Lake Park & Ratliff — Sale in Richlands, VA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Richlands, VA 24641

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Investment Figures

Cap rate
7.95%

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 Lake Park & Ratliff in Richlands, Virginia. This offering provides investors the opportunity to acquire a 33-unit value-add multifamily package in a stable Southwest Virginia workforce market with limited competing supply. Lake Park & Ratliff consists of 33 units held on a single 3.35-acre parcel across 210 and 220 Litton Avenue and 100 and 106 Ratliff Street, built in 1965 and 1975. The property features a diverse mix of one-, two-, and three-bedroom floorplans with washer and dryer connections, drawing from a broader renter base than single-plan product in the market. Recent capital improvements include a full roof replacement on 210 Litton and three heat pump replacements within the past year, reducing near-term capital needs. With in-place rents averaging $629 against pro-forma rents of $717, the asset is positioned to deliver stable cash flow with remaining upside through continued lease trade-outs and operational improvements. 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 Lake Park & Ratliff. Investment Highlights: • Current Ownership has spent approximately $55,350 on capital expenditures in the past year. • 33 units across four addresses on a single 3.35-acre parcel. • Diverse unit mix of consisting of 1, 2, and 3 bedroom units. • Washer/dryer connections in units • Roof replaced on 210 Litton in 2025 and three heat pumps replaced the same year, reducing near-term capital needs. • Current average rent of $629 against pro-forma of $717, or roughly 14 percent of in-pl

Market Context

This multifamily in Richlands, VA is listed for sale. It is offered at an approximate 8.0% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Richlands, VA — view the full market.

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