1401 Coalter St Richmond, VA 23223

Building Details

Year Built

1967

Listing Agency Weichert Realtors Brockwell and Portwood k***@gmail.com Show Phone

Listed by Kenneth Byers · License #0225273763 Show Phone

Source Elliman

Added: Apr 15 Checked: Jul 10 at 12:40 pm

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Investment Insights

Based on property information with market context.

This 20-unit apartment community presents a value-add opportunity with potential cap rate improvement and long-term growth. All units feature over 740 square feet with 2 bedrooms and 1 bath. Upper units have spacious vaulted ceilings. Located minutes from the VCU campuses and downtown Shockoe Bottom, the property benefits from renter demand due to its proximity to major universities, employment centers, and urban amenities. Professional property management and operations are required to optimize growth and minimize current expenses. Investors have the opportunity to implement a business plan aimed at improving efficiency, stabilizing tenants, and remodeling to increase current rents, potentially exceeding $1400 per unit per month. The location and unit mix support future rent increases. The property is located in one of Richmond's demanding rental corridors. The bike score is 59, making it bikeable. The walk score is 66, indicating it is somewhat walkable. The transit score is 41, indicating some transit options are available. The property is suitable for a 1031 Exchange offer.

Key Highlights

• Value‑add opportunity with potential for strong cap rate improvement and long‑term growth.
• Proximity to VCU campuses and downtown Shockoe Bottom, driving strong renter demand.
• Potential to increase rents to over $1400 per unit per month through remodeling and efficient management.

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FAQs

What type of property is this?

1031 exchange property - 20-unit apartment community near VCU with value-add potential.

Where is this 1031 exchange property located?

The property is located at 1401 Coalter St Richmond, VA.

What is the asking price?

The asking price for this property is $2,399,000.

What are key features of this property?

This property features: Value‑add opportunity with potential for strong cap rate improvement and long‑term growth.; Proximity to VCU campuses and downtown Shockoe Bottom, driving strong renter demand.; Potential to increase rents to over $1400 per unit per month through remodeling and efficient management.