Lexington 10 Unit Multi-Family
Multifamily | 10 Units | $220,000/unit
Listing Contacts
License: VA 0225075345, NC 344307, MD 5427792, DC 200203972
Active
Asking Price: $2,200,000
Address
307 S Main St, Lexington, VA 24450
Show on MapDate Added
May 15, 2024
Days on Market
0 days
Time Since Last Update
4 hours
Details
Property TypeMultifamily
SubtypeApartment Building, Student Housing
Investment TypeStabilized
ClassC
Square Footage8,083
Price/Sq Ft$272.18
Pro-Forma Cap Rate6.30%
Pro-Forma NOI$138,553
Units10
Year Built1942
ZoningR1
Lot Size (acres)0.26
APN23 1 137
Price/Unit$220,000
OwnershipFee Simple
Marketing Description
Three Story Large Brick Home in downtown Lexington, configured as a 10 Unit Multi-Family Asset. An attractive dwelling location for Washington & Lee graduate students. Short walks to downtown Lexington, Washington & Lee University, and the Virginia Military Institute. Leased up for the upcoming school year. Each unit has two entrances. Units are metered separately for electricity. Coin operated Laundry in Basement. Landlord pays Gas Bill and Water Bill.
Upcoming Lease year projected to be over a $50,000 Rent Increase annualized over prior year.
Units 1 and 9 were vacant in the past year as they were remodeled
Valuation Calculator
Due Diligence
Listing Contacts
- License: VA 0225075345, NC 344307, MD 5427792, DC 200203972
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Broker Information
Broker Name
Ed Martin, CCIM
Broker License
VA 0225075345, NC 344307, MD 5427792, DC 200203972
Brokerage Name
KW Commercial Manassas
Brokerage Address
8100 Ashton Avenue, Manassas, United States 20109
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