40-Unit Multifamily Investment | Recently Renovated | Petersburg
Property Summary
ONE SOUTH COMMERCIAL is pleased to present for sale Burr Lofts located at 123 Pine Street – just minutes outside downtown Petersburg.
Just minutes outside downtown Petersburg is Burr Lofts. Originally a dungaree factory, the building was completely renovated in 2016 into Industrial Chic Loft style apartments. The property is prominently located a mile and a half from Virginia State University and just around the corner from the Appomattox Regional Governor’s School and Pittman Vocational School. Burr Lofts truly is the perfect home for Petersburg residents looking for conveniently located quality living.
Burr Lofts features 40 sizable one bedroom/ one bathroom units. The kitchens contain modern cabinetry, classic black granite countertops and stainless steel appliances juxtapose perfectly with the industrial chic feeling of the apartments. All cabinetry was done by local vendor, JT Wood Products, INC.
Original Hardwood floors lead throughout the apartment except for the designer tiled bathrooms. The large industrial size windows bring in tons of beautiful natural light. Each unit comes with a full size stackable washer dryer. Outside of the units, residents enjoy ample off street parking. The green space all around the building and nearby park make it the perfect apartment for pet owners!
Every unit is individually metered for electricity which provides a future owner a unique opportunity to add value to the properties operating numbers by passing along certain utility costs on to the tenants. Pairing this with a rental rate increase will bring the property to current market standards for a loft style multi-family property in the Petersburg market.
With its centralized location and top notch offerings, Burr Lofts is the place to live in one of Virginia’s most historic and fast growing cities. The property provides any multi-family investor an opportunity to enter the Petersburg market with true presence or aggressively expand an existing portfolio.
*New financials available: click “download information” to access
PROPERTY DETAILS
| Units | 40 |
|---|---|
| Parcel ID | 023-300004 |
| Const. Materials | Brick |
| Zoning Desc. | PUD |
| Construction Date | 1921 |
| Renovation Date | 2016 |
| Co-broker Fee | Yes |