RECENT COMMENTS
Apartment complex on Coalter Street for sale for $1,650,000
This 20 unit apartment complex at 1401 Coalter Street is for sale for $1,650,000:
Convenient to Downtown RVA and VCU/MCV. Most of the maintenance has been done for you. The roof is about 6 years old. Landlord pays for water, sewage and trash. Tenants pay for electric and gas with each apartment separately metered. Rent varies from 520 to 780 an average of 660 dollars per month. All apartments are 2 bedrooms, living room, kitchen and a bath. One apartment has been converted to a coin-operated laundry room, an office and a one beddroom apartment. The one bedroom apt includes water and electric and is currently rented for 750 per month. Out of 19 remaining 2 bedroom units, four of them have electric and gas with the remaining 15 being all electric.
As of now all are rented except five, two are being renovated and three are rdied for re-rental.
Average total monthly rent is 11,552.00; from laundry machines average $215.55 per month
Monthly exenses:
Electric $173.85
Water $1105.00
Trash pick up $55.00
Maintenance $520.00
Taxes $2052.00 per year
Insurance $3,335.00 pe year
“Convenient to Downtown RVA and VCU/MCV”…..good just in case you get shot.
Assuming 1000 per unit in repairs and maintenance (probably low), 4% interest rate and 11 months occupancy you’d clear about $10K. Not much return for $1.6MM. And that city tax rate looks suspiciously low. We paid more than that on a condo.
Taxes…at the 2015 Assessment ($595,000), the taxes on this property are $7140.00 Funny math there…. probably by the same calculator that established that listing price.