Loretta Okoye - Commercial Real Estate Showcase

Loretta Okoye Property Listings
Ten-X, LLC
1 Mauchly
Irvine, CA 92618-2305


DetailMap
105 - 107 W Beverly Street - Palmer House

Staunton, VA 24401


Property Type:Office Sub Type:- Status:Existing , Renov June 2014 Year Built:1898
Stories:4 Typical Floor:6,750 SF Building Size:27,000 SF
% Leased:
For Sale Price:For Sale Price/SF:-
Cap Rate:-
Smallest Space:3,300 SF Largest Space:17,500 SF Total Space Avail:20,800 SF Rent/SF/Yr:
$9.00 - $14.00
Parking:Free Surface spaces are available


Formerly known as the Palmer House Hotel, this four story historic building has been recently renovated into a mixed use facility comprising of income producing retail on the first floor and build to suit office/apartments/condos on the three floors above (utilizing historic tax credits). This property is located on the Beverly Street corridor, directly across from City Hall and offers ease of access to all city offices as well as the city and county courts. A true Landmark within the historic district of downtown Staunton, Virginia.

The property is currently producing income from retail and restaurant spaces on the first floor (street level). The building is on the national and state register due to its location in a historic district. This allows tax credits for the owner, if they choose to accept it, while renovating the building. A 2007 renovation of the property resulted in rebuilding the rear wall, replacing most of the electrical and windows, new elevator and roof, and some new plumbing. This first phase work was completed to start the process of renovating the unused space on the second, third, and fourth floors.

Utilities
Electricity is supplied and distributed by Dominion Power. Natural gas is supplied and distributed by Columbia Gas services. Water and sewer services in Augusta County are provided by the Augusta County Service Authority.

Zoning
B-2 Commercial (General Business District). The purpose of this district is to “furnish a wider range of retail goods and services to satisfy all of the household and personal needs of the residents of a group or community of neighbors.” By-right uses include, but are not limited to, any permitted B-1 local business district, service and repair shops, bakeries, offices, custom tailoring and display rooms, parking garages, and radio or television studios. Living quarters above the ground level floor are a by-right use.

Staunton Enterprise Zone and Tax Credits
Please see “Tax Credits” in Appraisal Excerpts Section of the Property Information Package for overview of possible tax Credits.

Property Location Overview
The property is located within downtown Staunton in Augusta County, Virginia within the central business district. Staunton is situated 100 miles west of Richmond, 85 miles north of Roanoke and 150 miles southwest of Washington D.C. Two interstate highways, Interstate 81 (I-81) and Interstate 64 (I-64), intersect at Staunton, providing direct links to points north, south, east and west. Other major highways include U.S. Route 250 (US 250), U.S. Route 11 (US 11), and U.S. Route 340 (US 340). Augusta County is approximately midway between New York and Atlanta.

Transportation
Fifteen interstate motor freight carriers have terminal facilities in the Augusta County-Staunton-Waynesboro area. Passenger train service is available west to Chicago and northeast to New York City via AMTRAK. The Shenandoah Valley Airport, located in Weyers Cave (20 miles from Staunton) provides daily flights via USAir Express connecting the Valley to Pittsburgh International Airport, and via United Express connecting to Washington Dulles. Additional commercial service is available from the Charlottesville Airport. Greyhound and Trailways provide intercity bus service.

Colleges and Universities
Mary Baldwin College is located on the north side of the property. There are 1,058 full time undergraduate students and 456 part time undergraduates. The graduate programs have 107 full time students and 149 part time students. Mary Baldwin is a private college and has traditionally been an all-women’s institution. Recently, male students have comprised 9% to 10% of the enrollment. The college has a 1:10 faculty to student ratio. The faculty, students, and tourism generated by Mary Baldwin is an important economic force for the Staunton economy.

Sale Notes:
Description for 105-107 West Beverley Street, Staunton, VA 24401

The sale for this property will take place at the property. 107 West Beverley Street, Staunton, Virginia 24401


The property located at 107 West Beverley Street Staunton, Virginia will be open on Wednesday, December 7th from 11am to 1pm for interested buyers to preview.


Preview Date & Time - Wednesday, December 7th and 16th from 11am to 1pm


Preview Location - 107 West Beverley Street, Staunton Virginia, 24401


Investment Overview:
Foreclosure - Palmer House - 24,287+/- SF Downtown Mixed-use Development Building with Income Formerly known as the Palmer House Hotel, this four story historic building has been recently renovated into a mixed use facility comprising of income producing retail on the first floor and build to suit office/apartments/condos on the three floors above (utilizing historic tax credits). This property is located on the Beverly Street corridor, directly across from City Hall and offers ease of access to all city offices as well as the city and county courts. A true Landmark within the historic district of downtown Staunton, Virginia.

The property is currently producing income from retail and restaurant spaces on the first floor (street level). The building is on the national and state register due to its location in a historic district. This allows tax credits for the owner, if they choose to accept it, while renovating the building. A 2007 renovation of the property resulted in rebuilding the rear wall, replacing most of the electrical and windows, new elevator and roof, and some new plumbing. This first phase work was completed to start the process of renovating the unused space on the second, third, and fourth floors.

Investment Highlights:
Utilities:
Electricity is supplied and distributed by Dominion Power. Natural gas is supplied and distributed by Columbia Gas services. Water and sewer services in Augusta County are provided by the Augusta County Service Authority.

Zoning:
B-2 Commercial (General Business District). The purpose of this district is to “furnish a wider range of retail goods and services to satisfy all of the household and personal needs of the residents of a group or community of neighbors.” By-right uses include, but are not limited to, any permitted B-1 local business district, service and repair shops, bakeries, offices, custom tailoring and display rooms, parking garages, and radio or television studios. Living quarters above the ground level floor are a by-right use.

Staunton Enterprise Zone and Tax Credits:
Please see “Tax Credits” in Appraisal Excerpts Section for overview of possible tax Credits.

Property Location Overview:
The property is located within downtown Staunton in Augusta County, Virginia within the central business district. Staunton is situated 100 miles west of Richmond, 85 miles north of Roanoke and 150 miles southwest of Washington D.C. Two interstate highways, Interstate 81 (I-81) and Interstate 64 (I-64), intersect at Staunton, providing direct links to points north, south, east and west. Other major highways include U.S. Route 250 (US 250), U.S. Route 11 (US 11), and U.S. Route 340 (US 340). Augusta County is approximately midway between New York and Atlanta.

Transportation:
Fifteen interstate motor freight carriers have terminal facilities in the Augusta County-Staunton-Waynesboro area. Passenger train service is available west to Chicago and northeast to New York City via AMTRAK. The Shenandoah Valley Airport, located in Weyers Cave (20 miles from Staunton) provides daily flights via USAir Express connecting the Valley to Pittsburgh International Airport, and via United Express connecting to Washington Dulles. Additional commercial service is available from the Charlottesville Airport. Greyhound and Trail ways provide intercity bus service.

Colleges and Universities:
Mary Baldwin College is located on the north side of the property. There are 1,058 full time undergraduate students and 456 part time undergraduates. The graduate programs have 107 full time students and 149 part time students. Mary Baldwin is a private college and has traditionally been an all-women’s institution. Recently, male students have comprised 9% to 10% of the enrollment. The college has a 1:10 faculty to student ratio. The faculty, students, and tourism generated by Mary Baldwin is an important economic force for the Staunton economy.

For additional auction related questions, contact:
David Lowry
Ten-X
443-789-8482
dlowry@ten-x.com
OR
Loretta Okoye
212-228-0221
lokoye@ten-x.com
Auctioneer Licensing Information
Ten-X Adrian Strelzow RE Brkr 0226027077

Ten-X, LLC
Loretta Okoye
(212) 228-0221

Ten-X Commercial
(800) 793-6107




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