Property Summary
One South Commercial is pleased to present for sale 27-31 South Sycamore St and 8 Rose Alley in Downtown Petersburg. This listing consists of three buildings on one parcel on Petersburg’s most prominent street. Sycamore St is famous for its art galleries, eclectic shops, restaurants, historic buildings, and apartments. Located right in all of this activity, this listing is within walking distance to Old Towne Petersburg and the Appomattox waterfront to the north.
Each of the buildings is two stories in height with a combined floor area of 12,194 SF. A large portion of the 0.38 AC parcel area at the rear of the buildings is available to be used as a parking area with access via Rose Alley. Previously used as retail shops and a restaurant space, the buildings are currently vacant and in need of renovation.
The property is strategically located in an Opportunity Zone to encourage long-term private investment in this Downtown neighborhood. A purchaser would be able to take advantage of significant tax benefits offered by this federal program to redevelop the property for various uses.
One potential redevelopment scenario is to renovate the ground level spaces for retail uses and convert the second level spaces into residential units. Growth at Virginia State University, Fort Lee, and other nearby major employers such as Amazon have greatly increased the demand for Downtown apartments. With the high demand, this listing offers a perfect opportunity for a low-cost acquisition with significant investment return potential.
Recent revitalization efforts in Petersburg have transformed Downtown Petersburg into a vibrant neighborhood. Take advantage of this opportunity to invest in this remarkable urban and historic neighborhood.
PROPERTY DETAILS
| Parcel ID | 022-070015, 022-070002 |
|---|---|
| Zoning Desc. | B-3 Business |
| Co-broker Fee | Yes |