18-Unit Apartment Community Corner
For Sale
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2400 Barton Avenue, Richmond, VA 23222
18-unit multifamily property with an all-two-bedroom mix and recent capital improvements, positioned on a prominent corner lot.
Property Size18,972 SF
Price / SF$136.99
Days on Market112
Property Features for 2400 Barton Avenue
General Information
Standard status
Active
Size
18,972 SF
Class
B
Property subtype
Multifamily
Zoning
R-53
Investment Type
Value Add
Additional Details
Multifamily Units
18
Building Details
Year Built
1940
Buildings
1
Units
18
Tenancy
Multi
Listing Agency:
One South Commercial
Listed By:
Tom Rosman · License #VA 0225030879
(804) 266-8831
Source:
Crexi
Added: Jun 18
Changed: Sep 23
Last Checked: Oct 5 at 4:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of One South Commercial
Investment Insights
Based on property information with market context.
2400 Barton Avenue is an 18-unit apartment community offering an all two-bedroom unit mix. The property has benefited from more than $300,000 in capital improvements since acquisition, supporting overall condition and day-to-day operating readiness. In addition to the apartment buildings, the expansive corner parcel provides additional open space that can serve as a resident amenity and leaves flexibility for future use of excess land, subject to applicable approvals.
The community sits on a corner lot at the intersection of Barton Avenue and East Graham Road, giving it prominent placement and natural light opportunities. It is positioned for convenient access to the Brookland Park Boulevard corridor, which is noted in the remarks as home to neighborhood dining and retail, including The Smoky Mug, along with an expanding mix of restaurants, coffee shops, breweries, and locally owned retailers.
For investors and operators, the property combines in-place stability with a unit mix focused entirely on two-bedroom layouts. The current rent roll is described as demonstrating stable occupancy, while the remarks reference market-level pricing for renovated two-bedroom apartments in the immediate area as a basis for potential revenue improvement through strategic unit turnover and continued asset management. With substantial recent capital investment and additional land area, the property may appeal to buyers seeking a well-positioned multifamily asset with room to refine and optimize the offering over time.
The community sits on a corner lot at the intersection of Barton Avenue and East Graham Road, giving it prominent placement and natural light opportunities. It is positioned for convenient access to the Brookland Park Boulevard corridor, which is noted in the remarks as home to neighborhood dining and retail, including The Smoky Mug, along with an expanding mix of restaurants, coffee shops, breweries, and locally owned retailers.
For investors and operators, the property combines in-place stability with a unit mix focused entirely on two-bedroom layouts. The current rent roll is described as demonstrating stable occupancy, while the remarks reference market-level pricing for renovated two-bedroom apartments in the immediate area as a basis for potential revenue improvement through strategic unit turnover and continued asset management. With substantial recent capital investment and additional land area, the property may appeal to buyers seeking a well-positioned multifamily asset with room to refine and optimize the offering over time.
Key Highlights
- 18‑unit apartment community with an all‑two‑bedroom unit mix.
- Built in 1940 with a prominent corner location on Barton Avenue and East Graham Road.
- More than $300,000 invested in capital improvements since the current ownership acquired the property.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$235,034
Cap Rate
9.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,700,680
$4.7M
Cap Rate 7%
$3,357,629
$3.4M
Cap Rate 9%
$2,611,489
$2.6M
Market Conditions
NOI Build-Up for 18,972 SF
Gross rent
$450.8K $23.76/SF
− Vacancy
−$23.4K −$1.24/SF
EGI
$427.3K $22.52/SF
− OpEx
−$192.3K −$10.14/SF
NOI
$235.0K $12.39/SF
Area
Richmond, VA
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,700,680
Cap Rate 7%
$3,357,629
Cap Rate 9%
$2,611,489
Alternative Uses
Best Use
Apartment 5plus
$3.36M
$2.94M – $3.92M
NOI $235,034 @ 7.0% cap · market cap 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.38M
$3.84M – $5.11M
NOI $306,822 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
433
Businesses Nearby
Explore this area
Business Placement
Demographics for 23222, VA
24,337
Population
11,762
Households
2.1
Avg Household Size
37
Median Age
32%
College-Educated
90%
High-School Grad
8.2 sq mi
ZIP Area
2,968
Density / Sq Mi
$58,105
Median Household Income
$37,137
Median Earnings
$1,181
Median Rent
$252,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit multifamily property with an all-two-bedroom mix and recent capital improvements, positioned on a prominent corner lot.
Where is this apartment building located?
The property is located at 2400 Barton Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: 18‑unit apartment community with an all‑two‑bedroom unit mix.; Built in 1940 with a prominent corner location on Barton Avenue and East Graham Road.; More than $300,000 invested in capital improvements since the current ownership acquired the property.
