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Listing IDVAHC2000064
Sold For$7,200,000
SqFt
49,338
StatusCLOSED
CountyHarrisonburg City
Year Built1978
Property TypeCommercial Sale
Property Sub TypeFive Or More Units
This 80-unit multifamily investment is currently near 100% occupied and produces a cap rate of 6% on net operating income of 495,000. There are currently 59 1 bedroom apartments, 18 2 bedroom apartments, and 3 3 bedroom apartments. There are 10 buildings ranging from 3 units in a building up to 16 units in a building on 9 different tax tickets. Current rental rates in the market and within the complex have steadily appreciated over the last 5 years while keeping a low vacancy rate. The location of these apartments give tenants great access to employment, shopping, entertainment and local dining. With limited availability of market rate apartments in the city, these apartments make a great investment for any investor looking to maximize there return on investment. The current landlord provides tenants with many great benefits including a laundromat, trash dumpsters, snow removal, lawn care and paid water and sewer. Don't miss out on this rare opportunity to own an investment for the future.
County
Harrisonburg City
Price/SqFt
165.17
Property Sub Type
Five Or More Units
Property Type
Commercial Sale
Year Built
1978
Zoning
R3
Building Total SqFt Source
Estimated
Central Air
no
Cooling Type
None
Heating
yes
Heating Type
Baseboard - Electric
Construction Materials
Brick
Cooling Fuel
None
Heating Fuel
Electric
Hot Water
Electric
Lot Size Source
Estimated
Lot Size Units
Square Feet
New Construction
no
Sewer Septic
Public Sewer
Tidal Water
no
Type of Parking
Parking Lot
Water Access
no
Water Oriented
no
Water Source
Public
Water View
no
Country
US
In City Limits
yes
Waterfront
no
Accessibility Features
None
Base Off Market Date
2022-08-29T00:00:00+00:00
Business Type
Apartment Building
Days on Market
22
Potential Tenancy
Multiple
Year Built Source
Estimated
Automatically Update Tax Values
no
Buyer Financing
Conventional
Net SqFt
49338
Ownership Interest
Fee Simple
Possession
Settlement
Riparian Rights
no
Sale Type
Standard
Tax Annual Amount
49523
Tax Year
2022
Vacation Rental
no
Listing courtesy of Old Dominion Realty
© 2024 Bright MLS. All rights reserved. Information Deemed Reliable, but Not Guaranteed. Listing information is from various brokers who participate in IDX and not all listings may be visible on the site. The property information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Listing courtesy of Old Dominion Realty. Data last updated on Thursday, April 18th, 2024 09:06:19 AM.
© 2024 Bright MLS. All rights reserved. Information Deemed Reliable, but Not Guaranteed. Listing information is from various brokers who participate in IDX and not all listings may be visible on the site. The property information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Listing courtesy of Old Dominion Realty. Data last updated on Thursday, April 18th, 2024 09:06:19 AM.
Contact - Listing ID VAHC2000064
John Luca
88 Lantana Dr.
Hockessin, DE 19707
Phone: 3029996966
Phone Alt: 3027405872
Data services provided by IDX Broker