18 W. Franklin Street is a fully legal five-unit building in the heart of Downtown Richmond. The property carries a special zoning designation permitting five short-term rental units--an uncommon approval in the City of Richmond and a meaningful barrier to entry.
Currently configured as five one-bedroom apartments, the building includes five designated parking spaces, a distinct advantage in this location. Renovated in 2020, it offers updated systems and interiors. Energy-efficient replacement windows were installed in 2022, enhancing performance and comfort. A monitored fire sprinkler system meets current code requirements.
With a Walk Score of 97, the property is steps from Downtown, VCU, VCU Medical Center (MCV), the Arts District, The Commonwealth Club, and The Common House. Dining, employment, and cultural venues are within easy reach.
**Investment Profiles**
**1. Legal Short-Term Rental Asset**
Compliant, income-producing property in a market where approvals are limited. Proximity to VCU, state government, and Downtown employers supports consistent occupancy from business travelers, visiting faculty, and medical professionals. Recent improvements support efficient operations with minimal near-term capital needs.
**2. Long-Term Multifamily Investment**
The location supports steady demand from professionals, graduate students, and hospital staff. One-bedroom units in a walkable Downtown setting with dedicated parking remain highly desirable. Updated interiors and systems reduce turnover and maintenance exposure.
**3. Condominium Conversion Opportunity**
The layout and location support a boutique condominium conversion. Demand for centrally located one-bedroom residences remains strong among first-time buyers, professionals, and downsizing owners seeking proximity to work and amenities. Existing renovations and window upgrades position the property closer to condominium-grade standards.
Photos and Matterport coming 2/16
