Strong Owner Occupant Location with Redevelopment Potential
125 North Market Street Petersburg Virginia 23803
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One South Commercial is pleased to bring to market 125 N Market St and 128 W Tabb St, a former woodworking and furniture building facility from the late 1800s. Located in the heart of Petersburg’s historic district, this property is primed for an array of uses ranging from light industrial owner uses to a potential historical tax credit redevelopment. It includes the building and the neighboring lot of 128 W Tabb St, totaling 0.435 acres with an opportunity zone designation. Previous architectural plans, as seen in exhibit A, would allow for 32 loft style apartments with ample off-street parking for residents. The current open floor plan and designated office space allow the building to be a blank slate for any business looking for an operational hub. 125 N Market Street is a fantastic opportunity to breathe new life into a piece of local history.
Recent development highlights within a 1-mile radius of 125 N Market St and 128 W Tabb St:
1. Market Street Lofts – 106 units – Completed in 2022
2. Star Lofts – 65 units – Sold January of 2021- $7.3M
3. High Street Lofts – 69 units – Sold in October of 2021 – $9.4M
4. Hotel Petersburg – $13.5M development project currently underway
ABOUT PETERSBURG
One of the most historic cities in Virginia, Petersburg has traditionally served as an important center of transportation and commerce. Old Towne Petersburg remains an important hub with its location along I-95 and CSX and Norfolk Southern rail lines. As a site for numerous events that have shaped the history of the Commonwealth during both the Colonial period and Civil War, Petersburg has developed as an attraction for heritage tourism. Today, Old Towne is a district of antique galleries, boutiques, craft shops, restaurants, cafes and a mix of renovated residences. Its home to historic and architecturally significant structures like the Courthouse complex and the Petersburg Visitors Center.
Virginia State University is located across the Appomattox River. The campus stretches over 231 acres and includes an agricultural research facility known as the Randolph Farm, 18 academic buildings and 11 dormitories. With 5,400 students and 1,150 employees, many of those affiliated with the university choose Petersburg for amenities and housing.
Along with a strong public revitalization effort, the presence of major institutions and employers in the Petersburg area have greatly improved the prospect for real estate investment. As evidence, the sale of the Mayton Transfer Lofts was a watershed moment for investment in the area. Previously, sales had never gone beyond $8 million. The 218-unit multifamily industrial conversion was completed in 2012 and sold for $21.5 million, or $98,000 per unit, in June 2018, which is a third higher than any other price per unit for Petersburg.
Isaac is a Virginia native who grew up in a small community in the Northern Shenandoah Valley. From this rural setting, he attended the University of Virginia and earned a degree from the Woodrow Wilson School of Politics. After graduation, he entered the uniquely demanding world of politics working as a consultant at both the state and national levels. He now brings the same approach that generated a number of successes on the campaign trail to multifamily and investment brokerage. With the same infectious energy, Isaac actively focuses his effort to help clients plant or expand their roots within the greater Richmond community and beyond.
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
