Bellwood Terrace Apartments 2554 Noel St 105 Unit Apartment Building $10,721,272 CAD ($102,107 CAD/Unit) Richmond, VA 23237

-Completely classic finishes with proven value add strategy in submarket
-Substantial rental upside based on submarket rents
-Each unit individually metered for electricity and water/sewer -- no unrentable square footage
-15+ AC site offers excellent redevelopment opportunity
-Low maintenance, low vacancy property
-Office currently located in house on property that can be converted to rental
-Ample space to add community amenities to drive revenue
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NORTH CHESTERFIELD, VA OFFERS MULTI-FAMILY INVESTORS SEVERAL ATTRACTIVE BENEFITS
PROXIMITY TO RICHMOND'S URBAN CORE
North Chesterfield sits just south of Richmond, offering quick access to the city’s job centers, universities (VCU, VUU), and hospitals. This location makes it popular with commuters and renters who want affordability and convenience without living directly downtown.
STRONG RENTAL DEMAND
North Chesterfield benefits from a stable renter base, including working class families, young professionals, and seniors. Many submarkets see occupancy rates above 95%, especially for well-maintained Class B/C properties.
RELATIVE AFFORDABILITY
Compared to downtown Richmond and the West End, North Chesterfield offers lower acquisition costs, allowing for higher cash-on cash returns and better value-add opportunities. Investors can often find underperforming assets with upside through modest renovations or better management.
FAVORABLE DEMOGRAPHICS & ECONOMIC ANCHORS
Chesterfield County’s population is growing and economically diverse, with employment in healthcare, logistics (Defense Supply Center Richmond), education, and manufacturing. The area benefits from regional economic growth while maintaining affordable housing stock, which supports long-term multifamily stability.
TAX & LANDLORD-FRIENDLY ENVIRONMENT
Virginia offers relatively landlord-friendly laws, and Chesterfield County tends to have moderate property taxes. Investors benefit from a regulatory environment that’s favorable for long-term holding and operations.
GROWING INFRASTRUCTURE & AMENITIES
Continued development along major corridors like Richmond Highway and Midlothian Turnpike brings new retail, healthcare, and service amenities. Public investments in infrastructure and parks are helping improve livability, especially in formerly overlooked neighborhoods.