Sancar Flats
Harrisonburg, VA 22802
The Offering
Summary
- List Price $8,100,000
- Product Type Multifamily
- Number of Units 48
- Rentable SF 42,550 SF
- Zoning B-1
- Lot Size 61,960 SF
- Year Built/Renovated 1950/2008
- Parking On-Site Surface & Garage
- Current Occupancy 95%
- Unit Mix 41 - 1BR/1BA, 7 - 2BR/1BA
Investment Summary
Feldman Ruel is pleased to offer for sale Sancar Flats, a 95% leased, 48-unit multifamily property located in downtown Harrisonburg, Virginia. The property's location has historically been the first choice for off-campus housing among students at James Madison University (JMU) for many years. The neighborhood has undergone a significant transformation including nearby retail amenities and the delivery of recently constructed mixed-use developments adjacent to the subject property. Sancar Flats offers a unique opportunity to re-tenant the building with students, renting by the bed and capitalizing on the large floor plans and on-site parking.
Investment Highlights
• 48-Unit Adaptive Re-Use Property Located in Downtown Harrisonburg, VA
• Opportunity to Add Additional Multifamily Levels By-Right
• Current Rents are Approximately 15% Below Market
• 98% Average Multifamily Occupancy in Downtown Harrisonburg, VA
• Less than 1 Mile from James Madison University | 22,758 Students
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