Available for $480,000

Beds: 12
Baths: 10

Year Built: 1959

3.3 Acre Lot​

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This will require a special use variance through the county for zoning

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*** DO NOT DISTURB. NO TRESPASSING. BY APPT ONLY***​​​

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This investment presents a rare, high-yield opportunity with a clear path to strong cash flow and long-term value. Close to attractions to make this a great location for opportunity! Kings Dominion less than 12 minutes away, Soak City Waterpark less than 13 minutes away, Lake Caroline less than 25 minutes making this ideal for those looking to stay and play!

 

Positioned as a boutique conversion project, the property offers immediate scale with a well-defined plan for income generation and minimal direct competition in the area. With a favorable entry point and proven short-term rental demand, this asset is ideal for investors looking to capitalize on a unique hospitality concept with both stability and upside. The combination of limited supply, strong projected returns, and flexible expansion potential makes this a standout addition to any portfolio.

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Phase 1 Construction Budget: $550k (mid-range boutique conversion)
Buyer’s Total All-In Cost: $1,030,000
Projected Stabilized NOI (Phase 1 Only): $179,500
Cap Rate on All-In: 17.43%

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Key Highlights:
• 9 units: 6 small studios ($120 ADR), 2 larger suites ($200 ADR), 1 premium 3BR apartment ($320 ADR)
• 55% conservative annual occupancy (AirDNA-validated; strong summer peaks 70–85%)
• Validated rates from AirDNA, outperforming nearby budget accommodations
• Extremely limited competition with only ~22 Airbnb listings in the immediate area
• 215-ft building with full-length gravel parking
• HVAC: Mitsubishi Mr. Slim mini-splits ($6,500/unit installed)
• Well and septic allowance included

 

Optional Phase 2 (5 RV Spots): +$168,000 construction → blended cap rate 18.32% (adds ~$40K NOI)
AirDNA Market Score: 72/100 — healthy growth, low supply, strong demand drivers

 

Strong value-add potential with projected 17%+ cap rate. Excellent cash flow and exit strategy in a low-competition market.​

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PID: 111-A-2

Legal Description: MT GIDEON PIEDMONT APTS