Icon Studio Apartments — Sale in Bristol, VA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Bristol, VA 24202

Photos

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Investment Figures

Cap rate
6.23%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap has been selected to exclusively market for sale the Icon Studio Apartments in Bristol, VA. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in a growing regional economic hub. This offering provides investors the opportunity to acquire a well-located multifamily asset with meaningful upside through improved operations and stabilization. The property is currently operating below market potential, creating an opportunity to increase cash flow through more efficient expense management and stronger day-to-day operations. Its studio-focused unit mix serves a segment of the rental market that continues to see steady demand, while limited competing supply supports long-term occupancy fundamentals. With a basis well below recent valuation benchmarks and upside that can be realized without a major renovation program, the property presents a straightforward value-add opportunity in the Bristol market. Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing. At no point should tenants or staff be contacted regarding the sale of the Icon Studio Apartments. Investment Highlights: • Recently renovated 61-unit workforce housing asset with upside through operational improvements and stabilization. • Current ownership has spent $1,252,812 on capital improvements in the past 36 months. • All 60 units were fully renovated in 2024, which included: new flooring (vinyl plank flooring), paint, vanity, cabinets, appliances, exterior doors, HVAC, and light fixtures. • HVACs consist of Electric PTAC units (All Replaced in 2024). • Opportunity for new ownership to bill ba

Market Context

This multifamily in Bristol, VA is listed for sale. It is offered at an approximate 6.2% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Bristol, VA — view the full market.

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