Real Estate Investing In The Charlottesville Area

Table Of Contents :

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)
2Bathroom(s)
15Picture(s)
2,478Sqft
Amazing opportunity to own a townhome in Huntington Village. Conveniently located near Boar's Head, UVA Law, Business, JAG schools, and easy access to Route 250. This 3 bedrooms, 2 & 2 1/2 bath unit features living room with fireplace, family room, kitchen, dining area, deck, and a master bedroom. Full finished walk-out basement with fireplace and 1/2 bathroom.
$379,000

9 HORIZON RD, CHARLOTTESVILLE, Virginia 22902

Residential

3Bedroom(s)
2Bathroom(s)
25Picture(s)
1,776Sqft
Welcome to Southwood, in Albemarle County. The Belmont, an open-concept floorplan, 1776 sq ft, with an unfinished basement and a covered front porch. The basement has space for an additional bedroom, bath, and recreation room/office.
$519,900

28 CALICO CT, CHARLOTTESVILLE, Virginia 22911

Residential

4Bedroom(s)
3Bathroom(s)
55Picture(s)
2,430Sqft
Ready December/January! Proffit Terrace is a new community located near Charlottesville airport, NGIC/DIA, grocery stores, schools, and restaurants on Route 29 North. This earth-friendly, farmhouse-style Interior Unit townhome will undoubtedly wow you.
$485,851

227 DOUGLAS AVE, CHARLOTTESVILLE, Virginia 22902

Residential

2Bedroom(s)
2Bathroom(s)
19Picture(s)
1,422Sqft
location location location!This cute two story house is in downtown Belmont, just steps away from the fun an bustle of the restaurant zone, but tucked away around the corneron a charming residential street (Douglas ave.) It has a versatile NCC zoning which makes it attractive to investors as well as potential owner occupants.
$570,000

110 ORCHID BND, CHARLOTTESVILLE, Virginia 22911

Residential

3Bedroom(s)
2Bathroom(s)
17Picture(s)
1,691Sqft
Luxury Townhome in Charlottesville’s newest community, Hollymead Towns! Boasting an incredibly convenient location just steps from dining, shopping & more at Hollymead Town Center, this 100% complete home features an open concept design with 3 bedrooms, including a spacious owner’s suite with private bath & walk-in closet, 2.
$389,990

1607 AMHERST ST, CHARLOTTESVILLE, Virginia 22903

Residential

3Bedroom(s)
2Bathroom(s)
23Picture(s)
1,708Sqft
Charming city home in the Venable School District. Large master bedroom with tall windows and huge walk-in closet. Open main floor plan with foyer, dining area, open living room room, wonderful, stainless steel, gourmet kitchen. 2.5 lovely baths. New roof in 2018, new HVAC in 2021, interior painted in 2022. New hot water heater in 2018.
$455,000

2394 SUMMIT RIDGE TRL, CHARLOTTESVILLE, Virginia 22911

Residential

4Bedroom(s)
4Bathroom(s)
55Picture(s)
5,347Sqft
Stunning 1 year old contemporary home in the sought after Ashcroft Community. The stone pillar flanked front entrance with bluestone floor respectfully complements the stately sapele mahogany door with 3 point lock system.
$2,190,000

12 VILLA DESTE DR, CHARLOTTESVILLE, Virginia 22903

Residential

4Bedroom(s)
3Bathroom(s)
38Picture(s)
2,915Sqft
Unique offering in this premier, established community on a wooded, walkout basement, 5 acre homesite, convenient to UVA and downtown. This 'Newport' plan offers an open floorplan with a stunning Great Room that boasts a cathedral ceiling and tons of windows to maximize natural light. Quality built 2x6 exterior walls, custom mahogany front door, R-19 insulation, and standing seam metal roof.
$1,249,900

1735 GOLDENTREE PL, CHARLOTTESVILLE, Virginia 22911

Residential

4Bedroom(s)
3Bathroom(s)
25Picture(s)
2,100Sqft
Welcome to this charming 4-bedroom, 3-bathroom home situated on a tranquil cul-de-sac in the highly sought-after Hollymead neighborhood. As you step inside, you'll be greeted by the bright and open living room with a vaulted ceiling, leading to the dining area and eat-in kitchen. This level also boasts a primary suite with an attached bathroom, a second bedroom, and an updated full bathroom.
$530,000

500 CRESTWOOD DR, CHARLOTTESVILLE, Virginia 22903

Residential

2Bedroom(s)
2Bathroom(s)
14Picture(s)
1,272Sqft
Bright and sunny third floor apartment with balcony in phase I of beautifully maintained University Village development. All appliances, including washer/dryer included. Wonderful amenities including dining room (additional fee), exercise room, game room, library and swimming pool. Apartment comes with underground garage parking space (accessed by elevator) and storage room.
$545,000

734 1ST ST, CHARLOTTESVILLE, Virginia 22902

Residential

2Bedroom(s)
1Bathroom(s)
37Picture(s)
1,176Sqft
This fully renovated farmhouse was carefully restored to honor its 1925-era history and is a true gem that offers both modern amenities and classic charm. Conveniently located, the home provides easy access to UVA hospital, Downtown, and the IX Art Park by walking or the city bus line. The hardwood floors throughout the home provide a warm and inviting feel.
$475,000

210 10TH ST, CHARLOTTESVILLE, Virginia 22902

Residential

1Bedroom(s)
2Bathroom(s)
17Picture(s)
1,150Sqft
The RANDOLPH located two blocks from Charlottesville's Historic Downtown Mall is a 5 Story Brick building with concrete and steel construction, garage parking, elevator access and large outdoor balconies. This condominium feels like a home with formal entry and large open great room. Offering beautiful custom finishes painted cabinetry, heavy interior doors, large windows and formal moldings.
$625,000
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