For Sale | Historic Fan District Quad

ONE SOUTH COMMERCIAL

FOR SALE | HISTORIC FAN DISTRICT QUAD

2023 W GRACE ST RICHMOND, VA 23220

$780,000 PID: W0000953009 3,920 Parcel SF 3,225 Building SF 4 Units 1910 Construction R-48 Multifamily Zoning

PETERSBURG[1] MULTIFAMILY PORTFOLIO Fully Occupied Fan District Quad

2023 West Grace Street is a fully renovated quad located in Richmond’s Historic Fan District and is approximately one mile from both Virginia Commonwealth University’s Monroe Park Campus and Virginia Union University.

Offering spacious one bedroom/one bath floor plans, each apartment has been uniquely renovated with modern kitchens and baths. The property features large living rooms with great natural light, original hardwood floors, washer/dryer in unit, off street parking and central heat and air. Fully leased, each apartment is separately metered for gas and electric.

Recent capital improvements include: • TPO Roof • New Electric • New HVAC • Updated Plumbing in Kitchen and Bath • Designer Tiles and Light Fixtures • New Rear Deck

ADDRESS | 2023 W Grace St

PID | W0000953009 3,225 SF BUILDING 500 SF BASEMENT ZONING | R-48 Multifamily AREA

PARCEL | 3,920 SF (0.09 AC)

PARKING | Off-street (rear)

UNITS | 4

BUILDING AREA | 3,225 SF R-48 HISTORIC MULTIFAMILY 1910 CONSTRUCTED | 1910 ZONING CONSTRUCTION

STORIES | 2

*Information provided deemed reliable but not guaranteed

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 preserved Victorian residential architecture entertainment options such as the Bow Tie Theatre, 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 Fan District is one of the most Museum of Virginia, and the Children’s Museum are all conveniently desirable residential neighborhoods in Richmond.

Queen Anne Style Residences Garnett’s Restaurant in the Fan

2023 W GRACE ST | RICHMOND VA DEMOGRAPHICSPETERSBURG DEMOGRAPHICS* AND MARKET DATA

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

Population: 28,858 2025 Projection 30,101 139,002 283,522 POPULATION 2020 Estimate 28,858 131,676 271,033

2010 Census 27,375 114,497 242,326

Growth 2020-2025 4.31% 5.56% 4.61%

Growth 2010-2020 5.42% 15.00% 11.85%

Households:

$86,490 2025 Projection 13,742 62,810 121,696 AVG HOUSEHOLD INCOME 2020 Estimate 13,216 59,507 116,421

2010 Census 12,707 51,462 104,147

Growth 2020 - 2025 3.98% 5.55% 4.53%

Growth 2010 - 2020 4.01% 15.63% 11.79%

Owner Occupied 3,661 22,263 50,944

11.9 % Renter Occupied 9,556 37,243 65,477 POPULATION GROWTH PAST 10 YEARS 2020 Avg Household Income $86,490 $77,346 $72,122

2020 Med Household Income $58,367 $52,498 $49,173

2020 Households by Inc:

<$25,000 2,584 14,591 29,635

RICHMOND FAN MULTIFAMILY SUBMARKET DATA $25,000 - $50,000 3,253 14,114 29,560

Market Sale Price/Unit $173K $50,000 - $75,000 2,159 9,483 18,712

12 Mo Asking Sale Price/Unit $162K $75,000 - $100,000 1,369 6,840 12,979

Months to Sale Past Year 5.5 $100,000 - $125,000 1,087 4,684 8,950

12 Month Sales Volume $71.7 M $125,000 - $150,000 745 2,622 5,072 12 Month Transactions 19 $150,000 - $200,000 830 2,877 4,830 Market Asking Rent/ 1 bedroom $1,192 $200,000+ 1,190 4,295 6,684 For Sale Listings/Units 4/71 Market Cap Rate 6.2 %

2023 W GRACE ST | RICHMOND VA DOWNTOWNPETERSBURG MULTIFAMILYDEMOGRAPHICS* MARKET ANALYSIS

Downtown Richmond has undergone a multifamily expansion in the that has taken place downtown as of late. Between record-setting levels past five years unlike any that it has experienced before. Nearly 3,400 of job losses, a scheduled drop in enrollment numbers locally, as well units, or roughly one-third of the submarket’s inventory, have come on as a shift to online learning, the typically consistent levels of multifamily line over that time frame. While that is a staggering number of units, demand could falter in the near term. demand has been evident, and collective occupancy for those units approached 90% as of 20Q3. That has yet to happen, though. In fact, net absorption levels have exceeded historical norms year-to-date and vacancies have The Downtown area and its associated neighborhoods are some compressed. That has kept pricing power in the hands of property of the prime millennial nodes in the metro. Driven by VCU and its managers, which has been ever-present throughout the aforementioned undergraduate enrollment of more than 24,000, neighborhoods in supply-based expansion. the submarket benefit from the relatively inelastic demand of students looking to live off-campus. Furthermore, approximately 40% of VCU’s There has been a noticeable change within the capital markets, graduates opt to remain in the metro after graduation, with many however. Although the number of deals that have closed has aligned staying in the immediate area. with last year’s pacing, fewer institutionally sized assets have changed hands. Thus, sales volume has lagged, and transactional pricing has The coronavirus pandemic could pose to alter the urban revitalization dipped over the past four quarters.

2023 W GRACE ST | RICHMOND VA LOCATION MAP

NORTHERN BARTON HEIGHTS

HERMITAGE RD

BATTERY PARK

N ARTHUR ASHE BLVD

CHAMBERLAYNE AVE

MECHANICSVILLE TPK

2023 W GRACE ST

W BROAD ST FAN DISTRICT

N MEADOW ST

DOWNTOWN RICHMOND FAIRMOUNT

HOLLYWOOD CEMETARY

UNION HILL

ONE SOUTH COMMERCIAL TEAM

JUSTIN SLEDD [email protected] 804.307.4060 TOM ROSMAN [email protected] 804.539.3017