1207-1209 W 47TH ST Richmond VA 23225

One South Commercial is pleased to present for sale the Parkway Apartments at 1207 & 1209 W 47th Street. Located in Richmond’s Forest Hill Terrace neighborhood, this listing is a fully renovated multifamily property. The eighteen unit apartment building consists of nine 2B/1B units, eight 2B/2B units and one 1B/1B unit. Among the many residential amenities are included water/trash utilities, onsite laundry, and pre-wiring for FiOS. Off-street parking is also provided in an area at the rear of the building. Located close to Forest Hill Park, the James River Park System, and local shops and restaurants at the intersection of Westover Hills Blvd and Forest Hill Ave, the Parkway Apartments is conveniently situated for tenants who work in Downtown or other Richmond neighborhoods.

2015 Renovation and 100% Occupancy - In addition to having a history of 100% occupancy, the property underwent a complete historic tax credit renovation in 2015 including HVAC, plumbing, electrical, kitchens, bathrooms, flooring, and windows. The current rental rates are well below market and there is significant room for increases. This factor, its record of full occupancy, and the property’s recent renovation make the fully stabilized Parkway Apartments an excellent opportunity for a buyer looking to invest in this burgeoning submarket of South Richmond.