1210 Cherry Avenue
Redevelopment Opportunity
Marketing description
1210 Cherry Avenue is a 0.22-acre R-B redevelopment site in the heart of Charlottesville's Cherry Avenue corridor — one of the city's most active infill markets, a short walk from UVA Medical Center and downtown. Under the City's 2024 Development Code, the parcel's Residential-B zoning permits up to 6 dwelling units by-right (up to 12 with the affordability bonus), and parking minimums have been eliminated citywide, removing a major cost and design constraint. At roughly three times the size of a typical corridor lot, the footprint gives a developer real room to execute a multi-unit program.
An existing duplex — two 2BR/1BA units — provides in-place income of $2,700/month to carry the site through entitlement and design, with one unit delivered vacant at closing for immediate flexibility. The value here is in the land and the entitlements: a builder can move by-right while the code is generous, with multiple exit paths — ground-up development, a hold-and-reset of below-market rents, or a strategic land bank in a rapidly appreciating corridor. Offered at $499,000.
Investment highlights
By-right density — up to 6 units per lot (12 with affordability bonus) under Charlottesville's 2024 Development Code; no rezoning or special exception required to develop by-right.
Oversized corridor lot — 0.22 acres (~9,583 SF), roughly 3x the typical Cherry Avenue parcel, supporting a meaningful unit count after setbacks.
No parking minimums — off-street parking requirements eliminated citywide, lowering build cost and freeing up site design.
Holding income in place — existing duplex generates $2,700/mo ($32,400/yr) to offset carry during permitting and design.
Vacant unit at closing — one of two units delivered vacant, enabling immediate repositioning or renovation.
Below-market rents — in-place rents (~$1,350/unit) sit well under the ~$1,950 neighborhood average for a 2BR, signaling near-term rent upside on a hold.
Irreplaceable location — walkable to UVA Medical Center and the Downtown Mall; on a city bus route; minutes to I-64 and Amtrak.
Proven corridor demand — recent Cherry Avenue land trades include a $3.5M assemblage and the $1.55M sale of the 0.82-acre lot at 801 Cherry.
Multiple exit strategies — build-to-rent, build-for-sale, value-add hold, or land bank.
Priced at land value — $499,000, positioned to the entitlements rather than the existing structure.
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