PETERSBURG MULTIFAMILY PORTFOLIO[1]
FOR SALE | 5 UNITS IN MUSEUM DISTRICT
3420-3422 STUART AVERICHMOND, VA 23221
$699,000PID: W00016110347,190 Parcel SF (0.17 AC)2 Buildings (Front + Rear)3,847 Building SF Total5 Units Total1952, 1980 ConstructionR-6 Residential Zoning
ONE SOUTH COMMERCIAL
3420 STUART AVE | RICHMOND VA
*Information provided deemed reliable but not guaranteed
ADDRESS | 3420-3422 Stuart Ave
PID | W0001611034
ZONING | R-6 Residential
PARCEL | 7,190 SF (0.17 AC)
BUILDINGS | 2 (Front + Rear)
UNITS | 5 Total
BUILDING AREA | 3,847 SF Total
CONSTRUCTED | 1952, 1980
PARKING | Off-Street (rear)
R-6RESIDENTIAL
ZONING
2BUILDINGS
(FRONT & BACK)
5UNITS TOTAL
7,190 SFPARCEL AREA
5 Units in Museum DistrictOne South Commercial is please to present this unique opportunity at 3420-3422 Stuart Ave in Richmond’s Museum District. This listing features two buildings on one parcel with a combined 5 residential units.
The front building was constructed in 1952 and contains 2 units with 2,002 SF of building area. The second building located behind the first was constructed in 1980 and contains 3 units with 1,845 SF of building area. A courtyard between the two buildings and a parking area behind the second building is available for the tenants’ uses.
The Museum District is Richmond’s arts and culture focal point. The Virginia Museum of Fine Arts (VMFA), the Virginia Museum of History and Culture, the Science Museum of Virginia, and the Children’s Museum are all conveniently located within walking distance of each other. In addition to these cultural centers, the Museum District also is home to many other attractions including popular local restaurants, shops, schools, and other services.
Famed for its historic buildings and attractions, its prime location within Richmond makes the Museum District one of the most desirable residential neighborhoods in the City. Take advantage of this opportunity to invest in these two buildings in this high demand neighborhood.
3420 STUART AVE | RICHMOND VA
3420 STUART AVE (FRONT)
3420 STUART AVE | RICHMOND VA
3420 STUART AVE (FRONT)
3420 STUART AVE | RICHMOND VA
3422 STUART AVE (REAR)
3420 STUART AVE | RICHMOND VA
3422 STUART AVE (REAR)
3420 STUART AVE | RICHMOND VA
3422 STUART AVE (REAR)
3420 STUART AVE | RICHMOND VA
RICHMOND’S MUSEUM DISTRICT
Famed for its 19th and early 20th Century Victorian homes, the Museum District is one of Richmond’s premier neighborhoods. Along with the homes in the neighboring Fan District, the historic homes in the Museum District represent some of the best preserved Victorian residential architecture in the country. Visitors can see grand examples of Italianate, Queen Anne, Colonial Revival, and other architectural styles as they stroll on the wide sidewalks in this pedestrian-friendly neighborhood.
The Museum District is also Richmond’s arts and culture focal point. The Virginia Museum of Fine Arts (VMFA), the Virginia Museum of History and Culture, the Science Museum of Virginia, and the Children’s Museum are all conveniently located within walking distance of each other. In addition to these cultural centers, the Museum District also is home to many other attractions including popular local restaurants, shops, schools, and other services.
The Museum District’s strategic location within Richmond means that the best of the city’s culture and entertainment is never far away. The
District is surrounded by the best of what Richmond has to offer.
Adjacent to the Museum District to the south, Carytown is one of the most popular and unique commercial areas in the City of Richmond. Carytown’s location and its accessibility from the Downtown Expressway have helped create a district that supports a variety of businesses, many locally owned and operated, including restaurants, retail, offices, beauty salons, grocery stores, and many others. Over 230 shops, restaurants, and attractions are located in Carytown, including the historic Byrd Theatre which first opened in 1928.
With so much to offer, it is no wonder the Museum District is one of the most desirable residential neighborhoods in Richmond. Despite its long history, the District’s proximity to Virginia Commonwealth University and Virginia Union University also attract young residents looking for rental properties near these centers of higher learning. For those looking for homes in one of the best areas that Richmond has to offer, the Museum District perfectly suits their needs.
Virginia Museum of Fine Arts
Tree-lined Grove Ave in Museum District Queen Anne Residential Architecture
3420 STUART AVE | RICHMOND VA
DISTANCE FROM PROPERTIES 1 MILE 3 MILE 5 MILE
Population:
2025 Projection 21,281 110,105 287,548
2020 Estimate 20,416 105,441 275,105
2010 Census 19,462 97,998 246,894
Growth 2020-2025 4.24% 4.42% 4.52%
Growth 2010-2020 4.90% 7.60% 11.43%
Households:
2025 Projection 11,414 50,752 123,654
2020 Estimate 10,999 48,680 118,369
2010 Census 10,707 45,446 106,212
Growth 2020 - 2025 3.77% 4.26% 4.46%
Growth 2010 - 2020 2.73% 7.12% 11.45%
Owner Occupied 4,204 22,040 52,700
Renter Occupied 6,794 26,640 65,670
2020 Avg Household Income $101,554 $90,054 $75,747
2020 Med Household Income $73,122 $62,900 $51,321
2020 Households by Inc:
3420 STUART AVE | RICHMOND VA
PETERSBURG DEMOGRAPHICS*DOWNTOWN MULTIFAMILY MARKET ANALYSIS
Downtown Richmond has undergone a multifamily expansion in the past five years unlike any that it has experienced before. Nearly 3,400 units, or roughly one-third of the submarket’s inventory, have come on line over that time frame. While that is a staggering number of units, demand has been evident, and collective occupancy for those units approached 90% as of 20Q3.
The Downtown area and its associated neighborhoods are some of the prime millennial nodes in the metro. Driven by VCU and its undergraduate enrollment of more than 24,000, neighborhoods in the submarket benefit from the relatively inelastic demand of students looking to live off-campus. Furthermore, approximately 40% of VCU’s graduates opt to remain in the metro after graduation, with many staying in the immediate area.
The coronavirus pandemic could pose to alter the urban revitalization
that has taken place downtown as of late. Between record-setting levels of job losses, a scheduled drop in enrollment numbers locally, as well as a shift to online learning, the typically consistent levels of multifamily demand could falter in the near term.
That has yet to happen, though. In fact, net absorption levels have exceeded historical norms year-to-date and vacancies have compressed. That has kept pricing power in the hands of property managers, which has been ever-present throughout the aforementioned supply-based expansion.
There has been a noticeable change within the capital markets, however. Although the number of deals that have closed has aligned with last year’s pacing, fewer institutionally sized assets have changed hands. Thus, sales volume has lagged, and transactional pricing has dipped over the past four quarters.
3420 STUART AVE | RICHMOND VA1821 E MAIN STREET | RICHMOND VAONE SOUTH COMMERCIAL2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009
DOWNTOWN RICHMOND
LOCATION MAP
ONE SOUTH COMMERCIAL TEAM
JUSTIN [email protected] TOM ROSMAN
3420 STUART AVE
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HOLLYWOOD CEMETARY
MUSEUM DISTRICT
CARYTOWN
JAMES RIVER
