3417 1St Ave Richmond, VA 23222

Property Details for 3417 1St Ave

Year built

1915

Property size

7,700 SF

Property type

Commercial real estate

APN

N0001168021

Description

This renovated fourplex in Richmond, VA, presents a compelling investment opportunity. The property, located at 3417 1st Avenue, boasts four 1,240 square foot, two-bedroom units, each featuring 10-foot ceilings, dedicated living and dining areas, and back porches. A complete gut renovation in three units was finished in December 2023, encompassing new LVP flooring, carpeting, upgraded bathrooms with tiled showers, new kitchens with stainless steel appliances and cabinetry, and updated lighting. This extensive renovation minimizes future maintenance and capital expenditure needs. The property sits on a 7,700 square foot lot, with a total building square footage of 7,700 and a net rentable area of 4,960 square feet. Built in 1915 and completely renovated in 2023, this two-story building is zoned R-6. Its convenient location within the Highland Park Plaza Historic District offers easy access to Ann Hardy Park and Community Center, and is less than a five-minute drive from major thoroughfares like Laburnum Avenue, Mechanicsville Turnpike, and Brookland Park Boulevard. The property's proximity to two GRTC 1 Bus Route stops ensures convenient public transportation. The current maximum rent of $1,450 per unit is above market rate, promising strong cash flow with minimal capital expenditures. The property's fee simple ownership and predictable expenses make it an attractive investment for both seasoned and first-time buyers. This turnkey asset is poised to capitalize on the area's ongoing redevelopment.