For Sale

For Sale

Bellwood Terrace Apartments

2554 Noel Street Richmond Virginia 23237

Asking$7,750,000 / $73,800 Per Door
Access Deal Room Agreement
Under contract Bellwood Terrace Apartments

Investment Highlights

2554 Noel Street | North Chesterfield, VA

  • Completely classic finishes with proven value add strategy in submarket
  • Substantial rental upside based on submarket rents
  • Each unit individually metered for electricity and water/sewer.
    • No unrentable square footage
  • 15+ AC site offers excellent redevelopment opportunity
  • Low maintenance, low vacancy property
  • Office currently located in house on property that can be converted to rental
  • Ample space to add community amenities to drive revenue

Year Built: 1962
Parcel ID: 791-67-78-66-100-000, 792-67-70-56-600-000, 792-67-72-47-500-000, 792-67-76-98-600-000, 791-67-79-53-000-000, 792-67-72-71-400-000, & 792-67-76-35-100-000
Square Ft: 53,874
Acreage: 15+
Parking: Onsite
Occupancy: 96%
Unit Count: 105

PROPERTY DETAILS

  • Average SF per unit: 513 SF
  • Average in-place rent: $619 / $1.21
  • Average market rent: $921 / $1.80
  • Proforma expenses (unit/year): $5,163

UNIT MIX

  • 1 BR / 1 BA
    • 82 units
  • 2 BR / 1 BA
    • 22 units
  • 2 BR House
    • 1 unit

 

NORTH CHESTERFIELD, VA OFFERS MULTI-FAMILY INVESTORS SEVERAL ATTRACTIVE BENEFITS

PROXIMITY TO RICHMOND’S URBAN CORE

  • North Chesterfield sits just south of Richmond, offering quick access to the city’s job centers, universities (VCU, VUU), and hospitals. This location makes it popular with commuters and renters who want affordability and convenience without living directly downtown.

STRONG RENTAL DEMAND

  • North Chesterfield benefits from a stable renter base, including working class families, young professionals, and seniors. Many submarkets see occupancy rates above 95%, especially for well-maintained Class B/C properties.

RELATIVE AFFORDABILITY

  • Compared to downtown Richmond and the West End, North Chesterfield offers lower acquisition costs, allowing for higher cash-on cash returns and better value-add opportunities. Investors can often find underperforming assets with upside through modest renovations or better management.

FAVORABLE DEMOGRAPHICS & ECONOMIC ANCHORS

  • Chesterfield County’s population is growing and economically diverse, with employment in healthcare, logistics (Defense Supply Center Richmond), education, and manufacturing. The area benefits from regional economic growth while maintaining affordable housing stock, which supports long-term multifamily stability.

TAX & LANDLORD-FRIENDLY ENVIRONMENT

  • Virginia offers relatively landlord-friendly laws, and Chesterfield County tends to have moderate property taxes. Investors benefit from a regulatory environment that’s favorable for long-term holding and operations.

GROWING INFRASTRUCTURE & AMENITIES

  • Continued development along major corridors like Richmond Highway and Midlothian Turnpike brings new retail, healthcare, and service amenities. Public investments in infrastructure and parks are helping improve livability, especially in formerly overlooked neighborhoods.

Images

Location

2554 Noel Street, Richmond, VA, USA

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Listing Agent(s)

Ryan Rilee

Associate Broker

Ryan’s practice at One South Commercial focuses on investment and development site sales throughout Virginia.  He brings a detailed, solutions-oriented approach to each transaction and has successfully represented a wide array of buyers and sellers on deals ranging from $1 million to $35 million. A Richmond native with a background in institutional real estate management, Ryan leverages a wide network of industry contacts and his experience “under the hood” to advise One South Commercial’s clients on everything from local sub-markets to national capital markets, and is ready and able to tackle anything in between.

  • Richmond Association of Realtors
  • Greater Richmond Association for Commercial Real Estate
  • Urban Land Institute
  • VA Department of Professional and Occupational Regulation
  • Real Estate Broker License

Tom Rosman

Principal Broker

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. Having helped place many of the warehouses and other commercial structures in the hands of Richmond’s development community, Tom’s belief in what a property should be was never compromised by the condition it was in.

 

  • Richmond Association of Realtors
  • Greater Richmond Association for Commercial Real Estate (GRACRE)
  • VA Department of Professional and Occupational Regulation
  • Real Estate Broker License
Communication
One South Commercial is the exclusive representative of Seller in its disposition of 2554 Noel Street | North Chesterfield, VA, 2554, Noel Street, Richmond, Virginia, 23237. All communications regarding the property should be directed to the One South Commercial listing team.
Property tours
One South Commercial is the exclusive representative of Seller in its disposition of 2554 Noel Street | North Chesterfield, VA, 2554, Noel Street, Richmond, Virginia, 23237. All communications regarding the property should be directed to the One South Commercial listing team.
Offers
One South Commercial is the exclusive representative of Seller in its disposition of 2554 Noel Street | North Chesterfield, VA, 2554, Noel Street, Richmond, Virginia, 23237. All communications regarding the property should be directed to the One South Commercial listing team.

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. *Information provided deemed reliable but not guaranteed

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