BEDS0
BATHS
SQUARE FEET3,218
MLS#2606389
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SUBDIVISIONBurfoot Addition
Property Description
Rare value-add opportunity to acquire a fully renovated 7-unit multifamily building strategically positioned on the high-visibility Hull Street commercial corridor. This B-3 zoned property, totaling approximately 3,218 SF, features six studio apartments with full kitchens and private bathrooms, plus one additional guest suite, all updated in 2020. With a stabilized gross potential income of approximately $98,856 annually, investors can realize immediate upside by leasing the three current vacancies at market rates. The offering is uniquely enhanced by the inclusion of the adjacent lot at 2861 Hull St, providing significant potential for future subdivision or ground-up development. Currently operated with landlord-paid utilities, there is a clear path to further increasing Net Operating Income through the implementation of sub-metering or a RUBS billing program, making this a premier multifaceted asset in a rapidly growing Richmond corridor.
Property Features
Property Type: Multi Unit - Multiple
Basement: Partial
Basement: Yes
Garage: 1
Home Style: Two Story
Lot Size: 0.24 Acres
Roof Type: Composition
Stories: 2.0
Taxes: $3,744
Year Built: 1928
Feature Descriptions
Days on Site: 1
Exterior: Brick, Frame
Parcel#: S000-1223-014
Parking: Detached, Garage
Sewer: Public Sewer
Water: Public
Local Schools
High School: Richmond High School for the Arts
Middle School: Elkhardt
Elementary School: Broadrock
Listed By / Shown By
Listed By
Agency Name: Hardesty Homes
Shown By
Agent Name: Susan McKinstry Morris
Agent Phone: (804) 647-4474
Agency Title: Joyner Fine Properties
Estimate Your Payment
Estimated Payment
$ 5,120.04 per month $4,545.83 Principal & Interest $312.00 Property Tax $262.21 Homeowner's InsuranceChange Payment Information
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2863 Hull Street | MLS# 2606389
This multi-family property located at 2863 Hull Street , Richmond, VA 23224 is currently listed for sale with an asking price of $899,000. Search Richmond real estate on www.susanmorrishomes.com today.