10-14 W Leigh Street

• STABILIZED ASSET WITH STRONG IN-PLACE INCOME
• The Property is fully stabilized with the upper and lower range of rents being within 25%. This presents new ownership a simplified, turn-key opportunity to immediately earn strong returns in a highly desirable market with strong economic fundamentals and trends.
• FULL-GUT RENOVATIONS
• From 2018 to 2019 the two properties were fully renovated and transformed into premier apartment units. All units were designed with spacious floor plans and top of the line upgrades such as refinished hardwood floors, granite countertops, stainless steel appliances, and in-unit washer and dryer. The top-of-the-line finishes allow new ownership to attract and retain high quality tenants at top of market rents without any need for further renovations.
• REAL ESTATE REHABILITATION & RENOVATION PROGRAM
• This program grants real estate tax exemptions for eligible and qualified properties under rehabilitation/renovation. The tax exemption is equal to the difference between the increase in assessed value resulting from the substantial rehabilitation/renovation of a structure and the beginning assessed value as determined by the City Assessor. 10 W. Leigh Street’s participation runs until 2029 and 12-14 W. Leigh Street’s runs through 2030.
• PLANS FOR COMMUNITY INVESTMENT
• The Reconnect Jackson Ward Initiative seeks to reconnect the North and South portions of the neighborhood through the addition of a freeway lid over Interstate 96 and 64 to facilitate the addition of public community spaces and expanded access to public transportation in the areas bounded on the West by Chamberlayne Parkway, the East by North 1st Street, the North by West Baker Street, and the South by E. Duval Street. The City of Richmond was awarded a $1.35mm grant to complete the project.

Property Description

THE OFFERING A 16-unit multifamily portfolio consisting of 12 one-bedroom, two studios, and two two-bedroom townhouse style units. The properties were built in 1900 & 1920 and have been completely renovated in 2018 and 2019 respectively. These fully renovated and stabilized assets present new ownership with the opportunity to acquire a primely located portfolio requiring minimal operating expenses and capex.