FOR SALE 8 UNITS IN RANDOLPH NEAR VCU...Capital One24.5 30 Min 2. VCU Health 4.6 13 Min 3. HCA...

ONE SOUTH COMMERCIAL

PETERSBURG MULTIFAMILY PORTFOLIO[1]

FOR SALE | 8 UNITS IN RANDOLPH NEAR VCU

408-410 DOBSON STRichmond VA 23220

CALL FOR PRICINGPID: W00003280040.30 AC Parcel Area5,276 SF Building Area8 Units (2bed/1bath)R-48 Multifamily Residential ZoningWalkable to Virginia Commonwealth Univ

408-410 DOBSON ST | RICHMOND VA

TABLE OF CONTENTS

Communication:One South Commercial is the exclusive representative of Seller in its disposition of 408-410 Dobson St. 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 PHOTOS

5 RICHMOND METRO AREA

10 RICHMOND ECONOMIC DEVELOPMENT

12 RICHMOND MAJOR EMPLOYERS

13 DEMOGRAPHICS & MULTIFAMILY MARKET

14 LOCATION MAP

15 ONE SOUTH COMMERCIAL TEAM

R-48MULTIFAMILY

ZONING

5,276 SFGBA

0.25MILES TO

VCU

8 UNITS

(2BED/1BATH)

2STORIES

100%CONSISTENTOCCUPANCY

408-410 DOBSON ST | RICHMOND VA[3]

One South Commercial is pleased to present for sale 408-410 Dobson St. This listing offers 8 units situated in Richmond’s Randolph neighborhood. The building has been continuously and professionally maintained with recent capital improvements including new bathrooms, TPO roof, and rebuilt front and rear porches.

The two-story building features units with a 2bed/1bath spacious floor plan equipped with hardwood floor, dishwasher, gas stove, and gas hot water heater. Tenants also enjoy the large outdoor common space provided by the open lawn surrounding the building.

Named for Virginia E. Randolph, a prominent African-American educator in Richmond, Randolph is an established middle-class residential neighborhood with the majority of its buildings constructed between 1940-60. The City also maintains the Randolph Community Center with an outdoor pool, tennis courts, and basketball facilities. In more recent years, the residential neighborhood has become a favorite of investors and first-time homebuyers. Its proximity to the State’s largest university, Virginia Commonwealth University, also makes Randolph extremely popular for students and recent graduates looking for housing in the City. Also close to Downtown Richmond and commercial services along W Main and W Cary Streets, many young professionals who favor short commutes and convenient services also look to Randolph as their neighborhood of choice.

In such a vibrant and dynamic location, it is not surprising that 408-410 Dobson St has a consistent record of strong rental rates and 100% occupancy. The in-demand units and high revenue generation make 408-410 Dobson St a great multifamily investment opportunity in one of the most unique residential neighborhoods in Richmond.

8 Units in the Randolph Neighborhood Next to VCU

VIRTUAL TOUR

https://my.matterport.com/show/?m=ovxoDpuwRY6




VIRTUAL TOUR





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 & MULTIFAMILY SUBMARKET DATA

274,602POPULATION

$70,163AVG HOUSEHOLD

INCOME

12.2%POPULATION GROWTH

PAST 10 YEARS

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

Population:

2025 Projection 27,643 145,430 287,702

2020 Estimate 26,379 137,381 274,602

2010 Census 24,282 117,824 244,666

Growth 2020-2025 4.79% 5.86% 4.77%

Growth 2010-2020 8.64% 16.60% 12.24%

Households:

2025 Projection 11,546 64,406 122,368

2020 Estimate 11,000 60,866 116,907

2010 Census 9,952 52,024 104,379

Growth 2020 - 2025 4.96% 5.82% 4.67%

Growth 2010 - 2020 10.53% 17.00% 12.00%

Owner Occupied 3,054 21,819 50,479

Renter Occupied 7,946 39,048 66,428

2020 Avg Household Income $73,144 $72,635 $70,163

2020 Med Household Income $42,796 $49,255 $47,883

2020 Households by Inc:

<$25,000 3,394 16,044 30,674

$25,000 - $50,000 2,613 14,825 30,282

$50,000 - $75,000 1,507 9,489 18,725

$75,000 - $100,000 1,008 6,971 12,941

$100,000 - $125,000 704 4,593 8,614

$125,000 - $150,000 366 2,695 4,789

$150,000 - $200,000 548 2,516 4,505

$200,000+ 858 3,735 6,376

Market Rent/Unit $1,293

Vacancy Rate 7.2%

Concession Rate 1.1%

Inventory Units 10,979

Existing Buildings 319

Average Units Per Building 34

12 Month Avg Delivered Units 168

Market Sale Price/Unit 169K

12 Month Transactions 23

For Sale Listings 5

For Sale Units 77

12 Month Sales Volume $77.2M

Market Cap Rate 6.3%

HOLLYWOOD CEMETERY MULTIFAMILY SUBMARKET


LOCATION MAP

W BROAD ST

RICHMOND

408-410 DOBSON ST

SCOTT’S ADDITIONWEST END

MANCHESTER

WESTOVER HILLS

FOREST HILL

FAN DISTRICT

NORTH SIDE

CHURCH HILL

JAMES RIVER

SOUTH RICHMOND

CH

AMBERLAYN

E AVE

HULL ST

MIDLOTHIAN TPK

MEC

HANI

CSVI

LLE

TPK

CARYTOWN

MUSEUM DISTRICT

VCUVCU

HOLLYWOODCEMETERY

AZALEA PLACE APARTMENTS[15][15]PETERSBURG MULTIFAMILY PORTFOLIO[15]

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 8 UNITS IN RANDOLPH NEAR VCU...Capital One24.5 30 Min 2. VCU Health 4.6 13 Min 3. HCA...

Documents

Transcript of FOR SALE 8 UNITS IN RANDOLPH NEAR VCU...Capital One24.5 30 Min 2. VCU Health 4.6 13 Min 3. HCA...