One South Commercial is pleased to present for sale Hopewell Lofts, a 50-unit multifamily investment opportunity located in the heart of Hopewell, a high occupancy and supply constrained submarket of the Richmond Metro (the “Property”). Originally the James E. Mallonee School, the Property was completely redeveloped in 2010 to blend historic charm with modern living. Hopewell Lofts boasts washers and dryers in each unit, refinished hardwood and terrazzo floors, granite countertops, cherry cabinetry, onsite storage, and much more. DEAL HIGHLIGHTS: • Property-level NOI increased nearly 24% over the past 24 months under new management. • The Property is 100% leased and effective rents increased 23% year-over-year in 2024. • Eliminate interest rate risk with assumable loan fixed at 2.55%. Secondary financing available. • Former auditorium can be converted to additional apartments or amenity space (see architect opinion letter in deal room), which would augment gross potential income by more than $150,000 per year. • Hopewell Lofts is a short drive to many of the region’s largest employers: 1. 5 minutes from HCA’s John Randolph Medical Center 2. 10 minutes to Meadowville Technology Park Amazon Fulfillment Center 3. 15 minutes to Fort Gregg-Adams, US Army Quartermaster General HQ 4. 20 minutes from Live! Casino & Hotel Virginia 5. 25 minutes from Downtown Richmond • Capture the competition’s $200/month rent premium with a discretionary value-add program focused on finish upgrades like stainless appliances and LVP flooring. • Supply constrained Hopewell submarket is 98% occupied with no units under construction.