2110 Redd Street
Multifamily | 36 Units | $191,667/unit
Marketing description
The offering presents a rare opportunity to acquire NNN asset located in Richmond, Virginia, one of the Mid-Atlantic's strongest and most supply-constrained rental markets. 2110 Redd Street has thirty-six units. All units are a mix of two-bedroom and one-bathroom. 2110 Redd Street was built in 1964 and situated on 1.01 acres.
Richmond stands out as an exceptional locale for multifamily real estate investment due to a combination of economic stability, strategic location, and a thriving cultural scene. The city's robust economy, fueled by diverse industries such as finance, manufacturing, and healthcare, provides a steady foundation for sustained property value appreciation. Richmond's strategic position along major transportation routes enhances its appeal, facilitating easy access for residents and contributing to the city's growth.
Investment highlights
- The offering presents a rare opportunity to acquire NNN asset located in Richmond, Virginia, one of the Mid-Atlantic's strongest and most supply-constrained rental markets
- 2110 Redd Street is structured as an Absolute NNN Investment - delivering immediate, passive double-digit returns with zero landlord responsibilities
- Priced at the intersection of income value and real estate backstop
- 400+ basis points above Richmond multifamily market averages
- $61,600/month - fully passive, Tenant-paid expenses
- Under the Absolute NNN lease, the tenant is responsible for all real estate taxes, insurance and maintenance
- Delivers a net check with zero capital expenditure or management requirements
- Delivers a 400+ basis point premium more commonly associate with bridge debt than stabilized real estate ownership
- Tenant is required to maintain a 3% maintenance set-aside fund for all property-related repairs and upkeep, ensuring the asset remains in stabilized condition
- Master Tenant Specializes in the acquisition and management of attainable housing assets within the Richmond Metropolitan Statistical Area (MSA)
- The entity utilizes professional property management platforms and rigorous tenant screening processes to ensure the long-term stabilization of the underlying 36-unit multifamily asset
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