2863 Hull Street, Richmond, VA 23224

Property Description

Rare value-add opportunity to acquire a fully renovated 7-unit multifamily building strategically positioned on the high-visibility Hull Street commercial corridor. This B-3 zoned property, totaling approximately 3,218 SF, features six studio apartments with full kitchens and private bathrooms, plus one additional guest suite, all updated in 2020. With a stabilized gross potential income of approximately $98,856 annually, investors can realize immediate upside by leasing the three current vacancies at market rates. The offering is uniquely enhanced by the inclusion of the adjacent lot at 2861 Hull St, providing significant potential for future subdivision or ground-up development. Currently operated with landlord-paid utilities, there is a clear path to further increasing Net Operating Income through the implementation of sub-metering or a RUBS billing program, making this a premier multifaceted asset in a rapidly growing Richmond corridor.