Almost the entire 1800 block of E Broad Street is in the hands of new owners thanks to the persistence of One South Commercial. Agent Ryan Rilee represented a single seller who held three buildings on the block and was looking to cash in on the rising demand in the neighborhood.
The most recognizable property in the portfolio fronts E Broad Street just before the road ascends into Church Hill. Once home to public baths, the building at 1801 E Broad Street is a designated Historic landmark. Converted into office space, fully leased at above market rates, and zoned B5, the property drew plenty of attention even before it hit the market. The commercial property right next door added additional value to the portfolio.
Around the corner at 211-215 N 18th Street, three 1850’s rowhouses offer a glimpse into the original style of the Shockoe Bottom neighborhood. Renovated using historic tax credits, the buildings now house apartments and three commercial tenants. As the tax credits were nearing their expiration, the owner saw the upward trend of Shockoe and decided the time was right to sell.
While all three properties offered tremendous opportunity, there were a few unique aspects that required some more careful navigation. The previous owner of the property had granted multiple easements to current tenants and the buildings were not laid out in a cut and dry multi-family or office style. Drone footage provided a clearer perspective of the unique layout and Rilee walked prospective buyers carefully through the easements, explaining how each could be used for their benefit. This comprehensive guidance insured that the promise of this opportunity was clear to potential buyers.
Ultimately, two separate buyers purchased the property. The rowhouse apartments on 18th were purchased by a buyer from DC, while the historic bathhouse and retail facing West Broad went to a California-based buyer. With the help of Ryan Rilee and the One South Commercial team, both buyers now have a stake in one of Richmond’s most promising neighborhoods.
