2.61 acres of subdividable land + Cash-Flowing Property in Richmond, VA market (Chesterfield County)
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