Updated: Dozen apartment buildings in Museum District, Fan listed for sale

3337 W Grace

The six-unit 3337 W. Grace St. building was listed at $1.15 million. (One South)

Note: This story has been updated to add six properties that are part of the Mason portfolio but were not included in the original article.

A collection of Museum District, Fan and VCU-area apartment buildings has hit the market as their owner looks to unload them en route to retirement.

The 12 properties, owned by Willard Mason Jr., range from $1.69 million to $475,000, with a combined asking price of $11.25 million. Nine are in the Museum District, two are in the Fan and the other is in Randolph.

The Mason portfolio also includes a vacant buildable lot at 2818 Monument Ave. The 0.09-acre parcel is listed for $325,000 and was last assessed by the city at $156,000.

City records show the dozen buildings, which range from four to 12 apartments each, were put in LLCs tied to Mason in 2008, with each entity bearing the respective building’s address. Each property previously was owned by one of two other LLCs also tied to Mason: Fan Rentals LLC and Mason Brothers Investments LLC.

One South Commercial’s Tom Rosman, who is co-listing the properties with colleagues Justin Sledd, Ryan Rilee and Jerry Ford, said Mason is selling the buildings in preparation for retirement.

“He’s been a great steward of the properties, kept them rented all the time 100 percent,” Rosman said.

In all, the buildings total 78 one- and two-bedroom units, with finished living areas for each building ranging from about 1,700 to 10,800 square feet. Monthly rents range from about $900 for a one-bedroom unit to $1,200 for a two-bedroom, Rosman said.

While marketed as a group, he noted, the buildings are listed individually and not required to be purchased as a portfolio, such as how locally based Spy Rock Real Estate and Boston-based Davis Cos. recently listed their 376-unit Midtown Apartments portfolio.

“You don’t need to buy the whole package,” Rosman said. “It’s a chance for somebody to come in and own a piece of Richmond real estate in the Fan, which is unusual.”

Each of the properties has received upgrades in recent years and consistently maintained full occupancy, according to One South’s flyer.

3331 Cutshaw Ave

The building at 3331 Cutshaw Ave. was listed for $1.3 million. (One South)

Largest among them is 3331 Cutshaw Ave., a three-story building in the Museum District with six two-bedroom units, six one-bedrooms and six parking spaces.

Built in 1958, the 10,800-square-foot building is listed at $1.3 million and was last purchased in 2002 for $475,000, according to city records.

A city assessment valued the quarter-acre property at $782,000.

The priciest of the seven, at $1.69 million, is 2806 W. Cary St., a three-story Museum District building with 12 one-bedroom apartments. Built in 1923, the building anchors the eastern end of Carytown and was last purchased in 1993 for $190,000. The latest city assessment valued the 0.06-acre property at $789,000.

The other properties include 1712-1714 Floyd Ave., an eight-unit Fan building listed at $1.35 million; the six-unit 403 N. Cleveland St., listed at $895,000; 3230 W. Grace St., a six-unit building listed at $750,000; the six-unit 3337 W. Grace St., listed at $1.15 million; and five quad apartment buildings: 9 S. Crenshaw Ave, $475,000; 609 Roseneath Road, $650,000; 1008 N. Belmont Ave., $595,000; 3336 Stuart Ave., $695,000; 2030 W. Grace St., $495,000.

Rounding out the group is 408-410 Dobson St., an eight-unit complex listed at $1.2 million. Located off Harrison Street just south of VCU in the Randolph community, the property shares a block with TriBeCa, a cluster of new-construction townhomes and detached homes that Rosman developed with local architect Dave Johannas.

3337 W Grace

The six-unit 3337 W. Grace St. building was listed at $1.15 million. (One South)

Note: This story has been updated to add six properties that are part of the Mason portfolio but were not included in the original article.

A collection of Museum District, Fan and VCU-area apartment buildings has hit the market as their owner looks to unload them en route to retirement.

The 12 properties, owned by Willard Mason Jr., range from $1.69 million to $475,000, with a combined asking price of $11.25 million. Nine are in the Museum District, two are in the Fan and the other is in Randolph.

The Mason portfolio also includes a vacant buildable lot at 2818 Monument Ave. The 0.09-acre parcel is listed for $325,000 and was last assessed by the city at $156,000.

City records show the dozen buildings, which range from four to 12 apartments each, were put in LLCs tied to Mason in 2008, with each entity bearing the respective building’s address. Each property previously was owned by one of two other LLCs also tied to Mason: Fan Rentals LLC and Mason Brothers Investments LLC.

One South Commercial’s Tom Rosman, who is co-listing the properties with colleagues Justin Sledd, Ryan Rilee and Jerry Ford, said Mason is selling the buildings in preparation for retirement.

“He’s been a great steward of the properties, kept them rented all the time 100 percent,” Rosman said.

In all, the buildings total 78 one- and two-bedroom units, with finished living areas for each building ranging from about 1,700 to 10,800 square feet. Monthly rents range from about $900 for a one-bedroom unit to $1,200 for a two-bedroom, Rosman said.

While marketed as a group, he noted, the buildings are listed individually and not required to be purchased as a portfolio, such as how locally based Spy Rock Real Estate and Boston-based Davis Cos. recently listed their 376-unit Midtown Apartments portfolio.

“You don’t need to buy the whole package,” Rosman said. “It’s a chance for somebody to come in and own a piece of Richmond real estate in the Fan, which is unusual.”

Each of the properties has received upgrades in recent years and consistently maintained full occupancy, according to One South’s flyer.

3331 Cutshaw Ave

The building at 3331 Cutshaw Ave. was listed for $1.3 million. (One South)

Largest among them is 3331 Cutshaw Ave., a three-story building in the Museum District with six two-bedroom units, six one-bedrooms and six parking spaces.

Built in 1958, the 10,800-square-foot building is listed at $1.3 million and was last purchased in 2002 for $475,000, according to city records.

A city assessment valued the quarter-acre property at $782,000.

The priciest of the seven, at $1.69 million, is 2806 W. Cary St., a three-story Museum District building with 12 one-bedroom apartments. Built in 1923, the building anchors the eastern end of Carytown and was last purchased in 1993 for $190,000. The latest city assessment valued the 0.06-acre property at $789,000.

The other properties include 1712-1714 Floyd Ave., an eight-unit Fan building listed at $1.35 million; the six-unit 403 N. Cleveland St., listed at $895,000; 3230 W. Grace St., a six-unit building listed at $750,000; the six-unit 3337 W. Grace St., listed at $1.15 million; and five quad apartment buildings: 9 S. Crenshaw Ave, $475,000; 609 Roseneath Road, $650,000; 1008 N. Belmont Ave., $595,000; 3336 Stuart Ave., $695,000; 2030 W. Grace St., $495,000.

Rounding out the group is 408-410 Dobson St., an eight-unit complex listed at $1.2 million. Located off Harrison Street just south of VCU in the Randolph community, the property shares a block with TriBeCa, a cluster of new-construction townhomes and detached homes that Rosman developed with local architect Dave Johannas.

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Bruce Milam
Bruce Milam
4 years ago

Wow! The floodgates are open! Everyone senses it’s time to move apartments while the market is hungry for more assets. Both these portfolios have great demographics and appeal. There are even more coming in the next week to ten days.