FOR SALE | 20, 110 W Bank St, 110 W Tabb St Petersburg, VA 23803
About This Property
One South Commercial is honored to present the Charles Leonard Hardware Co. Building to the market. Situated in Petersburg’s Old Towne Historic District and in an Opportunity Zone, the 73,086 sq ftbuilding was originally constructed in 1845 and expanded in 1919. This building went through a total rehabilitation in 2002 when it was built out for the current tenant. In addition to the main building, this listing includes a small 2,704 sq ft office building at 110 W Bank St and a parking lot at 111 W Tabb St.
This Net Lease Office Investment offers a buyer an extremely stable
tenant–the District 19 Community Services Board whose mission is to improve the quality and productivity of the lives of individuals who experience mental disabilities or substance abuse.
District 19, an entity affiliated with the Department of Behavioral Health & Development Services for the Commonwealth of Virginia, has occupied the building for the past 15 years and the current lease extends until 2034.
With 73,086 of square footage of office space, sitting on 2.13 acres, this property is zoned B-3. The building features large timber beams, steel girders, five- brick thick walls, numerous skylights, large open spaces, hardwood floors, elevator, and high ceilings. In addition, the massive parking areas—with 155 spaces—allow employees and visitors easy accessibility. Well-suited for the current state agency tenant, this space could also be easily configured for a tech or creative office use looking for a uniquely innovative working environment.
Recently completed improvements to the property include new roofs, new or reconditioned windows (due to historic preservation requirements established by the National Park Service, the windows in the front and one side of the building could not be replaced but were required to be reconditioned), new HVAC systems, electrical upgrades, and parking lot repaving. The owners have proudly honored their responsibility as stewards of this historic structure and have completed all appropriate renovation, repair, and maintenance to make this property turn-key ready for the next owner/investor.
The present rental revenue is $43,869 monthly ($526,428 annually) with bi-annual increases. The owner is responsible for real estate taxes, insurance, and HVAC and roof maintenance. The tenant is responsible for all utilities.
|Parcel ID||011-230013, 011-230011, 011-230809|
|Road Frontage||W Bank St|
|Zoning Desc.||B-3 Business|