Buy & Hold (Multifamily): 105 Units, Richmond, VA 23237 + $7,350,000
- Promise Land Realty
- 15 hours ago
- 4 min read
Multifamily Investment Opportunity
Price
$7,350,000
Bellwood Terrace Apartments
105-Unit Value-Add Opportunity
2554 Noel Street, North Chesterfield (Richmond MSA), Virginia 23237
Promise Land Realty is pleased to present an exclusive off-market acquisition: Bellwood Terrace Apartments, a 105-unit garden-style multifamily community with proven value-add upside and a highly financeable profile in one of Richmond’s most supply-constrained Class B/C rental corridors.
Investment Highlights
Attractive Cost Basis & Immediate Upside: Current in-place rents average just $619/unit ($1.21/SF) vs. market ~$921/unit ($1.80/SF) — a $300+ monthly premium potential with light-to-moderate upgrades.
Individually Metered Utilities: All units separately metered for electric and water/sewer — minimizes ownership utility burden
Proven Renovation Play: Seller underwriting supports $6,350/unit interior and exterior upgrade plan — new LVP flooring, cabinets, counters, appliances, paint, lighting, roof/signage/landscaping — driving $150–$300 rent bumps. Bellwood Terrace
Stable In-Place Cash Flow:Â 96% occupancy and workforce tenant base allow cash flow while repositioning.
Favorable Financing Profile: Strong T-12 NOI of approximately $354K with upside to $667K+ post-renovation supports agency, bank, or bridge execution.
Redevelopment Optionality: 15+ acre parcel sits in a Residential Mixed-Use (RMU) growth zone — encouraging future densification or mixed-use redevelopment.
Property Summary
Attribute | Details |
Year Built | 1962 |
Total Units | 105 (82 × 1BR/1BA, 22 × 2BR/1BA, 1 × 2BR house) |
Average Unit Size | ~513 SF |
Current Occupancy | 96% |
Rentable SF | 53,874 SF |
Current Average Rent | $619 |
Market Average Rent | $921 |
Utilities | Individually metered electric and water/sewer |
Site Area | ~15 acres |
Parking | Ample surface |
Financial Snapshot
T-12 Effective Gross Revenue: approximately $762,000
T-12 NOI: approximately $354,000
Pro Forma NOI (post-renovation & market rents): approximately $667,000+
Underwritten Renovation Budget: approximately $1 million total (~$9,568/unit).
Location & Market Drivers
Minutes to Downtown Richmond, VCU/medical centers, Amazon Fulfillment, UPS, DSCR (Defense Supply Center Richmond), and DuPont — strong blue- and white-collar employment drivers.
Richmond MSA Class B/C rents have outpaced national averages with sub-5% vacancy.
Landlord-friendly Virginia environment with moderate property taxes and favorable eviction statutes.
Value-Add Playbook
Upgrade interiors to achieve $850–$1,150+ rents.
Add amenities and rebrand: signage, curb appeal, resident common spaces.
Long-term: leverage RMU zoning for potential mixed-use redevelopment (townhomes, stacked flats, vertical mixed-use retail/residential).
Acquisition & Offer Process
Acquisition Fee: A 3% acquisition fee will be paid to Sarter Capital at closing.
Due Diligence Materials & Financials: View Investor Folder ›
All offers should be submitted directly to investments@promiselandrealtyllc.com
Please include:
Purchase price and terms
Due diligence and closing timeline
Any financing contingencies
Property Map
TEAM PROMISELAND DISCLAIMER: No one is permitted to market, advertise, or distribute this listing without express written permission or verified membership within the TEAM PROMISELAND network. Unauthorized use or sharing of this opportunity, photos, or property information will result in a $500 fine per incident, enforceable by law.
All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
A $500 non-refundable Reservation Fee is required from all interested parties prior to contract execution. This fee secures priority positioning, covers consulting and processing costs, and confirms buyer intent. Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of accepted offer. All closings are facilitated through a licensed title company or closing attorney.
Realtors & Brokers: You are welcome to bring a buyer — please add your fee on top of our asking price.
OFFICIAL PROMISELAND LENDING PARTNER
100% Financing for Rehab Projects
Powered by Residential Capital Partners
ResCap is a direct private lender offering zero-money-down loan options for 1-4 unit residential investment flips & rentals across the U.S.
🔹 100% Financing – Covers purchase + rehab
🔹 Fast Closings – ~10 days
🔹 Credit Requirements – 620+ FICO (Rehab), 660+ FICO (DSCR)
🔹 Loan Size – $75K–$1.25M
🔹 Rates – 10.9%–11.9% | 2–3% origination | 1st lien
🔹 Serviced In-House | Virtual Inspections | No Owner-Occ or Rural Props
        Nationwide Coverage (Excludes: AK, AZ, NV, PA)
        Proof of Funds Available
This listing is proudly sponsored by Residential Capital Partners – trusted lending for the nation’s best flippers.
For more info email sarter@promiselandrealtyllc.com or text (864) 762-2509
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Trusted by 50,000+ Investors. Featured on BiggerPockets:
PROMISELAND DISCLAIMER:
Promiseland Realty LLC is a nationwide real estate consulting firm specializing in off-market investment opportunities, strategic acquisitions, and real estate advisory services.
No one is permitted to market, advertise, or distribute this listing without express written permission or verified membership within the TEAM PROMISELAND network. Unauthorized use or sharing of this opportunity, photos, or property information will result in a $500 fine per incident, enforceable by law.
All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
A $1,000 non-refundable Commitment Fee is required from all interested parties prior to contract execution. This fee secures priority positioning, covers consulting and processing costs, and confirms buyer intent. Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of an accepted offer. All closings are facilitated through a licensed title company or closing attorney.
Realtors and Brokers: You are welcome to bring a buyer — please add your fee on top of our asking price.