2303 Parkwood Ave Richmond, VA 23220-5251
- Apartment buildings
- 5,715 SF
- 0.06 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2303 Parkwood Ave
- Year built
- 1920
- Construction
- BRICK
- Lot size
- 0.06 lot acres
- Property size
- 5,715 SF
- Zone code
- R-63 MULTI FAMILY URBAN R
- Property type
- Apartment buildings
- APN
- W-000-1033-008
- APU
- W0001033008
Description
This exceptional six-unit multifamily property is situated in the highly desirable Fan District of Richmond, Virginia, just a block south of Cary Street and east of Carytown and the Boulevard. The brick building boasts six apartments, each featuring two bedrooms, a full bathroom, a kitchen with an eating area, and in-unit laundry. Two apartments are located on each of the three floors. The second floor offers a balcony with composite decking, providing city views and outdoor space. The property benefits from easy access to major transportation routes, including the GRTC Pulse bus rapid transit system, and is within close proximity to the Virginia Museum of Fine Arts (VMFA), the University of Richmond, Byrd Park, and numerous local amenities such as coffee shops and a community garden directly across the street. Four units are currently occupied by long-term tenants, presenting an immediate income stream. The property's operational maintenance appears to be excellent. The two vacant units are located on the third floor and will be shown first to minimize disruption to existing tenants. Individual gas and electric meters are centrally located in the basement, and each apartment is equipped with window air conditioning units. Ample parking is available both on the street and in the alley. While the exact square footage of each apartment requires verification by the buyer (as visual observations differ from tax records), this property represents a significant investment opportunity with considerable upside potential. The property sits on a 0.06-acre lot at 2303 Parkwood Avenue. The asking price is $2,000,000.
Value Estimations
-
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $985,000 Current use
- COMMERCIAL (GENERAL)
- $1,055,000 Change: +7% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $1,040,000 Change: +5% Conversion: Difficult
- MEDICAL BUILDING
- $950,000 Change: -4% Conversion: Moderate
- NEIGHBORHOOD: SHOPPING CENTER
- $940,000 Change: -5% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Richmond City
- State
- Virginia
- Longitude
- -77.4711
- Latitude
- 37.5486
- CBSA code
- 40060
- CBSA name
- RICHMOND, VA METROPOLITAN STATISTICAL AREA
