Listings update live from CVRMLS · Profile last reviewed July 2026
Ashley Terrace is the most affordable ownership in this catalog, and it is also the most structurally unusual. Of the complex’s 176 units, 66 were converted to condominiums and 110 are still operating as apartments. That is not a temporary condition — the conversion stopped in 2008 and there are no current plans to finish it. Understanding that single fact explains almost everything else about this address: the price, the speed of sales, and the financing.
Insider’s view — any red flags?
Start with financing, not the unit. In a complex that is 66 condos and 110 apartments, the owner-occupancy and investor-concentration ratios that conventional and FHA underwriting care about are structurally difficult — and that, more than condition, is what governs your buyer pool on the way in and on the way out. Find out what has actually closed here recently and how those buyers paid. If the answer is mostly cash, price accordingly and plan your exit around the same reality.
Red flags: The partial conversion is the headline risk, and it cuts several ways: financing options are narrow, the condominium association governs only a portion of a complex it does not fully control, and decisions about the shared site — parking, pool, grounds, exterior — involve an apartment owner whose interests are not necessarily aligned with the condo owners’. Read the condominium instruments carefully to understand exactly what the association owns and what it merely shares. Beyond that, verify reserve funding: the dues are low for a sixty-year-old building — low enough to ask whether long-term capital items are funded or deferred.
History
Ashley Terrace was built in the early 1960s and held by a single owner for its entire first four decades — an unusually stable ownership history for a garden apartment complex of this size, and part of why it stayed in good condition. In the early 2000s a new ownership group bought the complex with a plan to convert all 176 units to condominiums phase by phase. The thesis was straightforward and, at the time, a good one: Henrico County had very little genuinely affordable ownership product, and this was a well-maintained complex in a location that was better than its price suggested. The developers went unit by unit — paint, carpet, granite, new cabinets, new appliances — and brought them to market at roughly $89,000 to $120,000. Then 2008 happened. The collapse did not damage demand so much as it removed the ability to finance it — the lending sources that entry-level buyers at this price point depended on simply stopped. Sales halted where they stood. Sixty-six units had been converted and sold as condominiums. The remaining 110 reverted to operating as apartments, and they still do. The conversion may eventually resume; as of now, nothing is planned.
Design & units
Five buildings along Crenshaw Road, low-rise garden style, 1962–63 construction. One-, two-, and three-bedroom floor plans, running roughly 730 to 1,300 square feet with a median near 885. The converted units carry the mid-2000s renovation package — granite, updated cabinetry and appliances. The layouts are simple and efficient, with very little wasted circulation, which is why the square footage lives larger than the number suggests. The complex has a pool and generous surface parking — the latter genuinely uncommon at this price point.
Neighborhood
The location is the most underrated thing about this address. From Crenshaw Road you are one traffic light from I-95, north or south — that is a commute profile most Richmond neighborhoods at three times the price cannot match. The surrounding Lakeside corridor has meaningful investment happening both north and south of the complex, and you are minutes from Bryan Park, the Bellevue and Ginter Park corridors, Scott’s Addition, and downtown.
What sets it apart
There is real, consistent demand here and units tend to move quickly — almost entirely on price. In a metro where the median condo now trades well into the $300,000s, Ashley Terrace remains one of the last addresses where ownership is reachable for a buyer who would otherwise be renting indefinitely. The trade-offs are real, but so is the entry point.
See it in context
Open full 3D view in Google Maps → · Photorealistic 3D Tiles via Google Maps Platform · coords from MLS-median (30 listings).
Available now
2 active · live from CVRMLS
Type & features
- Height
- Low Rise
- Parking
- Parking lot
- Amenities
- Pool
Recent sales
| Address | Beds / Baths | Sq Ft | Sold | Price |
|---|---|---|---|---|
| 5614 Crenshaw Rd Unit#1021 | 1 / 1 | 730 | Jun 2026 | $120,000 |
| 5610 Crenshaw Rd Unit#1221 | 1 / 1 | 730 | Jan 2026 | $114,500 |
| 5612 Crenshaw Rd Unit#1132 | 2 / 1 | 885 | Jul 2025 | $130,000 |
| 5612 Crenshaw Rd Unit#1134 | 1 / 1 | 730 | Jun 2025 | $100,000 |
| 5612 Crenshaw Rd Unit#1122 | 2 / 1 | 885 | Apr 2025 | $195,000 |
| 5614 Crenshaw Rd Unit#1013 | 1 / 1 | 730 | Dec 2024 | $130,000 |
| 5618 Crenshaw Rd Unit#823 | 2 / 1 | 908 | Nov 2024 | $170,000 |
| 5608 Crenshaw Rd Unit#1334 | 2 / 1 | 945 | Jul 2024 | $193,000 |
| 5614 Crenshaw Rd Unit#1012 | 2 / 1 | 885 | Jun 2024 | $126,500 |
| 5616 Crenshaw Rd Unit#932 | 2 / 1 | 885 | Mar 2024 | $129,950 |
Frequently asked
Where exactly is Ashley Terrace?
5610 Crenshaw, 23227. In the Lakeside neighborhood.
When was Ashley Terrace built?
Ashley Terrace dates to 1963.
How many units are in Ashley Terrace?
Ashley Terrace is a 66-unit condominium regime in Lakeside.
What are the HOA dues at Ashley Terrace?
HOA dues at Ashley Terrace run roughly $135–$200 per month, depending on the unit. Confirm the current figure with the HOA before relying on it.
