SVN/Motleys managing sale of mixed-use building, 6 adjacent multifamily lots in prime location in Richmond
Richmond, VA (April 25, 2018) – SVN/Motleys, a founding partner of SVN Accelerated Sales, will conduct the accelerated sale of a 9,720-square-foot, mixed-use building and six adjacent multifamily lots located less than a mile from the renowned Richmond Raceway.
Interested parties can register at www.motleys.com and www.svnmotleys.com for the online sale, which is currently underway. Members of the SVN/Motleys team will be onsite from 2 to 3 p.m. Thursday, May 10, at 409 E. Laburnum Ave., to assist potential buyers.
“This is an excellent value-add investment opportunity in up-and-coming Northside Richmond and one of the few chances to get ahead of the imminent development in the area,” said Tim Dudley, CAI, AARE, senior advisor for SVN/Motleys. “The properties also are less than a mile from the flourishing Edgewood and Brookland Park neighborhoods and are only four miles from downtown Richmond. We are expecting an enthusiast sale.”
Dudley said the first floor of the building, built in 1967, is the ideal space for either an office or retail tenant. The first-floor commercial space totals 5,752 square feet and includes a showroom at the front of the building, three connecting offices, two bathrooms, as well as a warehouse/storage area in the back of the building.
The top floor totals 3,968 square feet and features nine vacant rooms that have previously been leased as apartment units. These units consist of three one-room units and six two-room units with private bathrooms. The one-room units share a public restroom, also located on the second floor. Dudley added that these second-floor units present a unique and significant value-add opportunity for investors, because the units can be renovated and leased for about 80 to 90 percent more than the previous rental rates for these units.
Also offered as a part of the accelerated sale are six adjoining multifamily lots, totaling 0.854 acres. The fenced-in lots vary in size from 0.09 acres to 0.25 acres. These lots are afforded all the rights and privileges of Henrico County’s R-5 zoning ordinance, which allows for multifamily dwellings, townhouses for sale, rooming/boarding houses and group-care facilities.
About SVN Accelerated Sales
SVN Accelerated Sales is a provider of date-specific sales and special asset solutions. It encompasses an elite group of local and regional accelerated marketing advisors throughout the United States who specialize in accelerated marketing services for commercial real estate assets. SVN Accelerated Sales offers the industry’s most comprehensive spectrum of auction solutions — from rapid asset resolution and 30-day countdown asset sales to wide area and high impact/high promotion events. As part of one of the most recognized and reputable commercial real estate firms in the industry, SVN Accelerated Sales is supported by SVN International, which features 200 locations serving more than 500 markets. This relationship provides outstanding opportunities for SVN Accelerated Sales to serve clients needing to move assets in accelerated timeframes and creates significant value for buyers and sellers. For more information, visit SVN Accelerated Sales.
Tim Dudley, CAI, AARE, senior advisor, SVN/Motleys / 804-822-3131 [email protected]
Ken Zeszutko, Z-Corp PR and Digital Marketing / 321-213-1818 [email protected]