UNDER CONTRACT | 733 W Cary St. Richmond, VA 23220
About This Property
A rare opportunity for an investor / developer to buy a vacant building right across the street from the VCU campus and develop it to its highest and best use. Situated at the fringe of the campus, this building sits amongst new construction apartment and retail developments and is steps from the Business-Engineering School.
A buyer can take advantage of numerous incentive programs to supplement the development, including but not limited to the following:
- Federal Historic Rehabilitation Tax Credits
- State of VA Historic Rehabilitation Tax Credits
- The State of VA Enterprise Grant Program
The building consists of 6,664 SF and has two storefronts that can be used as one space or can be divided into two spaces. It has been used as a restaurant for the past 20 years. It can return to that use or an office or a different retail can move in. The seller has a full set of construction plans to turn the upstairs spaces into 3 apartments. Those plans will be conveyed to the buyer. It is zoned B-3. It was built circa 1900.
The area is almost fully developed, so this opportunity allows an investor to get into the neighborhood at a reasonable cost and be part of the VCU – Oregon Hill story.