Multi-Family•High-Rise•For Sale

Shockoe Bottom 4-Unit Mixed-Use

1726 E Main St, Richmond, Virginia 23223

Sale Price $1,300,000
Sale Type Owner User
Zoning B-5
Bldg Type Multi-Tenant
Status Existing
Year Built 1914
Year Renovated 2010
Stories 2
Cap Rate 5.08%
Annual Taxes $5,544.00
Gross Bldg 7,260 SqFt
RBA 7,260 SqFt
Land Area .08 Acres
Ceiling Height 8.0 Ft
Project Size 4
Improvements 4-Unit Corner Mixed-Use, brick property 800ft from Main Street Station at 18th and E. Main St. in Richmond's first transportation hub with high-density residential apartment development, adjacent to the downtown business district blocks to interstate, James River. and across from the new Main Street Station Transportation Hub and Events Hall, Local Farmer's Market in the outdoor mall and future skating rink, slavery museum and possible baseball stadium. Sidewalk and façade enhancements are underway to transform this pedestrian-friendly urban outdoor environment into a state-of-the art, trendy and diverse community.
Net Op Inc $66,086
Market Downtown Business Center
Sub-Market Shockoe Bottom
MLS# 1739260
Corner Mixed-Use Opportunity in Shockoe Bottom at Main Street Station @I-64/95/Amtrak/Pulse; Richmond's future Grand Central Station 1726 E Main St Brownstone originally 3 properties, joined. 1st floor retail (can subdivide)w/outdoor patio, 2nd floor includes 3 1-bedroom apartments. The retail space is vacant with upgrades being completed to original wood moldings and trim, floors, exterior façade, patio and streetscape to enhance the aesthetic character (as shown in photo). Current price reflect 'AS IS' condition and is subject to increase as improvements are made to the building, projected to $1,300,000 with façade and patio completed. 17th St Farmer's Market and bikeshare is completed and restaurants offer outdoor seating. The vibrant pedestrian-friendly vision of Shockoe Bottom is coming alive as tourists, downtown employess and residents fill restaurants and other businesses. Can be purchased w/Portfolio 21,340sf Shockoe Bottom Portfolio includes 6 Brick Buildings with 98% occupancy, ability to add square footage and/or add value to interiors of individual units -cap rate 5% 6 Retail and 11 Res. units OPPORTUNITY ZONE, and eligible for TAX ABATEMENT Located in the heart of Shockoe Bottom near the corner of E Main and N 18th st. at Main Street Station and Farmer's Market in a designated Opprtunity zone. This is one of the most exciting high-growth neighborhoods in the metro area, attracting millenials and all age groups who seek a mixed-use, pedestrian-friendly urban emnvironment, where they can walk or uber a few blocks to work and hundreds of establishments. Mass transit hub connects Amtrak and the Pulse Rapid Transit for the first phase of Richmond Metro's mass transit system while Downtown Business District, River Walk, Capital Bike Trail, James River are all within walking distance. Richmond City had their first public meeting Aug 2 to provide information and solicit public input in the E. Main St. Improvements Project addressing connectivity, enhanced landscaping, lighting, pavement overlays and sidewalk extensions to improve pedestrian flow as the Farmer's Market and surrounding are continues to be an attraction and the fastest growing neighborhood in the metro area. Grand Opening Nov 30th included Christmas Tree Lighting and Ice Skating on the new Mall.
  • 4-Unit Mixed-Use Shockoe Bottom Corner Property with Opportunity to Add Value
  • One of the fastest growing neighborhood in Richmond
  • Transportation Hub of Richmond with High-Density Development
  • Eligible for Historic Tax Credits
  • Opportunity Zone
  • Tax Abatement Incentives
10/15/2019 11:16:32 PM 1/21/2020 4:11:27 PM
Susan Haas, MURP
Associate
Joyner Commercial
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