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)
49Picture(s)
2,087Sqft
Welcome to the Grove at Brookhill, a quiet NEW neighborhood nestled in the woods with all the conveniences of Route 29 North in Charlottesville. The Redwood is now available to customize for a Summer 2024 delivery! This earth-friendly, farmhouse-style home has a generously sized kitchen with a walk-in pantry and drop zone from the attached 2 car garage for added convenience.
$684,900

1316 CHESAPEAKE ST, CHARLOTTESVILLE, Virginia 22902

Residential

2Bedroom(s)
1Bathroom(s)
18Picture(s)
892Sqft
JUST LISTED INVESTMENT PROPERTY WITH NEW ZONING LAW CITY allows 3 units to be built & leave current home on premises which sold as is . OPEN HOUSE SUNDAY 1-3 Cute cottage and great location walk to restaurants & walk to Meade Park pool just down street. please refer to letter from city regarding new law and build rights in docs .If delete cottage then only 2 units can be built .
$499,900

4020 DICK WOODS RD, CHARLOTTESVILLE, Virginia 22903

Land

13Picture(s)
37.16Acre
Opportunity to purchase 3 estate caliber parcels (22 acres, 6 acres and 7 acres) in a highly sought after Ivy area. Minutes to Charlottesville with great views of the Ragged Mountains. Perfect as a family compound or build on one and sell the extra lots. Henley and Western Albemarle School districts. Large, spring-fed pond on the 22 acre parcel. Parcels plated and perked.
$1,050,000

85 SHELTON MILL RD, CHARLOTTESVILLE, Virginia 22903

Residential

3Bedroom(s)
2Bathroom(s)
39Picture(s)
1,624Sqft
Stunning 19.15 Acre property in desirable Western Albemarle County location with amazing year-round views. The home has great bones with solid brick exterior. The homes features 3 bedrooms and 2 full baths, hardwood floors throughout most of the main level. The home features a spacious sunroom to enjoy the wonderful mountain views.
$895,000

106E CLIFFSTONE BLVD, CHARLOTTESVILLE, Virginia 22901

Residential

4Bedroom(s)
2Bathroom(s)
40Picture(s)
2,442Sqft
The Kempton single-family design features a light-filled 2-story great room, 3-5 bedrooms, 2.5-4.5 baths, and a covered front porch. The versatile kitchen design includes granite countertops, maple cabinetry, and stainless steel appliances.
$704,900

106D CLIFFSTONE BLVD, CHARLOTTESVILLE, Virginia 22911

Residential

4Bedroom(s)
4Bathroom(s)
32Picture(s)
2,652Sqft
The MULBERRY showcases an open concept design with three bedrooms each with a full bathroom on the main level. A stunning great room with vaulted ceiling and optional fireplace open to the expansive kitchen and dining room. Upstairs an additional bedroom, full bathroom and loft area with an option for 5th bedroom.
$734,900

106C CLIFFSTONE BLVD, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
3Bathroom(s)
31Picture(s)
1,996Sqft
True main level living, with a primary suite, kitchen, great room, two additional bedrooms (full baths en suite), and laundry all on one level. The kitchen features granite countertops, maple cabinetry, and stainless-steel appliances. The Azalea also offers additional choices including a covered or screened rear deck or patio, and multiple exterior architectural designs.
$699,900

106B CLIFFSTONE BLVD, CHARLOTTESVILLE, Virginia 22911

Residential

3Bedroom(s)
2Bathroom(s)
33Picture(s)
2,147Sqft
The Kempton single-family design features a light-filled 2-story great room, 3-5 bedrooms, 2.5-4.5 baths, and a covered front porch. The versatile kitchen design includes granite countertops, maple cabinetry, and stainless steel appliances.
$679,900

160A CLIFFSTONE BLVD, CHARLOTTESVILLE, Virginia 22911

Residential

4Bedroom(s)
3Bathroom(s)
46Picture(s)
2,795Sqft
The Addison single-family design is a sizeable home featuring 4-5 bedrooms, 3.5-5.5 baths, a large primary bedroom suite, jack and jill bath, and a covered front porch. The thoughtfully designed kitchen features granite countertops with a large island, maple cabinetry, oversized windows, and stainless steel appliances.
$724,900

B1-3 DICK WOODS RD, CHARLOTTESVILLE, Virginia 22903

Residential

4Bedroom(s)
3Bathroom(s)
33Picture(s)
2,850Sqft
The Vienna features 10' ceilings and a large open living area. There are 3 bedrooms, 2.5 baths on the main floor with a bonus bedroom and full bath above the garage. The walk-in pantry is a great compliment to the chef's kitchen. The primary suite has direct access to the large laundry room that comes with a built-in workstation.
$1,273,000

1704 OLD BROOK RD, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
8Picture(s)
3,298Sqft
Two older homes on this lot. PROPERTY IS DEVELOPABLE. Currently zoned R-2 Residential. Beautiful, flat to sloping terrain, wooded area in central portion of property ideal for road with homes on both sides. A BUILDER and DEVELOPER WILL CREATE SOMETHING SPECIAL HERE. County GIS is incorrect. The GIS has this property at 9.8 acres and the GIS map only shows about 2.5 acres. Actual parcel is 7.
$995,000

23 THICKET RUN DR, CHARLOTTESVILLE, Virginia 22903

Residential

3Bedroom(s)
2Bathroom(s)
57Picture(s)
2,075Sqft
The Chesapeake floorplan on homesite 23 offers private rear views, walkout basement and first floor primary suite.
$724,900
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