Multi-Family•High-Rise•For Sale

Shockoe Bottom 4-Unit Mixed-Use

1726 E Main St, Richmond, Virginia 23223

Sale Price $950,000
Sale Type Net Lease Investment
Zoning B-5
Bldg Type Multi-Tenant
Status Existing
Year Built 1914
Year Renovated 2010
Stories 2
Cap Rate 5.59%
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 $53,086
Market Downtown Business Center
Sub-Market Shockoe Bottom
MLS# 1739260
4-Unit Mixed-Use Property at Shockoe Bottom Farmer's Market - Perfect for Owner/Occupant or Investor - sold individually or part of 17-Unit Mixed-Use Portfolio consisting of 6 Individual Properties with 11 Apartments and 6 retail spaces. As economic development of Shockoe Bottom increases rents lag below market rate. This presents opportunity to add value, increase rents and modify retail terms in an effort to double NOI in the first 2 years. Conditions of units range from sophisticated units renting close to the current market rate prices to dated, 1 in need of build-out. Four retail units include fully-equipped kitchens, dining rooms, bars, outdoor patio and basements. All buildings have unfinished space in the basements and opportunities to increase square footage with multi-story addition(s) and/or adding stories to the 2 stand-alone buildings. Rooftop patios are also a possibility with City approval. Apr. 10 Off-street parking spaces are located behind 4 properties on E. Main St. and 18th St. Opportunity Zone Incentives Apply. 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
  • 3,600sf Restaurant and 3 Apts.
  • Fastest growing neighborhood in Richmond
  • Transportation Hub of Richmond with High-Density Development
  • Eligible for Historic Tax Credits and Opportunity Zone and Tax Abatement Incentives
  • Up to 70% Seller-Financing Available for 30yrs @ 6% int.
12/2/2018 12:44:21 AM 12/3/2018 4:46:59 PM

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