2137 Lindsey Gabriel Dr Henrico, VA 23231

Property Details for 2137 Lindsey Gabriel Dr

Year built

2000

Property size

1,040 SF

Property type

Residential income homes

Description

This exceptional 42-unit single-family rental portfolio presents a compelling value-add investment opportunity in the thriving Richmond, VA metro area. Located primarily in Henrico County (zip code 23231), this portfolio boasts a 98% occupancy rate, generating a current NOI of $926,990 and a projected NOI of $1,015,000. The properties, averaging 1,874 square feet and built around 2000, offer spacious 3-bedroom, 2.5-bathroom floor plans, appealing to families. With an asking price of $13,500,000, the portfolio yields a current cap rate of 6.87% and a pro-forma cap rate of 7.52%. The average unit size ranges from 1,040 to 2,932 square feet, and commands an average monthly effective rent of $2,259. The portfolio's location within highly-rated school districts in Henrico and Chesterfield counties, coupled with Richmond's robust job market fueled by Fortune 500 companies and expanding tech presence, ensures strong rental demand and potential for appreciation. While the properties are well-maintained and currently generate substantial cash flow, strategic renovations offer further value-add potential, enhancing rental income and resale value. This portfolio represents a rare opportunity to acquire a high-performing, well-located asset in a rapidly growing market. The average market resale value per unit is estimated at $395,415. The portfolio's strong performance, combined with the potential for future growth, makes it an attractive investment for discerning buyers seeking stable returns and long-term appreciation in a desirable market.