Courtesy of: Thomas E Rosman One South Realty Group, LLC
MLS ID: 2028859
Days On Market: 36
Year Build: 1910
Lot size: 0.21
Property Type: Commercial Sale
Area: 57 - Petersburg
New Construction: No
Address: 112 N Sycamore Street
Neighborhood: 57 - Petersburg
For sale is 112-114 N Sycamore St in Downtown Petersburg. This listing consists of a four-story commercial building on Petersburg’s most prominent street. Sycamore St is famous for its art galleries, eclectic shops, restaurants, historic buildings, and apartments. Located right in all of this activity, this listing is within walking distance to Old Towne Petersburg and the Appomattox waterfront to the north.
The building was constructed in 1910 with a gross leasable area of 34,992 SF. A large retail storefront occupies the ground level and was the former location of the Cosmos clothing store. The upper floors are currently vacant and present an excellent opportunity for redevelopment into apartments to meet the rising demand of multifamily housing in Petersburg. Redevelopment of this building may also qualify for State and Federal Historic Tax Credits.
Growth at Virginia State University, Fort Lee, and other nearby major employers such as Amazon have greatly increased the demand for Downtown apartments. With the high demand, this listing offers a perfect opportunity for a low-cost acquisition with significant investment return potential.
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