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

5Bedroom(s)
4Bathroom(s)
58Picture(s)
3,764Sqft
Investor opportunity. Ask about our model rent back program. The stunning Addison model in North Pointe features a welcoming front porch – a large light filled open concept home with 5 bedrooms, 4.5 baths, incredible primary bedroom suite with 2 closets stunning ensuite with frameless glass shower and separate soaking tub.
$899,900

31H THICKET RUN DR, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
35Picture(s)
2,158Sqft
North Pointe. Community clubhouse, pool, and abundance of amenities! Summer 2023 deliveries. The NEW Cismont floorplan boasts first floor living with the primary bedroom on the main level, vaulted ceiling and wood beam options, 3brs, 2.5 baths, home office, covered/screened porch options for great outdoor space! Choose your finishes with our professional designer! Energy efficient construction.
$690,400

31F THICKET RUN DR, CHARLOTTESVILLE, Virginia 22901

Residential

4Bedroom(s)
2Bathroom(s)
40Picture(s)
2,442Sqft
North Pointe Community. Now selling Summer 2023 deliveries. Community clubhouse, pool, and abundance of amenities! The Prescott floorplan boasts NEW exterior options, large front porch,4brs, 2.5 baths, home office, covered/screened porch options, and increase living space with the morning room option. Choose your finishes with our professional designer! Energy efficient construction.
$676,400

64G THICKET RUN PL, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
35Picture(s)
2,158Sqft
North Pointe. Community clubhouse, pool, and abundance of amenities! Summer 2023 deliveries. The NEW Cismont floorplan boasts first floor living with the primary bedroom on the main level, vaulted ceiling and wood beam options, 3brs, 2.5 baths, home office, covered/screened porch options for great outdoor space! Choose your finishes with our professional designer! Energy efficient construction.
$661,400

31E THICKET RUN DR, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
35Picture(s)
2,147Sqft
North Pointe Community. To be built for Summer 2023. Community clubhouse, pool, and abundance of amenities! The Kempton floorplan with unfinished basement features multiple NEW exterior options, 2-story great room, 3 BR, 2.5 baths with a 4th bedroom option. Home office space, covered/screened porch options, and, increase living space with the morning room option.
$661,400

218 BARNSDALE RD, CHARLOTTESVILLE, Virginia 22973

Residential

3Bedroom(s)
2Bathroom(s)
34Picture(s)
1,440Sqft
OPEN HOUSE SATURDAY 12-3PM & SUNDAY 1-3PM Well maintained ranch style home that offers one level living, hardwood floors, great large front deck, covered rear deck with tons of potential. 3 bedroom, 2 full baths and partially finished basement. Chimney never used since owning home.
$320,000

4301 VARICK ST, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
42Picture(s)
2,103Sqft
Rare, complete one level living in premium END UNIT Villa in DUNLORA PARK, close to downtown Charlottesville. Quality craftsmanship in this Pembroke Model by Evergreen Builders. 2 bedroom/ 2 bath with SUNROOM that is suitable as THIRD BEDROOM/home office. Relax in both a covered front porch and private, UPGRADED TREX deck with added new PERGOLA.
$589,000

112C MARSAC ST, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
26Picture(s)
1,907Sqft
This Caroline END UNIT VILLA backing to trees features maintenance-free main-level living with a 2 car garage, available for February 2023 move in! Plus, an open-concept spacious great room and gourmet kitchen featuring a large island, granite countertops, stainless steel appliances, and luxury vinyl plank flooring. Main-level owner’s suite with private bathroom and walk-in closet.
$432,985

112B MARSAC ST, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
26Picture(s)
1,912Sqft
Berkmar Overlook, featuring maintenance-free main-level living with a 2-car garage. This Caroline Floorplan boasts an open-concept spacious great room and gourmet kitchen featuring a large island, granite countertops, stainless steel appliances, and luxury vinyl plank flooring. Main-level owner’s suite with private bathroom and walk-in closet.
$409,990

109B EMPIRE ST, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
26Picture(s)
1,912Sqft
Berkmar Overlook, featuring maintenance-free main-level living with a 2-car garage and a 10x16 patio. This Caroline Floorplan boasts an open-concept spacious great room and gourmet kitchen featuring a large island, white cabinets, granite countertops, stainless steel appliances, oak stairs, and luxury vinyl plank flooring. Main-level owner’s suite with private bathroom and walk-in closet.
$411,420

111B MARSAC ST, CHARLOTTESVILLE, Virginia 22901

Residential

3Bedroom(s)
2Bathroom(s)
19Picture(s)
1,717Sqft
Introducing the Calvert at Berkmar Overlook, featuring maintenance-free main level living in the heart of Charlottesville! The Calvert boasts an open-concept design with 2-car garage, spacious 1st floor owners suite and gourmet kitchen with granite, stainless appliances & luxury vinyl plank. Enjoy a private 1st floor owner’s suite with walk-in closet and private bath with dual vanities.
$399,990

1508 TRAILRIDGE RD, CHARLOTTESVILLE, Virginia 22903

Residential

4Bedroom(s)
3Bathroom(s)
23Picture(s)
2,407Sqft
This home is located in the highly desired Johnson Village neighborhood known for privacy and short distances to every amenity Charlottesville has to offer. With just a little TLC this diamond in the rough located in a diamond location can sparkle and shine.
$485,000
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