716 W Washington St - Apartments FOR SALE


Petersburg, VA 23803
$275,000 USD
804-723-0446
716 W Washington St, Petersburg, VA for Sale
$275,000 USD
Apartments - FOR SALE
1/10
null | Request Cap Rate

716 W Washington St
Petersburg, VA 23803


HIGHLIGHTS

  • Multi-family, office, or mixed-use redevelopment opportunity
  • Enterprise zone location
  • Potential for historic tax credits
  • Ideal for multi-family developer or office owner occupant

OVERVIEW

IDEAL FOR MULTI-FAMILY OR OFFICE OWNER OCCUPANT! Positioned in the heart of Old Town Petersburg, this striking 2.5-story historic property offers a rare opportunity to reimagine nearly 4,852 square feet of character-rich space in one of the city’s most promising growth corridors. Formerly operated as a multifamily asset, the building’s existing layout provides a strong foundation for redevelopment into boutique apartments, professional office space, or a dynamic mixed-use concept. With its timeless architectural details and prominent presence, the property blends historic charm with flexible potential—ideal for investors or owner-occupants seeking a signature project with lasting impact. Adding to its appeal, the property is located within an Enterprise Zone and may qualify for valuable historic tax credits, creating meaningful financial incentives to support renovation and repositioning. Just five miles from Petersburg’s highly anticipated Live! Casino development, this location stands to benefit from increased economic activity, job growth, and renewed community investment. Whether restored as an income-producing asset or transformed into a distinctive headquarters or live-work environment, this property represents a compelling opportunity to capitalize on Petersburg’s continued revitalization.

FOR SALE DETAILS

PRICE

$275,000 USD

PRICE/SF

$57 USD /SF

# OF UNITS

5

PRICE/UNIT

$55,000

CAP RATE

Request Cap Rate

% LEASED

0%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Redevelopment Opportunity- Petersburg

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Apartments, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1900

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,841 SF

ZONING

B-2

APN/PARCEL ID

023-21-0008

ASK ABOUT THIS PROPERTY

Ann Schweitzer RileyOne South CommercialMore Info
804-723-0446

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Ann Schweitzer RileyOne South CommercialMore Info
804-723-0446

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.