Nestled in Petersburg’s premier Walnut Hill neighborhood is 1676 S Sycamore Street. This 36-unit redevelopment opportunity is prime for an investor looking to dive into the Petersburg market or expand their portfolio with a potential top class asset. The property is located within a voluntary historic district; making it eligible for historic tax credits.
This campus-oriented property boasts five separate buildings, originally constructed in 1936, with full brick construction and slate roofs. The property includes a mix of 2-bedroom/1-bath and 1-bedroom/1-bath units with select floor plans featuring a separate dining area. Many units have retained original features such as hardwood floors, ample closet space, and built-in shelving. The center of the campus features large amounts of green space and potential off-street parking.
Currently, only 20 units are operational with all tenants on month-to-month leases. The remaining 16 units vary in condition with some partially renovated and others needing full renovations. Structural work will need to be conducted in one of the buildings.
1676 S Sycamore St is a prime opportunity to own a rare multi-family property in the well established Walnut Hill neighborhood. Now is the time to put your mark on the ever growing Petersburg, VA.
- Historic tax credit eligible
- All brick construction
- Ample green space
- Neighborhood location