37 Labrook Dr - Apartments FOR SALE


Richmond, VA 23225- Beaufont
$2,200,000 USD
757-639-7989
37 Labrook Dr, Richmond, VA for Sale
$2,200,000 USD
Apartments - FOR SALE
1/31
null | 8.09% Cap Rate

37 Labrook Dr
Richmond, VA 23225
Beaufont


HIGHLIGHTS

  • Recently renovated with proven average mark to market of $394 for 1bd/1ba
  • Upside in Loss-to-lease
  • Opportunity to increase top-line by renovating remaining 5 classic units
  • Proximate to Springline at District 60 & Chesterfield Towne Center

OVERVIEW

This multi-family investment opportunity at 37 Labrook Drive offers a well-located apartment property in Richmond’s Beaufont submarket. The asset consists of a two-story building on a 1.44-acre parcel, zoned R-53, and has 18 units. Positioned within the Beaufont Hills neighborhood, the property benefits from proximity to major transportation routes, including Chippenham Parkway (VA-150) and Midlothian Turnpike (US-60), offering convenient access to Downtown Richmond and surrounding employment hubs. The area is supported by a diverse economic base, nearby retail centers, and essential services, creating consistent rental demand. Investors can capitalize on the property’s established residential setting and explore operational efficiencies or unit upgrades to enhance returns. The site’s generous lot size allows for ample parking and green space, contributing to long-term tenant retention. With Richmond’s continued population growth and strong rental fundamentals, this property represents a compelling opportunity for buyers seeking a stabilized or repositioning multi-family asset in a growing market.

FOR SALE DETAILS

PRICE

$2,200,000 USD

PRICE/SF

$154 USD /SF

# OF UNITS

18

PRICE/UNIT

$122,222

CAP RATE

8.09%

% LEASED

89%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1974

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.44 AC

LAND SF

62,726 SF

ZONING

R-53

APN/PARCEL ID

C005-1067-032

ASK ABOUT THIS PROPERTY

Altay UzunMarcus & MillichapMore Info
757-639-7989

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Altay UzunMarcus & MillichapMore Info
757-639-7989

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.