UNDER CONTRACT | 24 E Broad St Richmond, VA 23219
About This Property
One South Commercial is please to present 24 E Broad St in Downtown Richmond’s popular Arts District. This building is located in the Broad Street City Old and Historic District and was constructed in 1915. A retail store currently occupies the first level of the building while the second and third levels are vacant and ready for redevelopment with the potential to add 8 residential units to the existing commercial space.
Broad Street has been and continues to be Richmond’s most significant corridor. Historically, it has been a center for retail and commerce as well as the City’s busiest thoroughfare. In recent years, especially in the Downtown area, Broad Street has seen a revival as entertainment and creative uses have filled its street level spaces. The area now features an exciting mix of restaurants, art galleries, retail shops, and performing arts venues. Along with this commercial growth, the transformation has also brought a tremendous population increase with the area gaining almost 22% in residents since 2010. To meet the demand, many former commercial spaces on upper levels of buildings have successfully been converted to stylish multifamily residential apartments catering especially to students, young professionals, and others.
24 E Broad St’s prominent location at the corner of N 1st St places it in the heart of the Downtown Arts District and between VCU’s academic and medical campuses. Its location in the middle of Richmond’s thriving Arts District makes the property ideally suited for redevelopment in the same way that many successful projects have already been completed in this part of Downtown. Also fully eligible for State and Federal Historic Rehabilitation Tax Credits, 24 E Broad St offers extraordinary potential for an investor looking to develop a mixed-use property in this high-demand market.
|Leasable Area||8134 sq. ft.|
|Road Frontage||E Broad St, N 1st St|
|Zoning Desc.||B-4 Central Business|