for sale downtown storefront & …...open floor plan, hardwood flooring, fully-equipped kitchen,...

ONE SOUTH COMMERCIAL

607 E BROADWAY

PETERSBURG MULTIFAMILY PORTFOLIO[1]

FOR SALE | DOWNTOWN STOREFRONT & MULTIFAMILY

18 W BROAD STRICHMOND, VA 23220

$995,000PID: N0000076057 2,289 SF Parcel8,046 SF Building Area3 Stories1 Commercial Space / 4 Residential UnitsB-4 Central Business Zoning1920 Construction

18 W BROAD STREET | RICHMOND VA

TABLE OF CONTENTS*

14

11

Downtown Retail Market

Demographics and Market Data

4

One South Commercial Team

13

Property Survey

12

Downtown Multifamily Market

Property Photos

16

B-4CENTRAL BUSINESS

ZONING

8,046 SFFINISHED

FLOOR AREA

2,289 SFPARCEL AREA

1920HISTORIC

CONSTRUCTION

OWNER/OCCUPANT

OPPORTUNITY

STOREFRONTGROUND LEVEL

1,800 SF

3 Property Summary

4 RESIDENTIAL

UNITS

15 Downtown Arts District Map

18 W BROAD STREET | RICHMOND VA[3]

Located on busy West Broad Street in the Downtown Arts District, this beautiful, highly visible and classic building features an 1,800 SF storefront at street level with high ceilings, open office/merchandise layout, hardwood floors, a restroom, kitchen, and storage. Perfect for a number of commercial uses including retail, restaurant, or office, 18 W Broad St is located at one of Richmond’s newest attractions. Since 2017, the Maggie Walker Memorial Plaza has welcomed residents and visitors to its beautiful public space featuring the distinctive 10-feet tall statue of the iconic Richmond native. The storefront sits right at the edge of this plaza which was created to commemorate Maggie Walker’s extraordinary accomplishments.

The building also features four residential units that have been continuosly 100% occupied. Each unit features a large and open floor plan, hardwood flooring, fully-equipped kitchen, and in-unit washer/dryer. The residential units make this listing ideal for a buyer looking for an owner/occupant opportunity.

An unquestionable player in the rise of Broad Street’s revitalization efforts underway, this walkable area of the Arts District sees tremendous pedestrian traffic and includes such businesses as Max’s on Broad, Saison, Cite Design, Rosewood Clothing Co., Walter Parks Architects, Born 2b Great, Coalition Theater, and Gallery 5 – to name just a few!

Come be a part of the creative community that is transforming Richmond’s Arts District and meet the RVA market at street level!

Ideal Downtown Owner/OccupantOpportunity


PROPERTY SURVEY


*Source: CoStar

DISTANCE FROM PROPERTIES 1 MILE 3 MILE 5 MILE

Population:

2024 Projection 34,383 149,817 278,655

2019 Estimate 31,244 139,760 263,080

2010 Census 21,837 119,035 233,582

Growth 2019-2024 10.05% 7.20% 5.92%

Growth 2010-2019 43.08% 17.41% 12.63%

Households:

2024 Projection 15,243 65,824 120,559

2019 Estimate 13,658 61,194 113,622

2010 Census 8,424 51,303 100,449

Growth 2019 - 2024 11.60% 7.57% 6.11%

Growth 2010 - 2019 62.13% 19.28% 13.11%

Owner Occupied 2,115 21,415 48,712

Renter Occupied 11,543 39,780 64,909

2019 Avg Household Income $50,802 $60,948 $64,411

2019 Med Household Income $28,757 $39,905 $43,126

2019 Households by Inc:

<$25,000 6,186 21,559 36,015

$25,000 - $50,000 3,105 13,426 26,985

$50,000 - $75,000 2,086 9,733 18,136

$75,000 - $100,000 700 6,540 12,667

$100,000 - $125,000 396 3,265 6,372

$125,000 - $150,000 226 2,042 4,207

$150,000 - $200,000 374 2,107 3,975

$200,000+ 584 2,522 5,265

PETERSBURG DEMOGRAPHICS*DEMOGRAPHICS AND MARKET DATA*

31,244POPULATION

$50,802AVG HOUSEHOLD

INCOME

43.08%POPULATION GROWTH

PAST 10 YEARS

DEMOGRAPHICS (WITHIN 1 MILES)

Market Sale Price/SF $113

Avg Market Sale Price $788 K

Months on Market 14.9

12 Month Sales Volume $4.2 M

12 Month Properties Sold 12

Market Asking Rent/SF $17.18

Vacant SF 186 K

Market Cap Rate 7.9 %

DOWNTOWN RETAIL SUBMARKET DATA


PETERSBURG DEMOGRAPHICS*DOWNTOWN RETAIL MARKET ANALYSIS*

Richmond’s retail scene has been flourishing thanks to strong demand. Back-to-back announcements in early 2019 may prove that Richmond’s retail scene is anything but stagnant. Capitalizing on the growth of Downtown Richmond, Regency Centers is betting on the success of its proposed Carytown Exchange, and the Sauer development is soon to be complete. But downtown isn’t the only focus. Investors have always had a soft spot for suburban assets in locations with high median income, and the recent acquisition of a 16-property portfolio in Western Henrico and Midlothian confirmed that the appetite holds true for Richmond as well.

Demand is the strongest it’s ever been, and vacancies are near their lowest level this cycle. This growth is led by grocery store competition, coupled with the absence of delivered speculative construction. Metro rental rate growth rose over 2018 but has since subsided.

Absorption outstripped supply dramatically over the past two years. Vacancies are hovering at all-time lows as a result. Retail demand can at least partially be attributed to Richmond’s rapid growth. Employment growth closely follows the national average, thanks to the business-friendly environment.

The grocery store competition that spurred back-to-back years of strong net absorption continues; the largest retail lease in 2018 was for a 60,000-SF Big Apple World Foods Market in Staples Mill. In more recent news, Publix signed a lease in the Carytown Exchange, which is set to begin construction in late 2019. The lease comes on the heels of Publix’s public takeover of Martin’s Food Market, which Publix acquired to establish a foothold in the already-competitive grocery store market. The aggressive expansions of all these retailers have led to decreasing vacancies.

*Source: CoStar


PETERSBURG DEMOGRAPHICS*DOWNTOWN MULTIFAMILY MARKET ANALYSIS*

Downtown Richmond has undergone a multifamily expansion in the past ten years unlike any that it has experienced before. Over 3,900 units, or nearly 40% of the submarket’s inventory, has come on line over that time frame. While that is a staggering amount of units, demand has been strong, and collective occupancy for this cycle’s deliveries approached 90% nearing the end of 2019.

The Downtown area and its associated neighborhoods are some of the prime millennial nodes in the metro. Driven by VCU and its undergraduate enrollment of more than 24,000, neighborhoods in the submarket benefit from the relatively inelastic demand of students looking to live off campus. Further, approximately 40% of VCU’s graduates opt to remain in the metro after graduation, with many staying in the immediate area.

Up-and-coming neighborhoods such as Scott’s Addition also add to the allure of the submarket. The industrial neighborhood has been a hot spot for the expansion of craft breweries, and multifamily developers have planted their flags there as well. In fact, more than 1,200 units have come on line in that neighborhood alone in this cycle.

Altogether, vacancies are healthy by the submarket’s standards, rents are growing, and investors have targeted the market in a big way recently. This has sent transactional pricing to new highs, and cap rates to new lows, as investors have come to the market in search of higher yields.

*Source: CoStar


VCU MONROE CAMPUS

RICHMOND CONVENTION CTR

DOWNTOWN RICHMOND

18 W BROAD STMONROE PARK

VCU MED CENTER

THE JEFFERSON HOTEL

BROAD STREET

MAIN STREET

CAPITOL SQUARE

CARY STREET

MONROE WARD

JACKSON WARD

PETERSBURG DEMOGRAPHICS*DOWNTOWN ARTS DISTRICT MAP

JAMES RIVER

BELV

IDER

E

N 8TH S

TREE

T

N ADAMS

ST

AZALEA PLACE APARTMENTS[16][16]PETERSBURG MULTIFAMILY PORTFOLIO[16]

One South Commercial is a CoStar PowerBroker in the Richmond, VA investment sales market. Our reputation among those with local knowledge as the premier investment sales shop in the City of Richmond is built on a wide network of relationships with principals all over the world who trust us and our ability to effectively analyze the economics of any deal and represent them honestly.

ANN SCHWEITZER RILEY | 804.723.0446 | [email protected]

Ann’s focus is primarily on urban commercial properties, including office, retail, multifamily, industrial, and mixed use properties. Her experience includes representing both commercial property owners and buyers, as well as landlords and commercial tenants, in property investment, development, and leasing. Ann’s experience in both residential and commercial product applications as well as in commercial sales and leasing provide a broad foundation for her expertise in use, property disposition, redevelopment, and asset/product optimization.

ONE SOUTH COMMERCIAL2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009

ONE SOUTH COMMERCIAL TEAM

LORY MARKHAM | 804.248.2561 | [email protected]

As Principal Planner for the City of Richmond, Lory’s experience includes serving as Secretary to the city’s Planning Commission and overseeing the review of all development projects in the City that need 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 development review and land use planning with the City of Richmond, Lory joins One South Commercial as a commercial agent. She brings with her extensive knowledge of the Richmond market, zoning and development review process, historic tax credits, and neighborhood development.

TOM ROSMAN | 804.539.3017 | [email protected]

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. As one of the Founding Partners at One South, Tom heads up the commercial and investment sales for One South Commercial.

for sale downtown storefront & …...open floor plan, hardwood flooring, fully-equipped kitchen,...

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