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Shockoe Bottom 6 Property Portfolio
Listing was updated at: 12/01/2018
Property Overview
Price/Rent PSF $ 3,800,000.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 20,466
Date Available 12/01/2018
Additional URL Link
Parking 10
Floors 3
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Description

Location
Located in the heart of Shockoe Bottom near the corner of E Main and N 18th st. at Main Street Station and Farmer's Market in a designated Opprtunity zone. This is one of the most exciting high-growth neighborhoods in the metro area, attracting millenials and all age groups who seek a mixed-use, pedestrian-friendly urban emnvironment, where they can walk or uber a few blocks to work and hundreds of establishments. Mass transit hub connects Amtrak and the Pulse Rapid Transit for the first phase of Richmond Metro's mass transit system while Downtown Business District, River Walk, James River are all within walking distance. Richmond City had their first public meeting Aug 2 to provide information and solicit public input in the E. Main St. Improvements Project addressing connectivity, enhanced landscaping, lighting, pavement overlays and sidewalk extensions to improve pedestrian flow as the Farmer's Market and surrounding are continues to be an attraction and the fastest growing neighborhood in the metro area. Grand Opening Nov 30th include Christmas Tree Lighting and Ice Skating on the new Mall.


Sale
17-Unit Mixed-Use Portfolio consisting of 6 Individual Properties with 11 Apartments and 6 retail spaces. As economic development of Shockoe Bottom increases rents lag below market rate. This presents opportunity to add value, increase rents and modify retail terms in an effort to double NOI in the first 2 years.
Conditions of units range from sophisticated units renting close to the current market rate prices to dated, 1 in need of build-out. Four retail units include fully-equipped kitchens, dining rooms, bars, outdoor patio and basements. All buildings have unfinished space in the basements and opportunities to increase square footage with multi-story addition(s) and/or adding stories to the 2 stand-alone buildings. Rooftop patios are also a possibility with City approval. Apr. 10 Off-street parking spaces are located behind 4 properties on E. Main St. and 18th St. Opportunity Zone Incentives Apply.

Location

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