Current Use by Public Records
- Sancar Flats at West Rock / Apartment Building
Property Details for 28 Rock St
- Year built
- 1950
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 48-unit apartment building situated at 28 West Rock Street in Harrisonburg, Virginia, boasting a desirable downtown location. The property, built in 1950 and renovated in 2008, comprises a single two-story building encompassing 42,550 square feet on a 61,960 square foot lot (APN: 034-H-1-4-18-19). Currently operating at 95% occupancy, this multifamily asset offers significant potential for increased revenue. The B-1 zoning permits various uses, including the possibility of adding multifamily levels. Its proximity to James Madison University (less than one mile away, serving 22,758 students) makes it an ideal location for student housing. The property's current rents are approximately 15% below market value, presenting a compelling opportunity to increase profitability. The surrounding neighborhood has experienced revitalization, with new retail and mixed-use developments enhancing the area's appeal. On-site parking is a key feature, highly sought after in this location. The asking price for this lucrative investment is $8,100,000. This property represents a strong investment in a thriving market with significant upside potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Harrisonburg
- County
- Rockingham
- State
- Virginia
- Longitude
- -78.8687
- Latitude
- 38.4525
