Located in the heart of the Arts and Cultural District, The Simon Cycle Building located at 10 and 12 West Broad offers a purchaser a stable investment along with good upside potential. Built circa 1904 and totally renovated in 2010-11, the developers / owners replaced all of the HVAC, Plumbing, Electrical, Kitchens and Baths and put on a new Roof. The building consists of 15 spaces – 14 apartments and 1 ground floor retail space currently leased by a gallery. There are 6 one-bedroom apartments, 6 two-bedroom apartments and 2 three-bedroom apartments. The apartments offer high ceilings with a loft style feel. They have hardwood floors, granite countertops, maple cabinets, exposed brick and stainless steel appliances. The units are in high demand in this area and the owner should enjoy increases annually as the neighborhood becomes more popular. (The Richmond Metro Area experienced the 5th highest rental increase by percentage in the country in 2017.)
Listing courtesy of One South Realty Group, LLC.
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