Under Contract Listing

UNDER CONTRACT | 530 E Washington St
Petersburg, VA 23803

$2900000

Hospitality
Property Type

117 
Units

2.954 AC
Parcel

61,730 SF
GBA

Property Summary

One South Commercial is pleased to present 530 E Washington St, a 117 room, limited service hotel situated on 2.954 acres in downtown Petersburg, VA. 

Conveniently located just west of I-95 and less than a mile from the I-85/I-95 interchange, this 6 story hotel, currently operating as an independently run extended stay Travel Inn, offers a scalable redevelopment project, either for a franchise operator or a developer, and is poised to capitalize on both opportunity zone and enterprise zone incentives.  The property’s current B-2 zoning allows for operation of a hotel and also includes by-right entitlement for a potential apartment conversion.  

The property site is comprised of a 61,000 SF structure which includes both the hotel and an attached full service restaurant not currently in operation, as well as a porte cochere and approximately 160 +/-   parking spaces.  The site size also provides for ample opportunity to reconfigure parking, expand the building footprint, and/or develop amenity space. The main structure includes elevator service and individual balconies for every unit, which could also perhaps be reclaimed square footage in a redevelopment.

530 E Washington is a perfect opportunity to get in on the ground floor of one of central Virginia’s most historic cities and develop in an emerging market with an increasingly visible profile. 

PROPERTY DETAILS

Units 117
Parcel ID 012-280013
Const. Materials Brick
Zoning Desc. B-2
Construction Date 1969
Co-broker Fee Yes

54
Walkability

40
Transit

PROPERTY PHOTOS

PROPERTY LOCATION

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