Fan District 24 Unit Multifamily
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ONE SOUTH COMMERCIAL DRAFT 607 E BROADWAY FOR SALE | FAN DISTRICT 24 UNIT MULTIFAMILY 2700 IDLEWOOD AVE RICHMOND, VA 23220 $3,600,000 PID: W0001198007 7,500 SF Parcel 13,095 SF Building Area 3,273 SF Basement Area 3 Stories 24 Residential Units R-63 Multifamily Urban Zoning 1912 Construction PETERSBURG[1] MULTIFAMILY PORTFOLIO TABLE OF CONTENTS 3 PROPERTY SUMMARY 4 PHOTOS 7 PROPERTY SURVEY R-63 MULTIFAMILY 8 FLOOR PLANS URBAN ZONING 11 SALES COMPARABLES 12 RICHMOND’S FAN DISTRICT 13 DEMOGRAPHICS & MARKET DATA 7,500 SF 14 MULTIFAMILY MARKET ANALYSIS PARCEL AREA 15 LOCATION MAP 16 ONE SOUTH COMMERCIAL TEAM 13,095 SF BUILDING AREA 3,273 SF BASEMENT Communication: One South Commercial is the exclusive representative of Seller in its disposition of 2700 Idlewood Ave. All communications regarding the property should be directed to the One South Commercial listing team. 24 RESIDENTIAL Property Tours: UNITS Prospective purchasers should contact the listing team regarding property tours. Please provide at least 72 hours advance notice when requesting a tour date out of consideration for current residents. 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. 1912 HISTORIC Disclaimer: CONSTRUCTION This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with 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. 2700 IDLEWOOD AVE | RICHMOND VA 24 Renovated Units in Fan District One South Commercial is honored to be the exclusive listing brokerage for 2700 Idlewood Ave -- a 24-unit apartment building located in the Fan District of Richmond, VA. This listing presents a rare opportunity to purchase a building with a large unit count in this high-demand neighborhood, as most of the buildings in the area contain fewer than 12 units. The location is superior as it is in walking distance to Carytown, Byrd Park, the commercial corridors of Robinson St and Main Street, and the Virginia Museum of Fine Arts. Tenants of this building also enjoy easy access to all parts of Richmond with a public transportation stop right outside their doorstep. The building was totally renovated in 2010-2011 and the developer/owner is a great steward of the property. As a result, the buyer will enter a situation with little or no deferred maintenance, as the owner diligently resolves issues as they arise. Recent renovations include all new electrical, plumbing, HVAC, windows, bathrooms, kitchens, lighting, and roof. In addition, the units at 2700 Idlewood Ave are designed with modern interior features that distinguish them from the typical Fan apartments at other properties. These features greatly appeal to prospective tenants as reflected in the building’s occupancy. The rental history of the building is excellent as it has been fully leased since the renovation. The current rents are also slightly below market rate for the area and allows room for increasing revenue. The investor looking for an excellent apartment building with a great upside potential will find it in 2700 Idlewood Ave. [3] 2700 IDLEWOOD AVE | RICHMOND VA [4] 2700 IDLEWOOD AVE | RICHMOND VA [5] 2700 IDLEWOOD AVE | RICHMOND VA [6] 2700 IDLEWOOD AVE | RICHMOND VA PROPERTY SURVEY [7] 2700 IDLEWOOD AVE | RICHMOND VA FIRST LEVEL PLAN [8] 2700 IDLEWOOD AVE | RICHMOND VA SECOND LEVEL PLAN [9] 2700 IDLEWOOD AVE | RICHMOND VA THIRD LEVEL PLAN [10] 2700 IDLEWOOD AVE | RICHMOND VA SALES COMPARABLES 1. 301 N Mulberry St 6. 3900 Monument Ave 6 Units 15 Units $975,000 $4,850,000 $162,000/Unit $323,333/Unit CAP 5.5% CAP 4.2% Sold June 2019 Sold May 2019 GBA 6,348 SF GBA 15,000 SF 2. 109 S Arthur Ashe Blvd 7. 1714 Summit Ave 12 Units Ambience Lofts $1,402,842 31 Units $147,222/Unit $4,844,000 CAP n/a $156,258/Unit Sold Sep 2019 CAP n/a GBA 9,948 SF Sold Sep 2019 GBA 50,034 SF 3. 312 E Broad St Broadway Apartments 25 Units $4,800,000 7 $192,000/Unit 6 CAP n/a Sold Jul 2018 GBA 36,145 SF 5 4. 115 W Broad St 24 Units W BROAD ST $4,600,000 1 $191,667/Unit CAP 6.1% 2 Sold Jun 2019 2700 IDLEWOOD AVE GBA 31,364 SF 4 3 5. 707 N Colonial Ave 6 Units DOWNTOWN $1,189,345 $163,911/Unit RICHMOND CAP n/a Sold Aug 2019 GBA 11,128 SF [11] 2700 IDLEWOOD AVE | RICHMOND VA RICHMOND’S FAN DISTRICT Monument Avenue Famed for its 19th and early 20th Century Victorian homes, the Fan located within walking distance of each other. In addition to museums, District is one of Richmond’s premier neighborhoods. Its historic homes the Boulevard and Broad St corridor also provides numerous represent some of the best perserved Victorian residential architecture entertainment options such as the Bow Tie Theate, and The Diamond, in the country. Visitors can see grand examples of Italianate, Queen home to the Flying Squirrels baseball club (AA Affiliate of the San Anne, Colonial Revival, and other architectural styles as they stroll on Francisco Giants). the wide sidewalks in this pedestrian-friendly neighborhood. The Fan District is also home to Virginia Commonwealth University’s academic Directly across the Boulevard from the Fan District, Carytown is one of campus, popular restaurants, several parks, and the iconic tree-lined the most popular and unique commercial areas in the City of Richmond. Monument Avenue. Carytown’s location near the Fan District and its accessibility from the Downtown Expressway have helped create a district that supports a The Fan’s strategic location within Richmond means that the best of variety of businesses, many locally owned and operated, including the city’s culture and entertainment is never far away. The District is restaurants, retail, offices, beauty salons, grocery stores, and many surrounded by the best of what Richmond has to offer. others. Over 230 shops, restaurants, and attractions are located in Carytown, including the historic Byrd Theatre which first opened in Located along the Fan’s western border, the Boulevard corridor is 1928. Richmond’s arts and culture center. The Virginia Museum of Fine Arts (VMFA), the Virginia Museum of History and Culture, the Science With so much to offer, it is no wonder the the Fan District is one of the Museum of Virginia, and the Children’s Museum are all conveniently most desirable residential neighborhoods in Richmond. Queen Anne Style Residences Garnett’s Restaurant in the Fan [12] 2700 IDLEWOOD AVE | RICHMOND VA DEMOGRAPHICSPETERSBURG DEMOGRAPHICS* AND MARKET DATA DEMOGRAPHICS (WITHIN 1 MILES) DISTANCE FROM PROPERTIES 1 MILE 3 MILE 5 MILE Population: 21,836 2024 Projection 22,765 128,405 290,909 POPULATION 2019 Estimate 21,836 119,837 274,567 2010 Census 22,588 103,561 244,427 Growth 2019-2024 4.25% 7.15% 5.95% Growth 2010-2019 (3.33%) 15.72% 12.33% Households: $87,043 2024 Projection 11,708 59,295 125,391 AVG HOUSEHOLD INCOME 2019 Estimate 11,248 55,231 118,155 2010 Census 11,815 47,419 104,807 Growth 2019 - 2024 4.09% 7.36% 6.12% Growth 2010 - 2019 (4.80%) 16.47% 12.74% Owner Occupied 4,177 21,464 51,033 (3.3)% Renter Occupied 7,071 33,766 67,122 POPULATION GROWTH PAST 10 YEARS 2019 Avg Household Income $87,043 $74,826 $67,841 2019 Med Household Income $63,832 $49,935 $45,160 2019 Households by Inc: <$25,000 2,303 16,191 36,048 RICHMOND UPTOWN MULTIFAM SUBMARKET DATA $25,000 - $50,000 2,226 11,448 27,404 Market Sale Price/Unit $163K $50,000 - $75,000 1,975 8,724 18,966 12 Mo Asking Sale Price/Unit $194 K $75,000 - $100,000 1,540 6,295 12,962 Months to Sale Past Year 5.1 $100,000 - $125,000 800 3,313 7,144 12 Month Sales Volume $75.8 M $125,000 - $150,000 751 2,575 4,710 12 Month Transactions 17 $150,000 - $200,000 744 2,845 4,532 Market Asking Rent/ 1 bedroom $1,178 $200,000+ 909 3,838 6,389 Concession Rate 0.4% Market Cap Rate 6.4 % [13] 2700 IDLEWOOD AVE | RICHMOND VA DOWNTOWNPETERSBURG MULTIFAMILYDEMOGRAPHICS* MARKET ANALYSIS Downtown Richmond has undergone a multifamily expansion in Up-and-coming neighborhoods such as Scott’s Addition also add to the the past ten years unlike any that it has experienced before. Over allure of the submarket. The industrial neighborhood has been a hot 3,900 units, or nearly 40% of the submarket’s inventory, has come on spot for the expansion of craft breweries, and multifamily developers line over that time frame. While that is a staggering amount of units, have planted their flags there as well. In fact, more than 1,200 units have demand has been strong, and collective occupancy for this cycle’s come on line in that neighborhood alone in this cycle. deliveries approached 90% nearing the end of 2019. Altogether, vacancies are healthy by the submarket’s standards, rents The Downtown area and its associated neighborhoods are some are growing, and investors have targeted the market in a big way of the prime millennial nodes in the metro.