421 9Th St Charlottesville, VA 22903

Property Details for 421 9Th St

Year built

1925

Lot size

0.14 lot acres

Property size

2,036 SF

Property type

Commercial real estate

Description

This exceptional 2-story apartment building at 421 9th Street in Charlottesville, Virginia, presents a compelling investment opportunity. Boasting 2,036 square feet on a 0.14-acre lot, this property offers significant potential for expansion and increased revenue. Built in 1925 and extensively renovated in 2005 (including a new tin roof), the building currently operates as a rental property, ideally situated for University students due to its proximity to the Dairy Market. The property is zoned RN-A, allowing for the development of up to five units on the lot. This zoning permits the preservation of the existing structure while adding up to three new units. A curb cut is already in place, simplifying the development process. Further unit expansion may be possible if the additional units meet affordability criteria for households at 60% of the Area Median Income. The asking price is $549,000, translating to $269.65 per square foot. This multifamily property in the vibrant University area of Charlottesville offers a rare blend of existing income and significant upside potential for savvy investors. The property's location, zoning, and renovation history combine to create a truly unique investment opportunity.