For Sale · Ideal for Multifamily or Office Owner Occupant
Redevelopment Opportunity in Old Town Petersburg
716 West Washington Street Petersburg Virginia 23803
Asking$199,000
For Sale · Ideal for Multifamily or Office Owner Occupant
716 West Washington Street Petersburg Virginia 23803
Positioned in the heart of Old Town Petersburg, this striking 2.5-story historic property offers a rare opportunity to reimagine nearly 4,852 square feet of character-rich space in one of the city’s most promising growth corridors.
Formerly operated as a multifamily asset, the building’s existing layout provides a strong foundation for redevelopment into boutique apartments, professional office space, or a dynamic mixed-use concept. With its timeless architectural details and prominent presence, the property blends historic charm with flexible potential—ideal for investors or owner-occupants seeking a signature project with lasting impact.
Adding to its appeal, the property is located within an Enterprise Zone and may qualify for valuable historic tax credits, creating meaningful financial incentives to support renovation and repositioning. Just five miles from Petersburg’s highly anticipated Live! Casino development, this location stands to benefit from increased economic activity, job growth, and renewed community investment. Whether restored as an income-producing asset or transformed into a distinctive headquarters or live-work environment, this property represents a compelling opportunity to capitalize on Petersburg’s continued revitalization.
DOWNTOWN PETERSBURG
Downtown Petersburg has seen explosive growth and development over the last decade. Numerous historic office, retail and warehouse buildings have been converted to residential and commercial uses. The area is thriving with new restaurants, cafés, retail and hospitality establishments.
The new Petersburg Hotel is the jewel in the neighborhood. The developers renovated an old hotel into a gorgeous boutique hotel with a first-class restaurant. The accolades have brought renewed interest and energy into the neighborhood.
Ann Schweitzer Riley has become a distinguished figure in commercial real estate, focusing primarily on sales of urban commercial properties, including office spaces, retail locations, multi-family buildings, industrial facilities, and mixed-use developments. With a rich background that spans over a decade, Ann has developed a keen expertise in property sales, investment, and development.
A graduate of UVA, Ann’s journey in real estate began as a residential real estate appraiser in Charlottesville, VA. Her career path led her to roles as a legal assistant and later to Richmond in 2008, where she worked with an affordable housing nonprofit. There, she gained a passion for construction and real estate development. This foundation allowed her to excel as a real estate construction project manager and later as a corporate commercial sales agent.
Today, at One South Commercial, Ann is renowned for her sharp insights in market trends, her strategic approach to property disposition, and her ability to optimize asset value for her clients. Her comprehensive understanding of both residential and commercial real estate markets, combined with her specific expertise in commercial sales, makes her an invaluable partner to property owners and buyers alike.
Ann’s commitment to her clients and her profound market knowledge ensure tailored, effective strategies for those looking to invest in or divest commercial real estate assets.
Tom Rosman has been brokering investment real estate since the early 1990’s in the Richmond, VA, metro area. He has brought hundreds of transactions to a successful conclusion, including large apartment complexes, apartment buildings in historic neighborhoods, office buildings, retail properties, mixed use buildings, and numerous historic adaptive reuse properties.
Tom was one of the first brokers to recognize the transformative changes occurring in many of Richmond’s most architecturally significant but ignored neighborhoods. Having helped place many of the warehouses and other commercial structures in the hands of Richmond’s development community, Tom’s belief in what a property should be was never compromised by the condition it was in.
DISCLAIMER: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative. *Information provided deemed reliable but not guaranteed
