One South Commercial is pleased to present for sale the historic mixed-use building at 1316-18 E Cary St in Shockoe Slip. The three-story building offers 8,036 square feet of floor area occupied by two commercial tenants on the first level, and four apartments on the upper levels. The building was constructed in 1870 in the traditional architectural style that makes Shockoe Slip one of the most distinctive downtown areas in Richmond. Large six-bay storefront doors and windows, brick corbeled cornice, and segmental arched openings are prominent characteristics of this unique building. With these features, it is unsurprising that 1316-18 E Cary St is one of the original contributing buildings in the establishment of Shockoe Slip as a National Historic District in 1972.
The building’s two commercial spaces are currently leased to prominent restaurants–one of which is a national chain. The smaller restaurant occupies 1,265 SF while the larger, national restaurant occupies 1,700 SF. These restaurants enjoy high visibility and high volumes of automobile and foot traffic from residents, students, professionals, and tourists that flock to the area to make this portion of East Cary St such a lively neighborhood. Both commercial spaces are also fully leased until 2024.
The four large apartments on the upper levels are 2 bedrooms/ 1 or 2 bath units spanning 800 to 950 SF of floor area. The units on the top floor both have generous lofts and large outdoor roof terraces. Each unit has been continuously occupied. The units feature exposed brick tall ceilings, large windows, and timber framing. Rooftop terraces also provide open space and a distinctive amenity for the residents. For much of Richmond’s history, Shockoe Slip has been one of the City’s most important areas. Once the center of commerce in Richmond and almost completely destroyed during the Civil War, it is now one of the most successful examples of the effort to promote urban historic restoration and preservation. Today, Shockoe Slip enjoys a prominent position as a center for entertainment, shopping, history, and tourism. This listing is a great opportunity for an investor searching for a mixed-use asset with prominent commercial tenants in this unique neighborhood.
|Addl. Features||-Mixed Use: 2 Commercial + 4 Apartments