Premium Single-Family Rentals and Prime Development Opportunities

Marcus & Millichap, as the exclusive listing agent, is pleased to present investors with a unique opportunity to acquire a diverse portfolio consisting of 30 single-family homes and The Sugar Shack, a thriving commercial property, all within walking distance of Virginia Commonwealth University (VCU). The offering also includes two vacant lots with expansion potential, one providing parking for an additional six vehicles. Investors can choose to purchase the portfolio as a whole or in three separate parts. Each home boasts premium finishes, such as granite countertops and stainless-steel appliances, and includes off-street parking. With residents covering utilities, operational costs are low. The properties benefit from strong rental demand due to their proximity to VCU and Richmond’s vibrant job market. Historically, they have maintained full occupancy, with leases aligned to the academic calendar and a stable tenant base primarily consisting of VCU students with guarantors. Richmond's high demand for student housing is driven by VCU’s growing student population and limited on-campus options, along with the city’s dynamic job market. This portfolio presents an attractive opportunity for stable returns and long-term value in a thriving area.

Diverse Assets: 30 single-family homes and The Sugar Shack, all within walking distance of VCU.
High Demand: Strong need for off-campus housing due to limited VCU on-campus options for upperclassmen and grads.
Prime Location: Modern properties with off-street parking, ideal for students and professionals, near campus and Richmond’s major employers.
Stable Occupancy: Long-term full occupancy with 12-month leases aligned with the academic calendar, primarily VCU students with guarantors.
Premium Renovations: Homes feature granite countertops and stainless-steel appliances.
Favorable Rental Terms: Single-family rentals include a 5% annual rent increase.
Low Operating Costs: Well-maintained with minimal expenses, maximizing profitability.
Opportunity Zones: Located in Opportunity Zones with potential tax benefits.

Each home in this portfolio is ideally located just blocks from VCU’s Siegel Center, making it highly desirable for students and young professionals. Situated in the historic Carver neighborhood, adjacent to the vibrant Hartshorn community, these properties meet the high demand for off-campus housing. Carver, established in the 1840s and 1850s, was once central to Richmond’s industrial growth, adding a unique historical charm to the area. Today, Carver and Hartshorn are known for their eclectic atmosphere, blending historic architecture with modern amenities, and are close to retail, dining, and cultural attractions, making them attractive to a diverse range of residents.

Founded in 1838, Virginia Commonwealth University (VCU) is a prominent institution in downtown Richmond, spanning 169 acres. With over 28,000 students and 2,500+ faculty, VCU is ranked among the top 150 National Universities and top 100 Public Universities by U.S. News & World Report. VCUarts is a leading art school, and VCU is in the top 50 for research according to the National Science Foundation. Additionally, 23 of its programs are ranked in the top 50. VCU Medical Center is a top hospital in the Richmond area. The university’s strong reputation and expanding programs are driving continued enrollment growth.

Greater Richmond, with over 1.3 million residents and 26 new arrivals daily, is a growing region with a diverse economy featuring 8 Fortune 500 headquarters. This diversity enhances economic resilience. The area enjoys a low cost of doing business, with commercial electric rates 30% below the national average, minimal unionization, and a steady 6% corporate tax rate since 1972. Richmond's appeal includes a vibrant culture, recreational options, and a cost of living 3% below the national average. Its highly educated workforce, with over 65% having some college experience, is supported by local institutions like VCU and other universities.