Lincoln Mews Apartments: 245-Unit Affordable Housing Investment Opportunity in Richmond, Virginia

Marcus & Millichap is pleased to present Lincoln Mews Apartments, a 245-unit garden-style multifamily community located at 4101 North Avenue in the North Richmond/Highland Park submarket of Richmond, VA. Built in 1970 and rehabilitated in 2010, this 10.07-acre Low-Income Housing Tax Credit (LIHTC) property offers a diverse unit mix of one-, two-, three-, and four-bedroom floor plans totaling 195,825 rentable square feet across 19 buildings plus a community center.

Operated by Better Housing Coalition, a Richmond-based nonprofit, Lincoln Mews sits within the extended use period of its LIHTC regulatory agreement, which runs through 2039 — providing long-term income stability for investors. Units are income-restricted at 40%, 50%, and 60% Area Median Income (AMI), with current rents approximately 16% below the LIHTC maximum, signaling embedded rent growth potential without triggering compliance issues.

This offering represents a compelling value-add multifamily investment: current water and sewer expenses run well above market norms due to plumbing inefficiencies, and an experienced operator can realistically cut this expense category by nearly half through targeted capital improvements — a clear, quantifiable path to NOI growth. Combined with its below-market per-unit basis, proximity to Downtown Richmond, direct access to I-95, I-64, and U.S. Route 1, and a location directly on a fare-free GRTC bus line, Lincoln Mews offers a durable, workforce-housing income stream with meaningful upside through professional asset management.

For investors seeking stabilized affordable housing assets in a supply-constrained Richmond multifamily market with strong demographic and employment tailwinds, Lincoln Mews delivers both downside protection and identifiable upside.

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