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$1,450,000
Est. payment /mo
17,600 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 17,600 sqft
Price per Sqft $82
MLS Listing ID 2624166
Construction Status Approximate
HOA Y/N No
Year Built 1880
Lot Size 1.500 Acres
Acres 1.5
Property Description
Petersburg Civic Center – Unique Mixed-Use Investment Opportunity
Rare opportunity to acquire a distinctive mixed-use, income-producing property package in Petersburg offering multiple potential revenue streams and tremendous investment possibilities. The offering includes the well-known Petersburg Civic Center at 136 River Street, the associated properties at 100–114 River Street, along with 431 Third Street, which conveys with the sale and provides valuable additional parking.
The centerpiece of the property is the Petersburg Civic Center, an established event and gathering facility offering a unique venue for receptions, weddings, meetings, celebrations, community events and other functions. An investor or owner/operator has the opportunity to continue the existing operation while exploring additional uses and revenue opportunities for this versatile facility.
Adding significantly to the investment potential are 11 residential apartment units, with a combined potential rental income of approximately $9,250 per month or $111,000 annually when fully occupied, based on information provided by the owner. The combination of residential rental income, billboard opportunity and an income-producing event facility creates a particularly interesting opportunity for an investor seeking multiple revenue streams within one property package.
Located in Petersburg's historic River Street/Old Towne area, the property is convenient to downtown Petersburg, Interstate 95, Interstate 85 and the surrounding Tri-Cities region. The property also benefits from its proximity to the new Petersburg casino and entertainment development, adding another major attraction and investment to the Petersburg market.
Property information, square footage, income, expenses, apartment count, permitted uses, permits and certificates of occupancy should be independently verified by purchaser as part of due diligence.
Rare opportunity to acquire a distinctive mixed-use, income-producing property package in Petersburg offering multiple potential revenue streams and tremendous investment possibilities. The offering includes the well-known Petersburg Civic Center at 136 River Street, the associated properties at 100–114 River Street, along with 431 Third Street, which conveys with the sale and provides valuable additional parking.
The centerpiece of the property is the Petersburg Civic Center, an established event and gathering facility offering a unique venue for receptions, weddings, meetings, celebrations, community events and other functions. An investor or owner/operator has the opportunity to continue the existing operation while exploring additional uses and revenue opportunities for this versatile facility.
Adding significantly to the investment potential are 11 residential apartment units, with a combined potential rental income of approximately $9,250 per month or $111,000 annually when fully occupied, based on information provided by the owner. The combination of residential rental income, billboard opportunity and an income-producing event facility creates a particularly interesting opportunity for an investor seeking multiple revenue streams within one property package.
Located in Petersburg's historic River Street/Old Towne area, the property is convenient to downtown Petersburg, Interstate 95, Interstate 85 and the surrounding Tri-Cities region. The property also benefits from its proximity to the new Petersburg casino and entertainment development, adding another major attraction and investment to the Petersburg market.
Property information, square footage, income, expenses, apartment count, permitted uses, permits and certificates of occupancy should be independently verified by purchaser as part of due diligence.
Location
State VA
County Petersburg
Area 57 - Petersburg
Interior
Heating Electric, Floor Furnace, Natural Gas
Cooling Central Air
Exterior
Fence Wood
Roof Type Other
Topography Level
Handicap Access Accessibility Features
Building
Lot Description Level
Building Description Brick, Elevator(s),Multi-Tenant
Story 2
Sewer Public Sewer
Water Public
Level or Stories Two
Structure Type Brick
Construction Status Approximate
Others
Tax ID 011-080002
Ownership Investment
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Listed by Weichert Brockwell & Associate
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