For Sale

Flats on Wythe

141 East Wythe Street Petersburg Virginia 23803

Contact Agent For Pricing
DEAL ROOM AGREEMENT

Executive Summary

for sale

  • 19 units
  • 16,150 SF
  • 95% occupied
  • $1,092/month average rent
  • $1.45 average PSF rent

Amenities

BUILDING AMENITIES

  • Enclosed dog park
  • Ample parking
  • Access control
  • Convenient access to major interstates
  • Sound dampening & energy efficient ‘dense-pak’ cellulose insulation in common walls & between floors
  • Efficient on-demand gas water heaters

UNIT AMENITIES

  • Washer/dryer in each unit
  • Individual high-efficiency HVAC in each unit
  • Original hardwood floors
  • Granite countertops & stainless steel appliances
  • Open floorplans

for sale
Year Built: 1908
Renovation Date: 2012
Parcel ID: 022-100007
Square Ft: 16,150
Acreage: 0.89
Zoning: B-3
Occupancy: 95%
Unit Count: 19

MARK TO MARKET OPPORTUNITY

  • Opportunity to capture $150+ delta between competitive set without appreciable capital investment.

LOW MAINTENANCE FINISHES

  • Historic finishes like exposed brick, hardwood and concrete flooring are always in demand and will help keep turn costs and general maintenance below market.

SOLID RENTER BASE

  • 62% of Petersburg residents are renters, either by choice or necessity, offering property owners considerable leverage when setting asking rents and terms.

STRONG SUBMARKET GROWTH

  • Demographic reports show that local population has grown more than 7% in the last several years, especially among renters by necessity. Demographics point to solid growth among those 30 to 55, who typically pay more in rent.

PROXIMITY TO EMPLOYMENT & HIGHER EDUCATION

  • Easy commute to numerous employment centers and universities, offering residents a wealth of employment and educational opportunities.

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141 East Wythe Street
141 East Wythe Street

Flats at Wythe

  • 19 units
  • 752 average SF
  • $1,092 average monthly rent
  • $1.45 average PSF rent
  • 95% occupied
trgetprop
109 Perry Street
109 Perry Street

Perry Street Lofts

  • 149 units
  • 757 average SF
  • $1,122 average monthly rent
  • $1.48 average PSF rent
  • 91% occupied

ABOUT PETERSBURG

The Petersburg area has a firm place in our nation’s history books. From the founding of the Citie of Henricus in 1611 in Chesterfield County to Revolutionary and Civil War battles fought in Petersburg, the area was destined to become a place of importance in Virginia and American history. Situated along the James River and at the confluence of the James and Appomattox rivers, the Petersburg Area played a significant role in our nation’s early days and continues to be a region of great historic, commercial and economic importance.

A devastating fire on a hot summer night in 1815 wiped out the old towne of Petersburg, a collection of wooden warehouses and homes along the Appomattox River. The brick commercial district that grew from the ashes became a crossroads for batteaux on the canals and trading ships on the river. Major railroads extended north and south from the city. Old Towne today is a district of antique galleries, boutiques, craft shops, restaurants, cafes, and a mix of renovated residences. Although the oldest part of Petersburg lies along the bank of the Appomatox River, Old Towne Petersburg extends South to Wythe Street. City government offices, the beautiful Courthouse complex, the Petersburg Visitors Center, the Petersburg Area Art League and scores of historic and architecturally significant structures are located in Old Towne Petersburg.

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Location

141 East Wythe Street, Petersburg, VA, USA

Current Property

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Listing Agent(s)

Ryan Rilee

Associate Broker

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.

  • Richmond Association of Realtors
  • Greater Richmond Association for Commercial Real Estate
  • Urban Land Institute
  • VA Department of Professional and Occupational Regulation
  • Real Estate Broker License
Communication
One South Commercial is the exclusive representative of Seller in its disposition of 141 East Wythe Street | Petersburg, VA, 141, East Wythe Street, Petersburg, Virginia, 23803. All communications regarding the property should be directed to the One South Commercial listing team.
Property tours
One South Commercial is the exclusive representative of Seller in its disposition of 141 East Wythe Street | Petersburg, VA, 141, East Wythe Street, Petersburg, Virginia, 23803. All communications regarding the property should be directed to the One South Commercial listing team.
Offers
One South Commercial is the exclusive representative of Seller in its disposition of 141 East Wythe Street | Petersburg, VA, 141, East Wythe Street, Petersburg, Virginia, 23803. All communications regarding the property should be directed to the One South Commercial listing team.

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

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