For Sale

Flats at 14

10 South 14th Street Richmond Virginia 23219

Contact Agents For Pricing
DEAL ROOM AGREEMENT

Executive Summary

for sale

  • 27 units (25 apartments + 2 hybrid live/work spaces)
  • 511 SF average unit size
  • 93% occupied
  • $1,031/month average rent
  • $1.200 average PSF rent

Property Details

ROOFS

  • TPO membrane & synthetic slate shingle

ELEVATOR

  • 2500 lb. capacity hydraulic elevator

ELECTRICAL

  • 125 amp service/unit
  • Copper wiring

PLUMBING

  • Copper & PVC

PARKING

  • Parking packages are available across the street at 1410 East Cary Street

for sale
Year Built: 1870
Renovation Date: 2017
Parcel ID: E0000083020 & E0000083020B
Square Ft: 13,392
Acreage: 0.89
Zoning: B-5
Occupancy: 93%
Unit Count: 27

MARK TO MARKET OPPORTUNITY

  • Quickly capture $200+ delta between property-level rents and those of comparable properties in the Shockoe submarket.

EXCELLENT COST BASIS

  • Prized opportunity to own in a trophy location immediately following 30-years of property-level income restrictions. Historic finishes like exposed brick and concrete flooring remain in demand and will help keep renovation costs below market.

MULTIPLE VIABLE BUSINESS PLAN

  • Yield: Buy the location, manage efficiently, renovate from cashflow, hold long-term.
  • Total Return: Renovate + Push Rents + Exit in 3-5 years.

EXCELLENT SUBMARKET DEMOGRAPHICS

  • Location supports capital investment + price appreciation in an area with job growth and excellent demographics.

LOOSENED SHORT TERM RENTAL REGS

  • The property can have up to 8 short-term rental units based on 2023 City of Richmond regulations. Nightly rates over the trailing 12 months average $135.

Rent Comparables

333 Oliver Hill Way
333 Oliver Hill Way

Cigar Lofts

  • 24 units
  • 760 average SF
  • $1.93 average PSF rent
  • $1,465 average rent/unit
  • 100% occupied
1001 East Main Street
1001 East Main Street

American Heritage Apartments

  • 57 units
  • 817 avearge SF
  • $1.74 average PSF rent
  • $1,426 avearge rent/unit
  • 73.7% occupied
19 South 13th Street
19 South 13th Street

1877 Lofts

  • 16 units
  • 876 average SF
  • $1.61 average PSF rent
  • $1,413 average rent/unit
  • 68.8% occupied

 

1309 East Main Street
1309 East Main Street

Exchange Place

  • 68 units
  • 685 average SF
  • $2.04 average PSF rent
  • $1,398 average rent/unit
  • 95.6% occupied
1215 East Main Street
1215 East Main Street

Shockoe Commons

  • 29 units
  • 791 average SF
  • $1.73 average PSF rent
  • $1,371 average rent/unit
  • 89.7% occupied
100 South 15th Street
100 South 15th Street

Cobblestone Commons

  • 38 units
  • 641 average SF
  • $2.00 average PSF rent
  • $1,282 average rent/unit
  • 97.4% occupied
1548 East Main Street
1548 East Main Street

Railroad YMCA Lofts

  • 30 units
  • 612 average SF
  • $2.00 average PSF rent
  • $1,223 average rent/unit
  • 96.7% occupied
1417 East Cary Street
1417 East Cary Street

The Lofts at Shockoe Slip

  • 30 units
  • 556 average SF
  • $2.04 average PSF rent
  • $1,137 average rent/unit
  • 100% occupied
1312 East Main Street
1312 East Main Street

The Corner Lofts

  • 56 units
  • 820 average SF
  • $1.77 average PSF rent
  • $1,450 average rent/unit
  • 90% occupied
8 South 14th Street
8 South 14th Street

Flats at 14th

  • 27 units
  • 511 average SF
  • $2.00 average PSF rent
  • $1,031 average rent/unit
  • 93% occupied
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ABOUT SHOCKOE SLIP/DOWNTOWN RICHMOND

DOWNTOWN RICHMOND THE EPITOME OF LIVE. WORK. PLAY.

Richmond’s downtown is incredibly walkable with a walk score (82) rivaling the US’s major metropolitan areas. The district boasts river access and numerous restaurants, nightclubs, music venues, art galleries, boutiques, and is the Central Business District of the region. Downtown Richmond has the distinction of being home to the only urban Class 3 white water rapids in the United States. It isn’t uncommon to see kayakers and other adventure seeks testing their prowess on the James during the summer. The area also is home to Brown’s Island which hosts numerous concerts and events throughout the year that bring in people from all over the region.

SHOCKOE SLIP & BOTTOM – WHERE HISTORY MEETS STYLE

Cobblestone streets, 18th century store fronts, brick sidewalks shaded by trees gracefully arching over the road – historical Shockoe Slip and Shockoe Bottom take you back in time to the beginnings of our county. Full of chic boutique shops and cafés, Shockoe has something for everyone. With multiple museums, the Canal Walk and boat tours, the mural tours Shockoe has plenty to keep anyone busy. Recently Hollywood has taken notice of the preserved historical character of the district and now it’s not uncommon to see a film crew or celebrity in town filming the latest historical drama.

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Location

10 South 14th Street, Richmond, VA, USA

Current Property

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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

Lory Markham

Associate Broker

Born and raised on a Virginia farm just outside the City of Richmond, Lory Markham has always been fascinated by settlement patterns and how urban growth happens. Her professional history, market knowledge, and passion for making places better equip her to work toward the continued growth of Richmond.

Lory graduated summa cum laude from Hollins University and earned her MA in Urban and Environmental Planning at the University of Virginia’s School of Architecture. After two years at the Richmond Regional Planning District Commission, she continued her public service at the City of Richmond. As Principal Planner for the City of Richmond, Lory served as Secretary to the city’s Planning Commission and managed the review of all development projects in the City that needed special approval. Her contributions to development in the City were recognized in her selection as a “Top 40 Under 40” by Style Weekly.

After over a decade of experience in with the City of Richmond, Lory started a planning consulting company, Markham Planning, and joined One South Commercial as a commercial agent. Her extensive knowledge of the Richmond market, zoning and development review process, historic tax credits, and neighborhood development has made her a prominent figure in the Richmond real estate market. And her focus remains in making places better and maximizing their potential.

  • Richmond Association of Realtors
  • 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 10 South 14th Street | Richmond, VA, 10, South 14th Street, Richmond, Virginia, 23219. 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 10 South 14th Street | Richmond, VA, 10, South 14th Street, Richmond, Virginia, 23219. 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 10 South 14th Street | Richmond, VA, 10, South 14th Street, Richmond, Virginia, 23219. 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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