5 Apartments + 1 Commercial Space
18 West Broad Street Richmond Virginia 23220
$1,350,000
18 West Broad is a “turn-key” investment opportunity located in the heart of Richmond’s Arts District. This beautifully renovated 3-story historic mixed use building, located at the corner of W Broad St and N Adams next to Richmond’s beloved Maggie Walker monument, is a true gem of the City’s architectural heritage. Built in 1920, 18 W Broad St comprises a total of six (6) units: four (4) residential units located on the 2nd and 3rd floors, accessible via dual stairwells, one (1) residential unit located on the ground floor, and one (1) ground floor retail commercial space. The building seamlessly blends its unique historicity with modern amenities as well as offers a diverse cash flow opportunity along one of Richmond’s most critical and vibrant corridors. The five (5) apartment units have primarily performed as short term rentals over the last few years while the 2,500 SF retail storefront offers an elegant high visibility presence for either a retail or creative office user at a prominent corner of the N Adams / W Broad triangle. Four (4) out of the five (5) apartment units have been newly renovated and include all furnishings for residents and tenants alike seeking a unique urban living experience. Whether you’re seeking a unique live/work asset, an owner occupant opportunity for your business, or an asset with multiple investment strategies, this property offers excellent long-term income-growth potential.
ABOUT RICHMOND, VA
Richmond, VA is one of the oldest and most historic cities in the United States. As the site of numerous seminal events in the nation’s history, Richmond has been a center for politics, trade, and commerce for over three centuries. Today, the metro area is home to more than 1.3 million residents and headquarters to ten Fortune 1000 companies including Altria Group, Carmax, Performance Food Group, and Dominion Energy. In addition to its role as a business hub, Richmond serves a critical role as the center of health care, research, and education in the Mid-Atlantic region. Four universities are located within the metro area including Virginia Commonwealth University — the largest university in Virginia — and the VCU Health System are both located Downtown.
The One South Commercial team has a wide variety of real estate experience between them, and much of that comes from Ann Schweitzer Riley. After graduating from UVA, Ann began exploring real estate from every angle, first as a residential real estate appraiser in Charlottesville, VA. After holding that role and spending some time as a legal assistant, Ann relocated to Richmond in 2008 to work with an affordable housing nonprofit. There, she discovered a new passion for construction and real estate development. This led her to begin a journey to a career in commercial real estate. She worked as a real estate construction project manager and a corporate commercial leasing agent before bringing her talents to One South Commercial as a commercial leasing agent.
Ann’s main focus is urban commercial properties, which includes office, retail, multifamily, industrial, and mixed use properties. Her experience representing commercial property owners, buyers, landlords, and commercial tenants along with her expertise in property investment, development, and leasing makes Ann a standout partner. Her experience in both residential and commercial product applications as well as in commercial sales and leasing provide an unmatched foundation for her expertise in use, property disposition, redevelopment, and asset/product optimization.
Born and raised on a Virginia farm just outside the City of Richmond, Lory Markham has always been fascinated by settlement patterns and how urban growth happens. Her professional history, market knowledge, and passion for making places better equip her to work toward the continued growth of Richmond.
Lory graduated summa cum laude from Hollins University and earned her MA in Urban and Environmental Planning at the University of Virginia’s School of Architecture. After two years at the Richmond Regional Planning District Commission, she continued her public service at the City of Richmond. As Principal Planner for the City of Richmond, Lory served as Secretary to the city’s Planning Commission and managed the review of all development projects in the City that needed special approval. Her contributions to development in the City were recognized in her selection as a “Top 40 Under 40” by Style Weekly.
After over a decade of experience in with the City of Richmond, Lory started a planning consulting company, Markham Planning, and joined One South Commercial as a commercial agent. Her extensive knowledge of the Richmond market, zoning and development review process, historic tax credits, and neighborhood development has made her a prominent figure in the Richmond real estate market. And her focus remains in making places better and maximizing their potential.
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
