Navigating off-campus student housing near major universities requires balancing proximity, layout functionality, and monthly cost. 112 Montebello Circle stands as a prominent multi-family residential property located in Charlottesville, Virginia (zip code 22903), just blocks away from the University of Virginia campus and the historic Jefferson Park Avenue corridor. Built in 1984 and spanning over 8,500 square feet across a 0.48-acre lot zoned under R-3 guidelines, this address offers functional multi-bedroom configurations designed primarily for student renters and long-term tenants seeking immediate access to academic and medical hubs.
Understanding the real estate dynamics, leasing structures, and neighborhood context of this property helps prospective renters and local housing researchers evaluate its long-term utility. This guide breaks down the physical layout, local infrastructure, rental market metrics, and key considerations for anyone examining this specific residential address.
Property Specifications and Physical Layout
The physical structure at 112 Montebello Circle operates as a multi-family residential asset featuring multi-bedroom apartment units tailored to student groups.
- Total Building Size: Approximately 8,502 square feet across two stories.
- Lot Size: 0.48 acres (20,996 square feet) with medium-density R-3 zoning.
- Configuration: Typical floor plans feature multi-bed setups, such as two-bedroom and larger grouped arrangements, with standard monthly lease rates averaging around $1,200 per bedroom.
- Amenities: Includes central air conditioning, shared laundry facilities, and designated surface parking for residents.
The building's construction emphasizes shared communal spaces combined with private bedroom areas, accommodating standard 12-month lease cycles that align with the academic calendar of the University of Virginia.
Neighborhood Context: Jefferson Park Avenue Corridor
Location dictates the value of properties in central Charlottesville. Situated near Jefferson Park Avenue (JPA), 112 Montebello Circle sits within walking distance of athletic facilities, academic buildings, and local retail centers.
Walkability and Transit Access
Transportation metrics for the JPA neighborhood reveal specific daily living patterns:
- Walk Score: Approximately 64 out of 100, categorized as somewhat walkable for daily errands and campus commutes.
- Transit Access: Local bus routes operated by Charlottesville Area Transit and University transit systems service nearby stops, reducing reliance on private vehicles.
- Bikeability: Scoring around 65 out of 100, the terrain features moderate inclines typical of the central Virginia piedmont region.
Proximity to the Ivy Square Shopping Center and local dining strips along JPA ensures tenants can access grocery stores, coffee shops, and essential services without a lengthy commute.
Financial Metrics and Tax Assessment History
Evaluating real estate in the 22903 zip code requires looking at historical valuation and municipal tax burdens. County property records indicate significant valuation milestones for the parcel.
- Last Recorded Sale: Sold in October 2018 for $2,810,000, reflecting a price of approximately $331 per square foot for the multi-family structure.
- Annual Property Taxes: Assessed municipal taxes approach $27,877 annually based on recent local reassessments, mirroring broader market appreciation across Charlottesville's urban ring.
- Rental Structure: Leases often incorporate utility bundles covering high-speed internet, waste management, and water, alongside baseline security deposits and application fees.
Common Mistakes When Evaluating Off-Campus Multi-Family Units
Renters and prospective buyers often overlook critical operational details when inspecting multi-family buildings in dense university zones.
- Ignoring Utility Allocation: Failing to calculate shared utility caps or monthly utility bundles can inflate your actual monthly housing expenditure by 10 to 15 percent.
- Neglecting Parking Restrictions: Central Charlottesville enforcing strict permit parking means tenants must confirm dedicated on-site parking availability before signing leases.
- Overlooking Lease Co-Signer Requirements: Student housing properties frequently require parental guarantors or substantial security deposits due to the multi-tenant lease structure.
Frequently Asked Questions
Where is 112 Montebello Circle located?
The property is situated at 112 Montebello Circle, Charlottesville, VA 22903, nestled in the Jefferson Park neighborhood near the University of Virginia.
What type of zoning applies to this property?
The parcel falls under R-3 (Multifamily Residential) zoning, which permits medium-density residential housing and multi-family apartment uses.
How far is the property from the University of Virginia campus?
It is located roughly one mile from central campus grounds, translating to a 15 to 20-minute walk or a brief transit ride.
What are the typical lease terms for units at this address?
Units generally operate on standard 12-month lease agreements commencing in August to coincide with the academic year.
