For Sale
The Bookstore Apartments
200 North Main Street Farmville Virginia 23901
Asking$2,650,000
For Sale
200 North Main Street Farmville Virginia 23901
The Bookstore Apartments includes four apartments above Longwood University’s official bookstore. The Longwood University Real Estate Foundation pays $15 psf for the 14,000 sf commercial space and in-place apartment rents average $2,126 per month. The offering also includes the adjoining 35-space parking lot.
UNIVERSITY BOOKSTORE TENANT: The Longwood University Real Estate Foundation leases the full commercial space. The tenant pays its own utilities and its interior and HVAC repairs, and reimburses its pro rata share of common area maintenance and property insurance.
ADJOINING PARKING LOT: The sale includes the 0.435-acre lot on the adjoining parcel at East Third and North South Streets. Its 35 spaces are a rare asset in a park-and-walk Main Street district, with the potential to generate added revenue through paid or permit parking.
PRICED BELOW COMPARABLE SALES: At $115.73 per SF, the offering is priced well below the $138.79 average of the five most recent Farmville retail sales and CoStar’s $137 market price per SF, an attractive basis for a fully leased, university-anchored property.
FULLY RENOVATED APARTMENTS: Every apartment has been completely renovated with high-end modern finishes, from sleek kitchens and spa-style baths to bright, open living spaces. Residents enjoy a polished, move-in-ready home on Main Street, just steps from campus.
STEPS FROM LONGWOOD UNIVERSITY: Rotunda Hall is 0.25 miles away, the Upchurch University Center 0.35 miles and the Health and Fitness Center 0.45 miles, measured on the Longwood campus map. The Center for the Visual Arts is 0.05 miles from the door.
0% RETAIL VACANCY IN FARMVILLE: Farmville retail is fully occupied, with vacancy at 0.0% according to CoStar, down from 2.2% a year ago. Every retail lease up for renewal over the last 24 months has renewed, and market sale prices sit at a ten-year high.
DOWNTOWN FARMVILLE, VA
Main Street ties Longwood University to a historic downtown of boutiques, restaurants and restored tobacco warehouses. Green Front Furniture, the Hotel Weyanoke and the High Bridge Trail draw visitors from across Virginia and beyond, all within a short walk of the property.
Ryan’s practice at One South Commercial focuses on investment and development site sales throughout Virginia. He brings a detailed, solutions-oriented approach to each transaction and has successfully represented a wide array of buyers and sellers on deals ranging from $1 million to $35 million. A Richmond native with a background in institutional real estate management, Ryan leverages a wide network of industry contacts and his experience “under the hood” to advise One South Commercial’s clients on everything from local sub-markets to national capital markets, and is ready and able to tackle anything in between.
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
