Transformative Opportunity: Historic 6-Unit Multifamily Redevelopment in Downtown Petersburg, VA. Embark on an extraordinary redevelopment journey with this historic 6-unit multifamily property located in the bustling heart of downtown Petersburg, VA. This property offers a rare chance to blend the charm of the past with the promise of the future. Strategically positioned next to a beautifully renovated sister property at 29-31 S Jefferson St, this project is poised to become a standout feature in a rapidly revitalizing area.
This unique property is comprised of 5 apartment units in the main house with a potential 6th unit in the detached carriage house. The property has already received significant improvements to prepare it for redevelopment including a brand-new roof and selective demolition to prepare for modernization. Additionally, a new driveway and extensive sitework and landscaping have been completed, enhancing the property’s curb appeal and functionality. Nestled in downtown Petersburg, this property benefits from a vibrant urban atmosphere with easy access to local shops, dining, entertainment, and public transportation. Its location next to 29-31 S Jefferson and just across from historic tax credit project, The Flats at Wythe, underscores the area’s progress, potential, and market appeal. With some essential upgrades already completed, this property is primed for further redevelopment. Investors have the opportunity to tailor the interiors to modern standards while preserving the historic charm, attracting tenants seeking a blend of old-world elegance and contemporary comfort. The property’s proximity to a fully renovated sister property creates a cohesive and attractive community environment, enhancing the desirability for prospective tenants. Take advantage of potential historic tax credits and incentives available for properties within designated historic districts, providing financial benefits that enhance the project’s viability.