Shockoe Bottom Mixed Use Opportunity
One South Commercial is pleased to present the 17th and Franklin St. portfolio, an exciting investment opportunity in Richmond’s rapidly revitalizing historic Shockoe Bottom neighborhood.
This rare offering, which makes up the hard corner of N. 17th St. and E. Franklin St., includes six (6) parcels spanning 0.256 acres and features approximately 13,565 SF of prime restaurant, office, and apartment space. The property’s corner is made up of five (5) parcels which include four (4) 2-story mixed use buildings in addition to a corner 3-story building, originally constructed between 1850 and 1924, all featuring highly visible ground floor restaurant and retail space with substantial frontage along the recently renovated 17th St Farmer’s Market.
The offering’s sixth parcel is a 15 car surface lot and is conveniently located across the street from the bulk of the properties at 1704 E Franklin. With flexible B-5 zoning, the 17th and Franklin portfolio offers a dynamic scaled investment opportunity with a range of long term redevelopment and strategic positioning options, all within walking distance to some of Richmond’s most highly recognized landmarks and most popular tourist destinations.
The 7,157 SF ground floor restaurant spaces of the properties are collectively occupied by long term iconic neighborhood institutions, Lulu’s and Tio Pablo. The restaurants include three (3) commercial kitchen spaces, plenty of interior dining space, a satellite bar/event space, and a substantial outdoor patio in front of Lulu’s.
The properties’ 2nd and 3rd floors have significant upside potential for diverse income streams. They include approximately 5,114 SF of thoughtfully renovated creative office space, currently vacant, divisible, and available for lease or for immediate occupancy for an owner user, a former 2 bed/1 bath apartment, currently utilized as restaurant storage and administrative space for the restaurants, as well as a beautiful 1 bed/1 bath short term rental apartment with great rental history. The income potential for the upper floors of the property are substantial and provide an ideal opportunity for either an office owner occupant or an investor developer seeking a property with flexible use applications for years to come.
Located just a block away from Richmond’s downtown transit hub, Main Street Station, and within walking to distance to MCV, the James River, the Canal and plenty of premier dining and entertainment options, this offering is an opportunity to build an investment with place-making potential in the center of one of Richmond’s most historic and culturally rich neighborhoods.
|Parcel ID||E0000108048, E0000108063, E0000108062, E0000108050, E0000130030, E0000108001|
|Road Frontage||17th & E Franklin St|