Situated in the Old Manchester District, this mixed-use building is surrounded by the best of urban life. Cafes, coffee houses, restaurants, breweries, art galleries, clothing stores, specialty food stores, etc. are all short walks away. The James River, and all its recreational and nature attractions, is blocks away. The Central Business District is close by, as is the VCU Health System Campus and the Virginia State Capital.
The owner-developers renovated the building 10 years ago using State of Virginia and Federal Historic Rehabilitation Tax Credits. These tax credits enabled the developers to take an old electrical company headquarters and transform it into a residential and commercial building. It was a total renovation with all new systems, windows, walls, roofs and kitchens and baths.
The building includes 14 loft style apartments, 3 commercial tenants, and a rear parking lot with 15 spaces. One of the commercial units also has a live-work situation where there is an apartment in the space. The commercial spaces have a good history of tenancy and have been a stable source of income. The apartments are always leased. A mix of one-and two-bedroom units, this building offers an investor a good upside as the rents are below market. With a little bit of capital, the building could see all the rents increase to the market rate. The asking price per unit is below market allowing an investor a nice return.