UNDER CONTRACT | 230 N Sycamore St, 25 W Bank St Petersburg, VA 23803
About This Property
Located in the heart of Historic Downtown Petersburg, One South Commercial is proud to offer to the market a portfolio of two properties with a total of 52 Loft Style Apartments. Both properties are in the heart of the historic neighborhood, one on North Sycamore Street and one on Bank Street. Steps from restaurants (Longstreet, Wabi Sabi, Croaker’s Spot, Brickhouse Run, Old Towne’s Alibi, etc.) , breweries (Trapezium Brewery), coffee houses and bakeries (Demolition Coffee and Buttermilk Bakery), these properties offer tenants the full urban experience with incredible walking scores.
Historic Downtown Petersburg boasts a lifestyle that is similar to what tenants find in nearby Richmond. It is the dining, entertainment and cultural center of the Tri-Cities, Prince George, Dinwiddie, and Southern Chesterfield. Developers have taken the old warehouses, stores and office buildings in the area and have created a residential and commercial area that makes Petersburg a 24-hour city. The US Army Quarter Master Headquarters, Fort Lee, is minutes away, as is Virginia State University.
Old Towne Flats consists of 34 units – 4 Studio Apartments, 24 One Bedroom Units and 7 Two-bedroom units. All luxury units have high ceilings, lots of light throughout, hardwood floors or concrete floors, wood beams, brick exteriors, granite countertops, stainless steel appliances, and maple cabinets. The owner/developer took the old furniture building and renovated the property with all new plumbing, electrical, HVAC, roof, kitchens and bathrooms and interior walls. The rent includes all utilities which will allow for an investor to capture a large upside as the costs can be transferred to the tenants. There is a parking lot next door that is owned by the City of Petersburg which the current owner rents 10 spaces for the tenants’ use.
Plaza at Bank Street consists of 18 apartments, all one-bedroom units. The building was the former Historic Plaza Hotel. Similar to the Old Towne Flats, the interiors of the units include large wooden beams, hardwood floors, granite countertops, maple cabinets, stainless steel appliances and brick exteriors. Again, the rent includes all utilities giving the new owner a chance to increase Net Operating Income with a transfer of those costs to the tenant.
Note: The properties in this portfolio may be purchased individually. 1% Cobroker fee on this listing.
|Parcel ID||011-230025, 011-130027|
|Const. Materials||Brick, Masonry|
|Road Frontage||N Sycamore|