Residential Property Management Firm in Richmond

Not Disclosed, VA
Richmond City County

Asking Price: Annual Revenue:
$300,000 $300,000

Commercial Real Estate: Non-classifiable

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RE: Residential Property Management Firm in Richmond Broker: Gavin Raphael
Owner Financing is Available!

Quick Facts

Asking Price: $300,000
Annual Revenue: $300,000
Net Profit: $5,000
Cash Flow: Not Disclosed
Total Debt: Not Disclosed
FF&E: $10,000
Real Estate: Not Disclosed
Year Established: Not Disclosed
Employees: 4
BBN Listing #: 345248609
Broker Reference #: Not Disclosed

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Business Overview:

Light & Raphael is pleased to offer a residential property management company for sale in the Richmond area. Services include: tenant sourcing and approval, periodic property inspections, oversee property maintenance, accounting for deposits, handling complaints, etc. The owner is largely absent from the day to day running of the business. The owner is the broker of record and is willing to maintain that role in the short-term. The company focuses on ‘higher-end’, premier properties.

They are dedicated to providing the highest quality of service to each and every one of their properties. Tenant renewal rates are approximately 70% and there are less than 1% delinquencies. The business has not been impacted by COVID. Current occupancy rates are in excess of 96%.

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Property Features and Assets:

Office is leased. Current lease expires in March, 2021.

Market Competition and Expansion:

The American property management industry generates around $88 billion in revenue each year. The industry has been growing at an annual rate of 2.5% for the last five years.

Reason for Selling:

Owner wishes to retire.

Additional Details:

  • The property is leased.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.

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