for sale south richmond single family portfolio...[3] south richmond single family portfolio one...

ONE SOUTH COMMERCIAL

PETERSBURG MULTIFAMILY PORTFOLIO[1]

FOR SALE | SOUTH RICHMOND SINGLE FAMILY PORTFOLIO

123 LIPSCOMB ST | 2113 GORDON AVE | 2215 GORDON AVE | 3403-05 LAWSON STRICHMOND, VA 23224

$484,000PID: S0000151015, S0000548016, S0000549016, S0002455009-104 Single Family PropertiesSold as a Portfolio0.64 AC Total Parcel Area5,114 Total Building SF South Richmond Locations

SOUTH RICHMOND SINGLE FAMILY PORTFOLIO

TABLE OF CONTENTS

Communication:One South Commercial is the exclusive representative of Seller in its disposition of the South Richmond Single Family Portfolio. 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 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.

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 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.

3 PROPERTY SUMMARY

4 123 LIPSCOMB ST

6 2113 GORDON AVE

8 2215 GORDON AVE

10 3403 LAWSON

12 RICHMOND METRO AREA

14 RICHMOND ECONOMIC DEVELOPMENT

15 RICHMOND MAJOR EMPLOYERS

16 DEMOGRAPHICS & RENTAL SUBMARKET

17 LOCATION MAP

18 ONE SOUTH COMMERCIAL TEAM

R-5/R-7RESIDENTIAL

ZONING

5,114 SFTOTAL GBA

$36KNOI

4 SINGLE FAMILY

PROPERTIES

1-2STORIES

1918-30CONSTRUCTION

SOUTH RICHMOND SINGLE FAMILY PORTFOLIO[3]

One South Commercial is pleased to present to the market this single-family portfolio consisting of four properties located in South Richmond. This portfolio listing is a great opportunity to acquire investment properties in one transaction. The buyer can enjoy the appreciation the Richmond area will provide either through the collection of increasing rental income or by reselling the properties individually.

Minutes from Downtown Richmond, these properties benefit from being situated in established and popular neighborhoods featuring both single and multifamily properties. The portfolio’s location also places the properties within a short distance from Metro Richmond’s largest employers including Altria Group, Dominion Virginia Power, Amazon, Virginia Commonwealth University, Bank of America, and local, state, and federal agencies.

The current availability of single-family properties available for rent, especially in the South Richmond area, is extremely limited. As a result, asking rent for single-family properties have trended upwards to historically high rates. The properties in the portfolio have all been maintain and updated in recent years, but they also present value add opportunities for an investor looking to further renovate.

The single family market in Richmond is experiencing high demand, and the properties in this portfolio represent a solid investment for the buyer looking to invest in multiple properties with a single transaction.

South Richmond Single Family PropertyPortfolio


PROPERTY VALUE

RICHMOND METRO AREA

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 is comprised of neighborhoods that are both unique and significant. The Fan District is the largest intact residential neighborhood featuring Victorian architecture in the United States. Church Hill overlooks the James River where similarities to the London suburb gave Richmond its name,. The neighborhood is also home to St. John’s Church where Patrick Henry gave the speech that changed the course of the country.

Naturally, visitors come to Richmond for its history, but they also flock to the area for many other attractions. The Virginia Museum of Fine Arts, Capitol Square, the City’s famous restaurants and breweries, and a host of other attractions draw over 7 million people to the region annually. Maymont Park and the natural areas of the James River also offer delights specifically for nature lovers. More and more people are becoming aware of all that the Richmond Metro Area has to offer. Unsurprisingly, the New York Times lists Richmond as one of “52 Places to Go in 2020”.

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

The James River and Downtown Fan District

View of Downtown Richmond along Broad St

#39RICHMOND VA


RICHMOND MSA

MEDIAN PROPERTY VALUE

$246,100POPULATION

1.31MMEDIAN HOUSEHOLD INCOME

$67,703NUMBER OF EMPLOYEES

696,500MEDIAN AGE

38.8MED HH INCOME GROWTH (1 YR)

0.10%

MEDIAN HH INCOME

$42,3562017 VALUE

2.84%1 YEAR GROWTH

PROPERTY VALUE

$209,2002017 MEDIAN

$199,3002016 MEDIAN


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

Seven Fortune 500 companies call Metro Richmond home including the Altria Group, Carmax, Owens and Minor, and Genworth Financial. These 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.

To complement these high tech companies, traditional manufacturing, 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 employment increased 2% over the year to 696,500. This increase is significantly higher than the national growth of 1.4% over the same period. 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%

FORTUNE 500 COMPANIESHEADQUARTERS INRICHMOND

7

YEARSCONSECUTIVE JOBGROWTH10

UNEMPLOYMENTDEC 20192.9%


EMPLOYER MILES TIME

1. Capital One 24.5 30 Min

2. VCU Health 4.6 13 Min

3. HCA Health System 14.5 20 Min

4. Bon Secours 3.8 9 Min

5. Dominion VA Power 4.1 10 Min

6. SunTrust Banks Inc. 13.1 19 Min

7. Altria Group 4.0 10 Min

8. Amazon.com 11.8 18 Min

9. Wells Fargo 3.5 9 Min

10. Anthem 4.0 10 Min

11. UPS 20.4 25 Min

12. DuPont 4.0 10 Min

13. Bank of America 11.1 20 Min

14. Markel Corp 3.7 10 Min

15. Federal Reserve Richmond 15.0 20 Min

DRIVE TIME TO MAJOR AREA EMPLOYERS LARGEST RICHMOND EMPLOYERS

PETERSBURG DEMOGRAPHICS*RICHMOND METRO MAJOR EMPLOYERS

1

2

4

56

7

8

9

10

11

12

13

14

20 MIN DRIVE

30 MIN DRIVE

DOWNTOWN RICHMOND

EMPLOYER EMPLOYESS

1. Capital One 13,000

2. VCU Health 9,313

3. HCA Health System 7,628

4. Bon Secours 7,136

5. Dominion VA Power 5,433

6. SunTrust Banks Inc. 3,810

7. Altria Group 3,800

8. Amazon.com 3,800

9. Wells Fargo 2,902

10. Anthem 2,655

11. UPS 2,490

12. DuPont 2,376

13. Bank of America 1,921

14. Markel Corp 1,886

15. Federal Reserve Richmond 1,882

3

15


PETERSBURG DEMOGRAPHICS*DEMOGRAPHICS & RENTAL SUBMARKET DATA

264,346POPULATION

$67,007AVG HOUSEHOLD

INCOME

13.6%POPULATION GROWTH

PAST 10 YEARS

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

Population:

2025 Projection 14,682 130,603 277,894

2020 Estimate 13,337 123,120 264,346

2010 Census 8,199 103,962 232,769

Growth 2020-2025 10.08% 6.08% 5.13%

Growth 2010-2020 62.67% 18.43% 13.57%

Households:

2025 Projection 6,398 55,297 116,813

2020 Estimate 5,822 52,108 111,219

2010 Census 3,612 43,588 98,172

Growth 2020 - 2025 9.89% 6.12% 5.03%

Growth 2010 - 2020 61.18% 19.55% 13.29%

Owner Occupied 1,923 17,466 46,976

Renter Occupied 3,899 34,642 64,243

2020 Avg Household Income $56,306 $64,620 $67,007

2020 Med Household Income $44,193 $44,169 $46,533

2020 Households by Inc:

<$25,000 1,269 15,244 29,753

$25,000 - $50,000 2,096 13,799 29,768

$50,000 - $75,000 850 7,878 17,966

$75,000 - $100,000 917 5,796 12,409

$100,000 - $125,000 427 3,444 8,002

$125,000 - $150,000 110 1,850 4,251

$150,000 - $200,000 56 1,700 3,881

$200,000+ 96 2,399 5,189

Market Rent/Unit $1,019

Vacancy Rate 5.5%

Concession Rate 1.0%

Inventory Units 13,824

Existing Buildings 96

Average Units Per Building 144

12 Month Delivered Units 263

Market Sale Price/Unit $128K

12 Month Transactions 5

For Sale Listings 0

For Sale Units 0

12 Month Sales Volume $8.4M

Market Cap Rate 5.9%

SOUTH RICHMOND (MANCHESTER) RENTAL SUBMARKET


LOCATION MAP

W BROAD ST

RICHMOND

SCOTT’S ADDITIONWEST END

MANCHESTER

WESTOVER HILLS

FOREST HILL

FAN DISTRICT

NORTH SIDE

CHURCH HILL

JAMES RIVER

SWANSBORO WEST

CH

AMBERLAYN

E AVE

HULL ST

MIDLOTHIAN TPK

MEC

HANI

CSVI

LLE

TPK

CARYTOWN

MUSEUM DISTRICT

VCUVCU

HOLLYWOODCEMETERY

123 LIPSCOMB

BLACKWELL

OAK GROVE

2113 GORDON2215 GORDON2215 GORDON

BROAD ROCK

SWANSBORO

AZALEA PLACE APARTMENTS[18][18]PETERSBURG MULTIFAMILY PORTFOLIO[18]

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.

ONE SOUTH COMMERCIAL2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009

ONE SOUTH COMMERCIAL TEAM

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.

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.

for sale south richmond single family portfolio...[3] south richmond single family portfolio one...

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