For Sale

Multi-Family Development Opportunity in Historic Petersburg

600 West Wythe Street Petersburg Virginia 23803

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DEAL ROOM AGREEMENT

Property Overview

for sale

  • 277,000 SF surface parked historic warehouse
  • Residential PUD zoning
  • Eligible for state and federal tax credits
  • Historic designations in hand
  • Four (4) stories
  • Three (3) parcels total

Parcel ID: 023300005, 023310002, & 023310003
Square Ft: 277,408 SF
Acreage: 5.03
Zoning: PUD
Parking: Yes

INVESTMENT HIGHLIGHTS

  • Richmond, VA MSA with immediate access to I-95 & I-85
  • Minutes from Fort Lee, which supports approximately 70,000 people off post and has a $2+ billion economic impact regionally
  • Located in Virginia’s gateway region, an East Coast hub for advanced pharma manufacturing
  • Walkable to restaurants, breweries, and outdoor entertainment
  • Enterprise zone location
  • Excellent opportunity to blend historic and low income housing tax credits

SUBMARKET METRICS

  • Multifamily sales in Petersburg have grown 3x over the several years
  • Submarket pricing has increased by nearly $50,000 per unit since 2017
  • Rent growth and occupancy have tracked those of Richmond proper
  • Limited development pipeline supports healthy absorption

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Documents

Location

600 West 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

Tom Rosman

Director of Commercial Brokerage/Principal

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.

 

  • Richmond Association of Realtors
  • Greater Richmond Association for Commercial Real Estate (GRACRE)
  • 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 600 West Wythe Street | Petersburg, VA, 600, West 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 600 West Wythe Street | Petersburg, VA, 600, West 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 600 West Wythe Street | Petersburg, VA, 600, West 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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