The French Quarter Building | 421 E Franklin St
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The French Quarter Building 421 E Franklin St
10 Unit Block of Flats For Sale Richmond, VA 23219
Investment Highlights
- 100% Leased
- Renovated with Historic Tax Credits in 2016
- New ~$84k Roof
- Heart of Downtown Richmond
Executive Summary
The CBRE Southern Virginia Multifamily Team is pleased to present an exclusive investment opportunity, The French Quarter Building, an 11-unit mixed-use property located in the heart of Richmond, Virginia.
Dating back to 1927, the property was beautifully renovated using historic tax credits in 2016, to include 10 residential apartments on the second and third floors, along with the 6,764 square feet of ground floor retail occupied by Penny Lane Pub, a Richmond staple. Aptly named the French Quarter Building, the Property’s iconic exterior of wrought iron and stucco finish present investors the opportunity to purchase one of the premier building in the city of Richmond.
The Property provides a new owner proven cash flows with multiple options to improve operations and increase income through
implementing a RUBS program and a light value-add update to the interior of the units.
Located within the heart of downtown Richmond, tenants are given the opportunity to be fully immersed in the ‘live, work, play’ city lifestyle. Residents have a variety of restaurant and entertainment options within walking distance, including: the National, Brown’s Island, the under construction riverfront amphitheater, and a plethora of rooftop bars.
Dating back to 1927, the property was beautifully renovated using historic tax credits in 2016, to include 10 residential apartments on the second and third floors, along with the 6,764 square feet of ground floor retail occupied by Penny Lane Pub, a Richmond staple. Aptly named the French Quarter Building, the Property’s iconic exterior of wrought iron and stucco finish present investors the opportunity to purchase one of the premier building in the city of Richmond.
The Property provides a new owner proven cash flows with multiple options to improve operations and increase income through
implementing a RUBS program and a light value-add update to the interior of the units.
Located within the heart of downtown Richmond, tenants are given the opportunity to be fully immersed in the ‘live, work, play’ city lifestyle. Residents have a variety of restaurant and entertainment options within walking distance, including: the National, Brown’s Island, the under construction riverfront amphitheater, and a plethora of rooftop bars.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
Unit Amenities
- Air Conditioning
- Balcony
- Dining Room
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
| 2+1.5 | 2 | - | - |
| 2+2 | 2 | - | - |
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Walk Score®
Walker's Paradise (95)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | W000-0023-009 | Improvements Assessment | £1,671,128 |
| Land Assessment | £400,750 | Total Assessment | £2,071,878 |
PROPERTY TAXES
Parcel Number
W000-0023-009
Land Assessment
£400,750
Improvements Assessment
£1,671,128
Total Assessment
£2,071,878
zoning
| Zoning Code | B-4 |
| B-4 |
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The French Quarter Building | 421 E Franklin St
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