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Daniel Harnsberger
  • Real Estate Agent
  • Richmond, VA
64
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158
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2.61 acres of subdividable land + Cash-Flowing Property in Richmond, VA market (Chesterfield County)

Daniel Harnsberger
  • Real Estate Agent
  • Richmond, VA
Posted May 25 2015, 13:02

For Sale:

Cash flowing property + 2.61 acres of land in S. Chesterfield, Virginia

Asking: $130,000

Call Dan: 804-592-7775

Features:

-With approval from County, lot can be subdivided, enabling construction of 10 additional properties

-Renovated property across the street (1600 sq ft brick cape, built in 1950) sold for $139,000

**Contacted multiple realtors in the area. Like properties built anew would sell between $175k-$200k

-Land has been perk tested

-Land zoned R-7-One Family Residential (dwelling space dimensions noted below)

*Front yard: 30 ft

*Rear yard: 25 ft

*Side yard: 7.5/5 ft

-Rights to two different easements, enabling connection to County sewer line (required per Chesterfield building code)

-Land sits at same level as properties currently connected to County sewer line (good topography)

-One cash-flowing property (long term tenant) currently sits on the lot

*If nothing else was done w/ this purchase, property would cash flow at 4-5% annually (based on asking price- 5% if property is self-managed)

Current Rent: $950 (long-term tenant)

*Annualized rent: $11,400

Operating expenses: $5,108.40  ($3,968.40 if self-managed)

*7% vacancy: $798

*Taxes: $1,310.40

*10% property mgmt: $1,140

*Annualized Insurance: $720

*5% maintenance: $570

*5% operating expenses

Net operating income w/ prop mgmt: $6,291.60

w/out mgmt: $7,431.60

Call Dan: 804-592-7775

Offering