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104 W Franklin St
Richmond, VA 23220
The Towers on Franklin · Multifamily Property For Sale
·
332 Units
INVESTMENT HIGHLIGHTS
- Commuter friendly within walking distance to major employers and proximate to interstates 95 & 64.
- Well located in Downtown Richmond with major new developments and strong economic drivers.
- Substantial capital investment with extensive improvements completed.
- Immediate value-add opportunity with ability to push rents to compete with local market competitors.
- Walking distance to Virginia Commonwealth University, with over 28,800 students and nationally recognized arts and health programs.
- Significant rent delta with top-of-market competitors achieving $480 above average in-place rents.
EXECUTIVE SUMMARY
The Newmark Southern Virginia Multifamily Team, as exclusive advisor, is pleased to present Towers on Franklin, a 332-unit value-add multifamily community offered individually or as part of a larger portfolio. This rare opportunity delivers investors immediate scale in the heart of Downtown Richmond, Virginia, one of the Southeast’s fastest-growing urban markets.
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- Security System
- Ceiling Fans
- Kitchen
- Walk-In Closets
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- Business Center
- Controlled Access
- Clubhouse
- Fitness Center
- Laundry Facilities
- Pool
- Property Manager on Site
- Package Service
- Vintage Building
- Storage Space
- Elevator
- Lounge
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 204 | - | 343 - 480 |
| 1+1 | 124 | - | 585 - 800 |
| 2+1 | 3 | - | 1,150 |
| 2+2 | 1 | - | 1,150 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $37,433,812 CAD | |
| Land Assessment | $11,445,119 CAD | Total Assessment | $48,878,931 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$11,445,119 CAD
Improvements Assessment
$37,433,812 CAD
Total Assessment
$48,878,931 CAD
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