Real Estate Investing In The Charlottesville Area

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Investment property demand in Charlottesville remains strong despite COVID and declining cap rates. Investors see the Charlottesville market as stable with a lot of upside for appreciation. Inventory for rentals like small multi-family properties are very low driving up prices and reducing investor cash flow potential. Charlottesville is currently seeing cap rates between 4-6% depending on the location and asset class. Class A properties in locations near the University of Virginia or the Charlottesville Downtown Pedestrian mall see caps around 4%. Class B properties needing some upgrades and being located just outside of the UVA area are currently trading at 5-6% cap rates.

Investors in the Charlottesville and Albemarle markets need to get creative to find residential investment opportunities. Inventory is very low, forcing investors to convert properties from commercial to residential use. Developers and investors are buying land to develop residential and multi-family properties. The Charlottesville office and retail market has taken a hit with more people working remotely and some businesses needing to regroup. This creates the opportunity for investors to repurpose retail and office space into residential apartments.

Local zoning offices in Charlottesville and Albemarle remain behind in processing building permits. This has increased developer carrying costs and time frames for construction. Local contractors remain backlogged and very busy with most 6 months to 2 years out for new projects. Slow permitting, busy contractors and supply chain issues are changing the way investors look at the Charlottesville and Albemarle markets. Today the investment mindset is long term hold with few investors looking for short term deals.

REAL ESTATE AS AN INVESTMENT

Making the choice to invest in residential real estate is an excellent way to diversify and grow your net worth, if it is done correctly. Besides providing a steady cash flow and amazing tax benefits, investing in real estate also provides a sense of security that is simply unmatched in other investments. Real estate is ever-accessible, appreciable, depreciable, leverageable, improvable, deductible, deferrable and stable; however, for you as an investor, the most important thing real estate can be is rentable.

BUYING RENTAL PROPERTIES

At Town Realty, we understand the rental property business from an investor’s perspective, and we have the tools you need to be successful in your pursuits. Our goal is to find you an excellent investment that promises a positive return in every area. Best of all, our team is prepared to help you every step of the way. At Town Realty we believe real estate to be the most “able” investment in today’s economy, and our proven processes lead to amazing results.

WE ARE AGENTS AND INVESTORS

With Town Realty, you are not just dealing with just a residential realtor, we are also active investors in multiple Charlottesville rental properties and have been successful in “flipping” local properties. Our Realtors will use our experience to focus on an immediate equity gain upon the acquisition of a rental property. This goal is put in place to ensure sufficient cash flow to sustain the returns you need for success. Additionally, our agents are ready and willing to help you select the right piece of real estate for your needs, as well as one that is sure to appeal to the rental market of Charlottesville at large.

HIGHER EXPECTATIONS FOR A REAL ESTATE AGENT

We always work to meet both your short-term and long-term financial needs during the acquisition process. Besides considering the base price of the property, our knowledgeable Realtors also look at things such as property taxes, maintenance costs and other factors that impact your initial investment into the residence. Further, Town’s Realty ability to provide advanced financial projections based on current market trends allows you to see the big picture before purchasing a property. This is an invaluable tool that ensures success and meets our goal to help you become a sophisticated investor and grow your financial wealth.

Whether you seek your first investment property or you are looking to expand your existing portfolio, Town’s Realty resources are unmatched. With lenders, contractors and property managers in our network, all of the information you need is at your fingertips. We share the fundamental truths of real estate investment with our clients, and we are happy to share the models that schooled investors use; together, these factors allow even novice investors to feel comfortable with the process. For seasoned real estate investors, Town’s Realty advanced analytics help you target lucrative properties in niche markets – a precious tool for the continued growth of an investment business. The unrivaled tax benefits of depreciations, deductions and exchanges await in Charlottesville’s rentable real estate market, and with Town’s Realty help, your success is immanent.

OPPORTUNITIES IN THE CHARLOTTESVILLE AREA: STUDENT RENTALS

When it comes to the rental market in Charlottesville, options are bountiful. This town is largely based around the University of Virginia, and as such, there is a high need for residential rentals to accommodate students. There are just under 24,000 students enrolled at UVA, and of this number, approximately 41 percent live on the campus. While there are some students that live at home in the area, this leaves a significant portion of the student body that is in need of off-campus rental housing. This factor alone presents a huge opportunity for the area’s real estate investors. Further, the stability of the university means that there will always be a steady flow of students – and even faculty members – looking for affordable rental housing in the University region.

Investors looking at neighborhoods around the UVA campus have numerous property options, including single-family homes, townhouses and even apartment complexes.

LIVABILITY AND A STRONG ECONOMY

Students are just one sector of the rental market in the greater Charlottesville area. This region is known for its livability, and, in fact, has received numerous accolades, including the “Most Exciting Place in Virginia” by Movoto Real Estate, the “Best College Town in America” by Traveler’s Today, one of the “Top 100 Places to Live” by Livability.com, one of “America’s Favorite Mountain Towns” by Travel + Leisure Magazine, and the list goes on. The draw of Charlottesville is undeniable, and this brings in a steady flow of new residents on a regular basis. Budding professionals and families are drawn to the stable work environment and ever-changing environment Charlottesville presents, while retirees are drawn to the scenic beauty and easy lifestyle offered by Charlottesville and Albemarle County. The great variety of residents, and the options they seek, means excellent things for the rental market in the greater Charlottesville area.

INVESTING OUTSIDE OF THE CITY

The investment properties do not end at the city lines, and renters are bountiful throughout the 29 North region, as well. In 29 North, the beauty of the country combines with fantastic access to surrounding communities and a number of the county’s most prominent employers. Big-name retailers and local shops provide employment options in the retail sectors; however, the major draws for the area include General Electric, the Defense Intelligence Agency and the National Ground Intelligence Center. There is also an airport in town that provides opportunity for residents.

Where there is employment there are incoming residents, and this gives you as a real estate investor a great chance to build your portfolio in a different, less-dense region of Albemarle County. Town’s Realty expertise in Charlottesville’s specific market trends is just one of the ways that our Realtors help you in the investment property acquisition process. Overall, it is our commitment to excellence – both ours and yours – that allows success in each and every transaction.

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Residential

3Bedroom(s)
1Bathroom(s)
1,324Sqft
Beautiful home located in highly desirable Ivy in Albemarle County. Location, location, only minues to route 64, UVA and vineyards. The home is move-in ready, no HOA fees and enormous potential. Drive out to view and you will not be disappointed. Come add your personal touches to the unfinished basement and a sunroom filled with natural light.
$399,000

2406 BENNINGTON RD, CHARLOTTESVILLE, Virginia 22901

Residential

4Bedroom(s)
3Bathroom(s)
47Picture(s)
2,464Sqft
Such a convenient location- 5 minutes to local shopping and restaurants and 8 to UVA's central grounds. Tucked away in the walking, bike friendly Canterbury Hills neighborhood. This 4BR/3FB is sure to please. Gorgeous refinished oak floors throughout. Modern Eat-In Kitchen w/ Granite Counter Tops, Ceramic Tile Floor, Tile Backsplash, Under Cabinet Lights, and extra Pantry Space.
$575,000

2134 ELM TREE CT, CHARLOTTESVILLE, Virginia 22911

Residential

3Bedroom(s)
2Bathroom(s)
42Picture(s)
1,980Sqft
Charming 3 BR, 2.5 BTH end unit townhome with lots of light. Beautiful kitchen with balcony seating for watching the sunsets. Lovely living area on second floor and large family room on first level creates private space on each level. Seller hates to leave but a change of jobs makes the commute difficult. Visitor parking is directly across the street.
$359,900

234 SUNSET AVE, CHARLOTTESVILLE, Virginia 22903

Residential

3Bedroom(s)
1Bathroom(s)
979Sqft
Don't miss this elevated home with full basement, only minutes from the University of Virginia and Wegmans and the 5th Street shopping center. The elevated lot requires steps from the off-street parking area but that provides space behind the home with a huge rear deck, plus the rear yard allows a nice setting for relaxing.
$299,900

213 BARNSDALE RD, CHARLOTTESVILLE, Virginia 22911

Residential

3Bedroom(s)
2Bathroom(s)
1,920Sqft
Adorable single level living with a fully finished walk-out basement! Updates & improvements include hardwood flooring, interior & exterior painting, stainless steel kitchen appliances, new bathroom vanities, light fixtures & doors. Main level features living room, large eat-in kitchen, 3 bedrooms and a full bathroom.
$359,000

1573 BIRNAM DR, CHARLOTTESVILLE, Virginia 22901

Residential

2Bedroom(s)
1Bathroom(s)
1,000Sqft
Welcome home to 1573 Birnam Drive! This beautiful home is located in the Birnam Wood neighborhood, convenient to everyday shopping and many large employers. Built in 1984, this home has been lovingly maintained and renovated. Natural light pours into the home compliments of the large front windows, vaulted ceilings, and skylights in the living room.
$250,000

1314 WELLFORD ST, CHARLOTTESVILLE, Virginia 22903

Residential

3Bedroom(s)
2Bathroom(s)
48Picture(s)
2,468Sqft
First time offered to the public in over 50 years - incredibly charming, story-book home in the heart of Rugby Hills. Come experience this picturesque, walkable neighborhood w/ tree-lined streets, located 5 minutes to UVA, downtown, parks, shopping & restaurants.
$639,000

218 WATER ST, CHARLOTTESVILLE, Virginia 22902

Residential

2Bedroom(s)
2Bathroom(s)
2,690Sqft
With almost 2,700 square feet of interior space, your options are truly limitless with this expansive condo. Enjoy a sprawling OWNER'S WING with a massive walk-in closet and large master bathroom including soaking tub and separate sinks. There is even a large covered terrace, which is accessible from the grand living area, that overlooks the Blue Ridge Mountains.
$1,750,000

2372 NORTH CHESTERFIELD CT, CHARLOTTESVILLE, Virginia 22911

Residential

4Bedroom(s)
2Bathroom(s)
2,388Sqft
This lovingly maintained four bedroom home on a quiet cul de sac in Chesterfield is a must-see! You'll love the shady, fenced rear yard and screened-in porch with dual sided gas fireplace! The home features new carpeting and many renovations including the kitchen, and all bathrooms! The large living room and dining room to the right as you enter are an open, flexible space.
$450,000

304 PALATINE AVE, CHARLOTTESVILLE, Virginia 22902

Residential

2Bedroom(s)
1Bathroom(s)
638Sqft
Quaint 2 bedroom 1 bath home with parquet floors in the living areas. Kitchen with eat in space that connects to laundry/storage area. Enjoy the large fenced yard with area to enjoy your own fire pit. Near Quarry Park and Rivanna Trail Access. Belmont is convenient to I-64, PVCC, & Downtown C'ville. Sold As-Is.
$269,000

101 STUART PL, CHARLOTTESVILLE, Virginia 22903

Residential

2Bedroom(s)
3Bathroom(s)
70Picture(s)
3,171Sqft
Don't miss this Charming Classic home with a Slate roof, located at Ednam Forest Subdivision at the Boars Head Club. The Y shaped floorplan of this One-story home has huge rooms and wood floors throughout. As you enter the open design living and dining room, you will see has tall ceilings, large windows and extensive crown molding and a decorative gorgeous mantle around the masonry fireplace.
$1,250,000

103A EMPIRE ST, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
1,912Sqft
NOW SELLING FOR FALL 2022! Introducing Charlottesville’s newest community, Berkmar Overlook! The Caroline features maintenance-free main-level living with a 2-car garage. Plus, an open-concept spacious great room and gourmet kitchen featuring a large island, granite counters, stainless steel appliances, and luxury vinyl plank flooring.
$464,990
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