Cushman & Wakefield | Thalhimer is pleased to offer for sale Rugby Station (“the Property”) – a newly constructed mixed-use office/multifamily building in Charlottesville, Virginia situated on ±0.70 acres, featuring 14,810 SF of fully-leased class A office space, 14 fully-leased class A apartments, ample off-street parking, and a highly accretive assumable loan swap with term through 2032. Rugby Station, completed in 2023 by renowned developer Greenwood Homes, is a ground-up, best-in-class development that is fully stabilized and benefits from an assumable loan swap, at an interest rate substantially below current rates, to qualified buyers, significantly reducing carrying cost through the 2032 expiration. Secured by long-term office leases with the developer and its affiliates, each with annual rent escalations, Rugby Station offers durable cash flow with value upside via 55 on-site parking spaces, that are currently free to tenants. Additional income potential exists through the lease up of multiple pre-built storage cages on the lower level, with room for additional to be constructed and leased. Situated in the highly coveted submarket of Barracks Rugby, less than one mile from downtown Charlottesville and 1.5 miles northeast of the University of Virginia, Rugby Station sits in one of the most affluent areas in the market, with an average home value over $620,000 within one mile of the Property. Primarily driven by the University of Virginia, which accounts for $5.9 billion in annual overall economic impact across the state of Virginia, Charlottesville’s overall economy has seen rapid expansion across a variety of sectors which has fueled the overall growth of the multifamily and office markets. Apartment occupancy has averaged over 97% in the last decade with sustained rent growth averaging 3.5% annually over the same period. The region’s highly educated workforce has made Charlottesville an attractive destination for corporate users, impacting the demand for office space, which has averaged a 2.3% vacancy rate since 2014 and recognized 65% rent growth in the same period.