For Sale

under contract

Powhatan Apartments

3600 Old Buckingham Road Powhatan Virginia 23139

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DEAL ROOM AGREEMENT

Investment Highlights

for sale

  • Built: 1982
  • Acres: 3.69
  • Units: 22 / 2 1BD + 20 2BD
  • Average Unit Size: 725 SF
  • Occupancy: 91%
  • Average Rent: $1,177/month
  • Average PSF Rent: $1.63

Market Overview

Competitive Advantage #1

  • Zero competing apartments wihtin ten (10) miles

Competitive Advantage #2

  • $500/month delta between subject and all apartments within 15 miles
  • Rents within 15 miles forecast to grow 13% over next 5 years despite inventory growth
  • Opportunity to provide low cost option while still growing rents by hundreds
    per month $400/month delta between subject and all apartments within 15 miles

for sale
Year Built: 1982
Parcel ID: 039-22A & 039-22B
Square Ft: 15,964
Acreage: 3.69
Zoning: A1
Parking: Yes
Occupancy: 95%
Unit Count: 22

EXTREME BARRIERS TO ENTRY

  • Opportunity to purchase the only apartments in affluent Powhatan County, with zero units under construction within 20 miles and zero tolerance for new apartments in Powhatan.

PRICING POWER

  • Capture significant rental upside rent with low-cost cosmetic upgrades.

OPTIONALITY

  • The properties are separated by a wooded area and can be repositioned separately to capture more than one market segment.

EASY OPERATIONS

  • No water/sewer charges, individual electric meters, minimal marketing, consistent full occupancy.

CONVENIENT LOCATION

  • 3 minutes drive from grocery, restaurants, retail, health care.

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Documents

Location

3600 Old Buckingham Road, Powhatan, 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

Tom Rosman

Director of Commercial Brokerage/Principal

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 3600 & 3616 Old Buckingham Road | Powhatan, VA, 3600, Old Buckingham Road, Powhatan, Virginia, 23139. 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 3600 & 3616 Old Buckingham Road | Powhatan, VA, 3600, Old Buckingham Road, Powhatan, Virginia, 23139. 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 3600 & 3616 Old Buckingham Road | Powhatan, VA, 3600, Old Buckingham Road, Powhatan, Virginia, 23139. 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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