Multi-Family•High-Rise•For Sale

Shockoe Bottom 4 Property Portfolio

1725, 1727, 1729, 1731 E Main St, 2 S 18th St, Richmond, Virginia 23223

Sale Price $2,375,000
Sale Type Investment
Zoning B-5
Bldg Type Multi-Tenant
Status Existing
Year Built 1914
Year Renovated 2010
Stories 3
Cap Rate 6.49%
Vacancy 98%
Annual Taxes $26,790.00
Gross Bldg 15,079 SqFt
Land Area .28 Acres
Ceiling Height 10.0 Ft
Project Size 12
Improvements 4 Mixed-Use Properties on 2 corners of E. Main Street and 2 detached 1-level buildings on 15th and 18th Streets, intersecting 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 $154,175
Market Downtown Business Center
Sub-Market Shockoe Bottom
MLS# 1807362
12-Unit Mixed-Use Portfolio consisting of 4 Individual Properties with 8 Apartments and 4 retail spaces. Conditions of units range from sophisticated units renting close to the current market rate prices to dated with opportunity to add value and increase rents. Three retail units include fully-equipped kitchens, dining rooms, bars 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 in the large space behind the buildings, where approximately 12 off-street parking spaces are located behind E. Main St. and 18th St.. Opportunity Zone Incentives Apply. Located on the south side of E. Main St. at 18th St in the heart of Shockoe Bottom across the street from 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, 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 include Christmas Tree Lighting and Ice Skating on the new Mall.
  • 4 Mixed-Use Buildings in Shockoe Bottom with Opportunity to Add Value
  • 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 2:19:54 AM 12/3/2018 4:46:55 PM

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