For Sale
Fully Leased Renovated 5 Unit in Downtown Petersburg
23 West Old Street Petersburg Virginia 23803
Asking$1,100,000
For Sale
23 West Old Street Petersburg Virginia 23803
This fully leased five-unit apartment building at 23-25 W Old Street presents a rare opportunity to acquire a stabilized, income-producing asset in the heart of downtown Petersburg.
Originally built in 1817, this remarkable property embodies over two centuries of history while seamlessly integrating modern enhancements. Encompassing nearly 11,000 square feet, the exceptional historic adaptive reuse features five distinctive and spacious residences, including four well-appointed one-bedroom units and one expansive two-bedroom unit. Each apartment showcases an abundance of original architectural details—such as high ceilings, oversized windows, and period craftsmanship—complemented by thoughtful modern renovations that enhance both comfort and functionality. Adding to its versatility, select units have demonstrated a successful history of short-term rental use, offering investors additional flexibility and revenue potential.
Beyond its strong in-place cash flow, the asset offers significant value-add potential. Investors have the opportunity to expand by adding additional units on the third and fourth floors, further increasing rental income and long-term appreciation. Additionally, the property’s prime location along the busy storefront row of W. Old Street presents compelling potential for commercial application, particularly on the ground floor. The building also benefits from excellent proximity to North Sycamore Street and some of the area’s most popular destinations, including Maria’s Old Town 21, Demolition Coffee, Croaker’s Spot, The Southside Depot, the Petersburg Area Art League, and Virginia State University. With its combination of historic charm, modern upgrades, mixed-use flexibility, and expansion opportunities, this property stands as an exceptional investment in one of Central Virginia’s most dynamic and revitalizing markets.
ABOUT PETERSBURG, VA
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
