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Real Estate

Anybody want to buy a $3.1 million lot?

This is an interesting find. Thanks to our readers for sharing.

SVN/Motleys is pleased to present a rare multi-family development site within the City of Richmond at 401 N. 35th St., just minutes from Richmond’s iconic Church Hill neighborhood. This 4.76 AC site is comprised of two parcels and is zoned R-63 by the City of Richmond, allowing medium-density multi-family development on the property. This was formerly the site of the Chimborazo Village apartments, which consisted of five 2-story apartment buildings.

Previous development plans indicate that this site could support more than 200+ units. The property features frontage on both N. 35th St. and Glenwood Ave., and is surrounded by significant residential and commercial development. The Lofty apartment complex was sold in June 2018 near the subject site for $6.6MM ($200,000/door, 6.1% Cap Rate). The Lofty consists of 33 one- and two- bedroom apartment units and was constructed in 2015 overlooking Gillies Creek Park, just East of downtown Richmond and Church Hill.

Located in Richmond’s historic Chimborazo neighborhood, less than 1 mile to Church Hill, this site offers multi-family developers and investors a rare opportunity to acquire one of the only remaining large tracts of land within the City of Richmond.

Take a look at the site map here.

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Emily Klinedinst
Emily Klinedinst
1 year ago

That’s … a lot.

Dubois2
Dubois2
1 year ago

Does this abut the Glenwood low income housing project? Is that still happening?

ich1967
ich1967
1 year ago

not a bad return on investment given these parcels have been sold in 2001 / 2002 all together for $55,000

Lisa Leichssenring
Lisa Leichssenring
1 year ago

Should be a requirement that residences built on this lot are AFFORDABLE! Richmond is in dire need of affordable housing…

Grace
Grace
1 year ago

I agree with Lisa. Also 200+ units feels like way too much for that space to me.

Dave
Dave
1 year ago

Yea….what is going on with the Glenwood project and the old trolley barn? Never hear anything about this yet it will have a huge impact on that side of the neighborhood.

Scott Andrews-Weckerly
Scott Andrews-Weckerly
1 year ago

This is adjacent to the proposed Glenwood Ridge development, yes?

MJR
MJR
1 year ago

Isn’t most of this lot just a big pit/gulch? I walked along Glenwood last week and peered through the trees and just saw a big muddy pond at the bottom. Probably not a natural pond just stagnant water that resulted from all the rain run off from surrounding properties… I can’t see how someone is gonna build 200 units with that topography…

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