Anybody want to buy a $3.1 million lot?

09/26/2018 6:00 AM by

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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