NNN Mixed-Use Opportunity
712 Grove Avenue Petersburg Virginia 23803
$780,000
One South Commercial is pleased to offer 712 Grove Ave, a mixed-use property located in the heart of historic Petersburg, VA. The property consists of 4 residential units and one NNN commercial space. Close by, you will find the ever-growing Virginia State University, U.S. Army base Fort Lee, Amazon Fulfillment Center and other major employers in the Tri-Cities area, situated within the I-95 corridor and Richmond MSA.
712 Grove Ave features four historic loft apartments and one commercial retail space, currently occupied by a local barbershop. The building houses three 1-bedroom/1-bathroom units and one 2-bedroom/2- bathroom unit. Completely redeveloped using historical tax credits, all units feature premium finishes and historic charm, including stainless steel appliances, tall ceilings, and hardwood flooring. Residents can enjoy the in-unit washer and dryers and ample off-street parking. All residential units are individually metered for electricity. The property is prime for short term rental opportunities. The historic redevelopment 712 Grove Ave has brought forth a truly unique asset that is perfect for an investor looking to acquire a stabilized mixed-use property. Now is the perfect time to purchase property or grow your portfolio in the ever exciting Petersburg market.
ABOUT PETERSBURG, VA
Petersburg is officially home to the upcoming Live! Casino and Hotel creating the regions first dedicated gaming and entertainment district.
PROJECT HIGHLIGHTS:
• More than 400,000 square feet of first-class gaming, hotel,
dining and entertainment space
• An upscale 200-room hotel featuring 20 suites, resort pool
and fitness center
• 1,600 slots and electronic table games and 61 live action table
games including a 15-table poker room
• 3,000 person state-of-the-art event center for top name
entertainment, meetings, conventions and social gatherings
• High limit slot & table areas, sportsbook and dedicated
smoking terrace
ECONOMIC HIGHLIGHTS:
• $2.8 billion in economic stimulus to Petersburg
• $504 million in tax revenues including $240 million to the City
• $802 million in economic benefit during construction
• $201 million in annual economic impact each year after opening
• Over 7,500 new construction and permanent jobs
• Average compensation of $70,000 with benefits
Justin is a seasoned commercial real estate expert with over 15 years worth of experience. Having a widespread knowledge of the Richmond real estate market, Justin is comfortable handling many types of transactions, but his primary practice areas are multifamily and investment sales. Justin possesses a commanding knowledge of Richmond’s rental market, providing his clients with in-depth analysis of the competitive landscape and value-added solutions. Justin is a Richmond native and a graduate of Virginia Commonwealth University.
Isaac is a Virginia native who grew up in a small community in the Northern Shenandoah Valley. From this rural setting, he attended the University of Virginia and earned a degree from the Woodrow Wilson School of Politics. After graduation, he entered the uniquely demanding world of politics working as a consultant at both the state and national levels. He now brings the same approach that generated a number of successes on the campaign trail to multifamily and investment brokerage. With the same infectious energy, Isaac actively focuses his effort to help clients plant or expand their roots within the greater Richmond community and beyond.
DISCLAIMER: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative. *Information provided deemed reliable but not guaranteed
