421 9Th St Charlottesville, VA 22903

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.