET 2020 Avg Household Income $95,674 $83,007 $73,684

Market Rent/Unit $1,294 2020 Med Household Income $68,481 $57,134 $49,719 Vacancy Rate 7.0% 2020 Households by Inc:

Concession Rate 0.7% <$25,000 1,580 11,716 29,461

Inventory Units 10,750 $25,000 - $50,000 2,585 12,477 30,006 Existing Buildings 317 $50,000 - $75,000 2,076 8,264 18,917 Average Units Per Building 34 $75,000 - $100,000 1,407 6,712 13,106 12 Month Avg Delivered Units 1,036 $100,000 - $125,000 1,011 4,255 9,286 Market Sale Price/Unit $174K $125,000 - $150,000 906 2,694 5,068 12 Month Transactions 18 For Sale Listings 4 $150,000 - $200,000 800 2,748 5,088 For Sale Units 71 $200,000+ 1,128 4,504 7,337 12 Month Sales Volume $70.8M Market Cap Rate 6.2%

[13] 116 S ARTHUR ASHE BLVD | RICHMOND VA LOCATION MAP

CHAMBERLAYNE AVE

NORTH SIDE SCOTT’S ADDITION WEST END

MECHANICSVILLE TPK MUSEUM DISTRICT

ARTHUR ASHE BLVD CARYTOWN FAN DISTRICT 116 S ARTHUR ASHE W BROAD ST VCU

HOLLYWOOD CEMETERY RICHMOND

WESTOVER HILLS CHURCH HILL

JAMES RIVER MANCHESTER FOREST HILL

HULL ST

MIDLOTHIAN TPK

SOUTH RICHMOND

[14] 116 S ARTHUR ASHE BLVD | RICHMOND VA ONE SOUTH COMMERCIAL TEAM

One South Commercial is a CoStar PowerBroker in the Richmond, VA investment sales market with more than $200M in sales in 2018-19. Our reputation among those with local knowledge as the premier investment sales shop in the City of Richmond is built on a wide network of relationships with principals all over the world who trust us and our ability to effectively analyze the economics of any deal and represent them honestly.

JUSTIN SLEDD | 804.307.4060 | [email protected]

Justin is a seasoned commercial real estate expert with over a decade worth of experience. Having a widespread knowledge of the Richmond real estate market, Justin is comfortable handling many types of transactions, but his primary practice areas are multifamily and investment sales.

Justin possesses a commanding knowledge of Richmond’s rental market, providing his clients with in-depth analysis of the competitive landscape and value add solutions. Justin is a Richmond native and graduate of Virginia Commonwealth University.

TOM ROSMAN | 804.539.3017 | [email protected]

Tom Rosman has been brokering investment real estate since the early 1990’s in the Richmond, VA, metro area. He has brought hundreds of transactions to a successful conclusion, including large apartment complexes, apartment buildings in historic neighborhoods, office buildings, retail properties, mixed use buildings, and numerous historic adaptive reuse properties.

Tom was one of the first brokers to recognize the transformative changes occurring in many of Richmond’s most architecturally significant but ignored neighborhoods. As one of the Founding Partners at One South, Tom heads up the commercial and investment sales for One South Commercial.

[15] PETERSBURGAZALEA PLACE MULTIFAMILY APARTMENTS PORTFOLIO ONE[15] SOUTH COMMERCIAL 2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009