Sold

3618 Chamberlayne Ave

Richmond VA, 23227

$2,250,000


$170.30 per sqft

Sold

13,212 sqft

Commercial

Built in 1963

This property is an excellent investment opportunity with low rents and a strong upside potential. Known as Magnolia Place, each of the units are spacious one-bedroom floor plans that have been well maintained. The building also has a common laundry room for the convenience of the residents. Located on the corner of Chamberlayne Ave & Laburnum Ave, this property offers excellent street visibility and easy access for residents to the building parking lot. The surrounding area is filled with amenities such as supermarkets, schools, and public transportations, making it an attractive location for residents. The current rents are low, presenting a great opportunity for investors to increase income potential of the property. With some minor upgrades and improvements, the property has the potential to attract higher paying tenants and generate significant returns. Overall, this is a fantastic investment opportunity for a commercial real estate investor. The combination of low rents, a prime location, and strong upside potential make this property a smart choice for anyone looking to add a valuable asset to their portfolio.

2300664

MLS ID

January 4, 2023

Listed

April 12, 2024

Updated

Map

3618 Chamberlayne Ave
Richmond VA, 23227

Interior Features

Total Stories

2


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

No

Exterior/Building Features

Lot Size

0.61 Acres


Lot Features

Level


Roof

Flat


Sewer

Public Sewer

Other Property Details

Area Name

30 - Richmond


Days on Market

28


Garage

No


View

No


County

Richmond City


Water Source

Public


Pool

No


Buyer Agency Compensation

2%

 

Courtesy of One South Realty Group, LLC

All or a portion of the multiple listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of listings. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of listings and each individual listings are ©2024 Central Virginia Regional Multiple Listing Service, LLC. All rights reserved. Property locations as displayed on any map are best approximations only and exact locations should be independently verified.

Date last updated: 4/12/2024

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