Report Listing

Home For Sale

$460,000

618 S Laurel St
Richmond, Virginia, United States

Listed By: Realtyww Info

Listed On: 09/09/2024

Listing ID: GL11255928 View More Details

Description

Fully leased Oregon Hill duplex! This pedestrian friendly neighborhood offers quick access to the main campus of VCU and the James River Park system. The property currently generates $3, 600 / month with both leases good through June of 2025. Current rents are below market and could be raised if new owner is willing to renovate. Tenants pay all utilities on separately metered units. Plans have been submitted to the city for approval of an Accessory Dwelling Unit (ADU) to be built over a detached garage off the rear alley. Adding the ADU studio apartment and garage could generate an additional $1, 500/month in rent. The ADU permitting and architectural drawings will convey with the sale. Proximity to VCU / MCV and downtown Richmond create exceptional demand and limited turnover with occasional vacancies quickly filled. Whether you seek a relatively passive cash flowing investment, or a project with plenty of potential to increase rents through renovations and/or the addition of an ADU, this Oregon Hill location is worth your consideration!

For more details:

Listed by: Michael Hanky
Source: The World Property Journal

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