41 Single Family Portfolio in Richmond, VA

One South Commercial is pleased to present for sale a 41-property single family rental portfolio investment in the Richmond Metro area.​ This portfolio sale is a unique opportunity to obtain a curated and well-maintained portfolio in desirable locations across the RMA.​ Rapid growth, skyrocketing demand, and limited supply equal opportunity for reliable cash flow, solid rent growth, and exit optionality in red hot Virginia, CNBC’s best state for business.​

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  Average Unit Size: 1,889 SF

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  Average Year Built: 2000

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  Average Effective Rent: $2,266/month

Investment Highlights

Sought After School Districts:  Properties are located in some of the best school districts in the Virginia. Henrico county boasts #12 ranked high school in the nation, according to U.S. News, as well as the highest number of teachers certified by the National Board for Professional Teaching Standards. Chesterfield is home to 7 National Blue Ribbon schools. Richmond city schools are home to Open High School and Richmond Community High School, both nationally recognized High Schools that rank #4 and #9 in Virginia, respectively, according to U.S. News.

Value-Add Optionality:  Richmond is positioned for continued growth as a moderately priced mid-tier city, driving home appreciation and rent growth, diversifying risk.  Although unit upgrades aren’t needed for incremental rent growth, strategic kitchen and bathroom renovations across the portfolio will translate to rental pricing power or a quick return on investment in the resale market. 

Uncommon Quality:  The portfolio was curated with families in mind.  These are spacious and well-maintained homes, the majority being 3BD/2.5BA with an average year built of 2000.  Quality product in a thin market creates pricing power.  Investors can expect incremental rent growth, high occupancy, and steady cash flow without investing in unit upgrades.   

Fast growing market:  Richmond’s population growth over the past several years has easily surpassed that of neighboring metros like Washington D.C., Baltimore, and Norfolk.  New apartments are shrinking in size and demand for single family rentals is stronger than ever.  Population gains, job growth, steady demand have resulted yields that are higher than many competing coastal markets. (CoStar)

Access to Employment: The Richmond area is home to several Fortune 500 headquarters, including Performance Food Group, Altria, CarMax, Dominion Energy, Markel, Owens & Minor, Genworth Financial.  International companies like Amazon, Lego, and CoStar have recently chosen to locate major operations here, recognizing the area’s excellent quality of life and highly educated workforce. (this segues to employment map)