Property Summary
One South Commercial is pleased to present for sale 112-114 N Sycamore St in Downtown Petersburg. This listing consists of a four-story commercial building on Petersburg’s most prominent street. Sycamore St is famous for its art galleries, eclectic shops, restaurants, historic buildings, and apartments. Located right in all of this activity, this listing is within walking distance to Old Towne Petersburg and the Appomattox waterfront to the north.
The building was constructed in 1910 with a gross leasable area of 34,992 SF. A large retail storefront occupies the ground level and was the former location of the Cosmos clothing store. The upper floors are currently vacant and present an excellent opportunity for redevelopment into apartments to meet the rising demand of multifamily housing in Petersburg. Redevelopment of this building may also qualify for State and Federal Historic Tax Credits.
Growth at Virginia State University, Fort Lee, and other nearby major employers such as Amazon have greatly increased the demand for Downtown apartments. With the high demand, this listing offers a perfect opportunity for a low-cost acquisition with significant investment return potential.
The property is also strategically located in an Opportunity Zone to encourage long-term private investment in this Downtown neighborhood. A purchaser would be able to take advantage of significant tax benefits offered by this federal program to redevelop the property for various uses.
Recent revitalization efforts in Petersburg have transformed Downtown Petersburg into a vibrant neighborhood. Take advantage of this opportunity to invest in this remarkable urban and historic neighborhood.
PROPERTY DETAILS
| Leasable Area | 34992 sq. ft. |
|---|---|
| Road Frontage | N Sycamore St |
| Zoning Desc. | B-3 Business |
| Co-broker Fee | Yes |