845 Racoon Ridge

Description

*** Please view the Offering Memorandum in the Documents tab for additional information*** Introducing a unique opportunity to purchase an established, income-generating rental opportunity of two single-family homes on five lots in Albemarle County totaling 121.29 acres. The five lots within this opportunity offer 12 additional divisional rights for buildable homes. Minutes from the Tasting Room & Tap House at Mount Ida Reserve and downtown Scottsville, the Farms at Jefferson Mill is a beautiful neighborhood of colonial homes situated over 250 acres of rolling hills with extensive road and river frontage. The homes are thoughtfully constructed with similar footprints for easy management. Each home occupies its own platted, 20-acre lot and boasts hardi-plank siding, 2,100 square feet of living space, 4 bedrooms, 2.5 baths, attached 2 car garage, 20 x 12 deck and an 1,100 square foot unfinished walk-out basement roughed in for an additional bedroom and bathroom. In addition to the existing homes, the assemblage offers four additional buildable lots plus another 12 development rights on the remainder of the acreage for a total of 16 additional homes that can be constructed by-right. Existing infrastructure (underground electric and fiber) are in place. The entirety of the opportunity at The Farms at Jefferson Mill, which includes nine total single-family homes currently generates approximately $277,000 of rental income annually. With the opportunity at 845 Racoon Ridge, a grouping of two of these consecutive homes are offered, which generate $55,000 pro forma rent. Additional by-right developments offer extensive upside for a rarified investment opportunity.