For Sale | Shockoe Bottom Office and Multifamily

ONE SOUTH COMMERCIAL

FOR SALE | SHOCKOE BOTTOM OFFICE AND MULTIFAMILY

1707 EAST MAIN STREET Richmond VA 23223

$750,000 PID: E0000109004 Ground and Lower Level Office Space 2 Residential Units on Second Level 4,860 SF Office Space B-5 Central Business Zoning Pulse BRT Corridor Location 0.05 AC Parcel Area Opportunity Zone

PETERSBURG[1] MULTIFAMILY PORTFOLIO TABLE OF CONTENTS*

3 PROPERTY SUMMARY 4 PHOTOS 2 8 SHOCKOE BOTTOM NEIGHBORHOOD RESIDENTIAL UNITS 10 PULSE CORRIDOR PLAN

11 RICHMOND METRO AREA 12 RICHMOND ECONOMIC DEVELOPMENT OFFICE 13 RICHMOND MAJOR EMPLOYERS 4,860 SF

14 DEMOGRAPHICS

15 ONE SOUTH COMMERCIAL TEAM B-5 CENTRAL BUSINESS ZONING

OPPORTUNITY ZONE

2008 RENOVATION

Communication: One South Commercial is the exclusive representative of Seller in its disposition of the 1707 E Main St. All communications regarding the property should be directed to the One South Commercial listing team.

Property Tours: Prospective purchasers should contact the listing team regarding property tours. Please provide at least 72 hours advance notice when requesting a tour date out of consideration for current residents.

Offers: Offers should be submitted via email to the listing team in the form of a non- binding letter of intent and should include: 1) Purchase Price; 2) Earnest Money Deposit; 3) Due Diligence and Closing Periods.

Disclaimer: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative.

1707 E MAIN ST | RICHMOND VA Office Space and Multifamily in Shockoe Bottom

1707 E Main Street is comprised of two Class A 1bedroom/1bathroom apartments and 4,860 square feet of modern creative office space that is available for lease. This is a perfect opportunity for a business owner-user to capture reliable residential income from the apartments and enjoy high quality office space in the heart of Shockoe Bottom.

The apartments are on 12-month leases at $1,200 per month. Asking rent for the office space is $12 per square foot, full-service.

The 4,860 SF office offers open space along the street front, two glass-wall enclosed offices, and a kitchen area. Walk up to the mezzanine level to an additional office that opens to the first level by sliding glass walls. The full length lower level also makes ideal additional office or production space and is easily accessible from two separate stairways.

Shockoe Bottom is one of Richmond’s oldest and most historic neighborhoods. Today, as a center for lively businesses and entertainment venues, Shockoe Bottom is home to some of Richmond’s most well-known shops and restaurants. In addition, Shockoe Bottom is also a popular residential area for those who choose an urban lifestyle where they can combine the best aspects of city-living.

VIRTUAL TOUR

https://my.matterport.com/show/?m=ok1L83ebM5Q

[3] 1707 E MAIN ST | RICHMOND VA VIRTUAL TOUR

https://my.matterport.com/show/?m=ok1L83ebM5Q

[4] 1707 E MAIN ST | RICHMOND VA VIRTUAL TOUR

https://my.matterport.com/show/?m=ok1L83ebM5Q

[5] 1707 E MAIN ST | RICHMOND VA VIRTUAL TOUR

https://my.matterport.com/show/?m=ok1L83ebM5Q

[6] 1707 E MAIN ST | RICHMOND VA [7] 1707 E MAIN ST | RICHMOND VA SHOCKOEPETERSBURG BOTTOM DEMOGRAPHICS* NEIGHBORHOOD

Richmond’s iconic Main Street Station and the 17th St Farmers Market are famous landmarks in this neighborhood. The central business district, VCU Medical Center, and VA Bio+Tech Park are also within walking distance of this neighborhood. This proximity to some of the region’s largest employers and institutions makes Shockoe Bottom a popular residential area for students and young professionals. This demand can be seen in the number of new and renovated multifamily residential units that have been constructed in the past 20 years. Former tobacco warehouses have been converted to join new construction in providing some of the City’s most distinctive urban apartments.

Historically the hub for Richmond’s shipping and commerce, the area played a major role in trade throughout the 18th and 19th centuries. Until the end of the American Civil War in 1865, this commerce included the human trade as Shockoe Bottom was the second largest slave trading center in the U.S. In 2007, a 15-foot, half-ton bronze sculpture named the Richmond Slavery Reconciliation Statue was unveiled as part of the Richmond Slave Trail to raise awareness and increase informational accuracy about Richmond’s role in the slave trade. This memorial sits not far from the former slave market in Shockoe Bottom.

[8] 1707 E MAIN ST | RICHMOND VA SHOCKOE BOTTOM NEIGHBORHOOD E BROAD ST

MAIN ST STATION

SHOCKOE SLIP N 17TH ST

17TH ST FARMER’S MARKET

N 19TH ST

1707 E MAIN ST

SHOCKOE BOTTOM

THE POE MUSEUM E MAIN ST

S 14TH ST

E CARY ST

VA HOLOCAUST MUSEUM

JAMES RIVER

SHOCKOE BOTTOM

POPULATION MEDIAN PROPERTY VALUE AREA 2,545 $331,171 129 AC

MEDIAN RENT PERCENTAGE RENT VS OWN MED AGE $1,197 87:13 31.3

[9] 1707 E MAIN ST | RICHMOND VA PULSE CORRIDOR PLAN

In July 2017, the Richmond City Council approved the Pulse Corridor Plan envisioning the future of development along its new Bus Rapid Transit line running east to west throuigh the City. The Plan’s main purpose was to support a walkable urban environment around the Pulse stations through the adoption of principles, goals, and recommendations.

A major component of these recommendations in Shockoe Bottom is to ensure that existing active ground floor uses are complemented by new infill development with street-oriented commercial uses. New development promotes better connections to the Virginia Capital Trail, the Low Line, and other Riverfront amenities and public spaces, while respecting the viewshed of the “view that named Richmond” from Libby Hill Park to the James River. The historic character of the greater neighborhood continues to be a great asset that new development respects and is inspired by, continuing to attract new visitors, residents, and businesses to the area.

1707 E MAIN ST

Pulse Corridor Plan: Shockoe Bottom Neighborhoods Pulse Corridor Plan: Shockoe Bottom Existing Land Use

[10] 1707 E MAIN ST | RICHMOND VA RICHMOND METRO AREA

Richmond is one of the oldest and most historic cities in the United States. As the site of numerous seminal events in the nation’s history, Richmond has been a center for politics, trade, and commerce for over three centuries. Today, the metro area is home to more than 1.3 million residents and headquarters to ten Fortune 1000 companies including Altria Group, Carmax, Performance Food Group, and Dominion Energy.

In addition to its role as a business hub, Richmond serves a critical role as the center of health care, research, and education in the Mid-Atlantic region. Four universities are located within the metro area including Virginia Commonwealth University -- the largest university in Virginia -- and the VCU Health System both located in Downtown.

The New York Times lists Richmond as one of “52 Places to Go in 2020” in the world

Kehinde Wiley’s “Rumors of War” Statue

The James River and Downtown Fan District

Richmond is comprised of neighborhoods that are both unique and significant. The Fan District is the largest intact residential neighborhood featuring Victorian architecture in the United States. Church Hill overlooks the James River where similarities to the London suburb gave Richmond its name,. The neighborhood is also home to St. John’s Church where Patrick Henry gave the speech that changed the course of the country.

Naturally, visitors come to Richmond for its history, but they also flock to the area for many other attractions. The Virginia Museum of Fine Arts, Capitol Square, the City’s famous restaurants and breweries, and a host of other attractions draw over 7 million people to the region annually. Maymont Park and the natural areas of the James River also offer delights specifically for nature lovers. More and more people are becoming aware of all that the Richmond Metro Area has to offer. Unsurprisingly, theNew York Times lists Richmond as one of “52 Places to Go in 2020”.

[11] 1707 E MAIN ST | RICHMOND VA RICHMOND METRO AREA ECONOMIC DEVELOPMENT

Throughout its long history, Richmond has been a center for economic development with wide ranging impacts for the region and beyond. Its economy is based on a business-friendly setting and infrastructure that make the area attractive to both large and small businesses and organizations.

KEY INDUSTRIES FORTUNE 500 Seven Fortune 500 companies call Metro Richmond home including the COMPANIES Altria Group, Carmax, Owens and Minor, and Genworth Financial. These HEADQUARTERS IN 7 RICHMOND and other companies represent diverse industries including creative, high-tech, health care, traditional manufacturing, and financial services.

Adweek’s “Agency of the Year”, the Martin Agency, is located in Richmond along with many other leading design, architecture, and creative companies. In addition, VCU is one of the top creative and design universities in the country.

VCU Health Systems is the leading healthcare provider and research centers in the region. However, they are not alone in representing this sector. HCA Healthcare and Bon Secours Health Systems also have a major presences in the area. In addition, the VA Bio+Tech Park is home to over 70 companies on the cutting edge of this critical field. YEARS CONSECUTIVE JOB GROWTH To complement these high tech companies, traditional manufacturing, 10 and financial services are also well-represented in Metro Richmond. WestRock, NewMarket, Universal Corporation, and others produce chemicals, plastics, packaging, and tobacco products that are globally exported. And in a role it has played for centuries, Richmond is the hub for financial services. Today, the Fifth District Federal Reserve Bank, BB&T, SunTrust, Wells Fargo, and numerous other financial service firms are located in the central business district.

EMPLOYMENT

Due to the strong local economy, Richmond is enjoying steady growth in employment opportunities. In December 2019, Metro Richmond’s UNEMPLOY employment increased 2% over the year to 696,500. This increase is MENT significantly higher than the national growth of 1.4% over the same period. 2.9% DEC 2019 The increase in job growth in Metro Richmond represents almost 10 consecutive years of gains in the area. Education and health services had the largest employment gain from December 2018 to December 2019, adding 5,400 jobs. The recent advance represents a 5.4-percent rate of job growth over the year in the local area, double the nationwide advance of 2.7 percent for this industry.

Similarly the unemployment rate in Metro Richmond stands at 2.9% and much lower than the already historically low national rate of 3.8%

[12] 1707 E MAIN ST | RICHMOND VA RICHMONDPETERSBURG METRO DEMOGRAPHICS* MAJOR EMPLOYERS

1 4 7 30 MIN DRIVE

10 3217 W BROAD ST

6 5 2 20 MIN DRIVE 15913 DOWNTOWN RICHMOND 11 3

DRIVE TIME TO MAJOR AREA EMPLOYERS LARGEST RICHMOND EMPLOYERS

EMPLOYER MILES TIME EMPLOYER EMPLOYESS 1. Capital One 24.5 30 Min 1. Capital One 13,000 2. VCU Health 4.6 13 Min 2. VCU Health 9,313 3. HCA Health System 14.5 20 Min 3. HCA Health System 7,628 4. Bon Secours 3.8 9 Min 4. Bon Secours 7,136 5. Dominion VA Power 4.1 10 Min 5. Dominion VA Power 5,433 6. SunTrust Banks Inc. 13.1 19 Min 6. SunTrust Banks Inc. 3,810 7. Altria Group 4.0 10 Min 7. Altria Group 3,800 8. Amazon.com 11.8 18 Min 8. Amazon.com 3,800 9. Wells Fargo 3.5 9 Min 9. Wells Fargo 2,902 10. Anthem 4.0 10 Min 10. Anthem 2,655 11. UPS 20.4 25 Min 11. UPS 2,490 12. DuPont 4.0 10 Min 12. DuPont 2,376 13. Bank of America 11.1 20 Min 13. Bank of America 1,921 14. Markel Corp 3.7 10 Min 14. Markel Corp 1,886 15. Federal Reserve Richmond 15.0 20 Min 15. Federal Reserve Richmond 1,882

[13] 1707 E MAIN ST | RICHMOND VA DEMOGRAPHICSPETERSBURG DEMOGRAPHICS*

DEMOGRAPHICS (WITHIN 5 MILES) DISTANCE FROM PROPERTY 1 MILE 3 MILE 5 MILE

265,971 Population: POPULATION 2025 Projection 22,020 136,459 265,971

2020 Estimate 19,962 128,870 253,788

2010 Census 12,001 108,398 224,681

Growth 2020-2025 10.31% 5.89% 4.80% $67,352 AVG HOUSEHOLD Growth 2010-2020 66.34% 18.89% 12.95% INCOME Households:

2025 Projection 11,175 57,035 112,675

2020 Estimate 10,080 53,800 107,572

13.0% 2010 Census 5,691 44,639 95,324 POPULATION GROWTH PAST 10 YEARS Growth 2020 - 2025 10.86% 6.01% 4.74%

Growth 2010 - 2020 77.12% 20.52% 12.85%

Owner Occupied 1,936 19,078 46,123

Renter Occupied 8,144 34,722 61,449 EMPLOYEES 2020 Avg Household Income $69,359 $61,884 $67,352 RADIUS 1 MILE 3 MILE 5 MILE

Retail 1,233 3,862 10,967 2020 Med Household Income $54,392 $42,873 $46,700

Wholesale 1,189 2,514 5,459 2020 Households by Inc:

Hospitality & Food Service 3,381 7,718 13,110 <$25,000 2,432 16,747 28,932

Real Estate, Renting, Leasing 585 1,672 3,219 $25,000 - $50,000 2,170 13,805 28,452 Finance & Insurance 4,429 5,693 8,823 $50,000 - $75,000 2,103 8,390 17,333 Information 1,715 2,697 3,710 $75,000 - $100,000 1,296 5,635 12,025 Scientific & Technology Services 14,558 17,196 20,600 $100,000 - $125,000 882 3,597 7,737 Management of Companies 124 160 179 $125,000 - $150,000 438 1,839 4,088 Health Care & Social Assistance 15,881 21,809 30,330

Education Services 2,376 58,682 62,669 $150,000 - $200,000 355 1,647 3,903

Public Administration & Sales 10,168 12,054 13,712 $200,000+ 403 2,138 5,105

Arts, Entertainment, Recreation 973 1,864 3,650

Utilities 85 6,253 6,396

[14] 1707 E MAIN ST | RICHMOND VA ONE SOUTH COMMERCIAL TEAM

One South Commercial is a CoStar PowerBroker in the Richmond, VA investment sales market with more than $200M in sales in 2018-19. Our reputation among those with local knowledge as the premier investment sales shop in the City of Richmond is built on a wide network of relationships with principals all over the world who trust us and our ability to effectively analyze the economics of any deal and represent them honestly.

LORY MARKHAM | 804.248.2561 | [email protected]

As Principal Planner for the City of Richmond, Lory’s experience includes serving as Secretary to the city’s Planning Commission and overseeing the review of all development projects in the City that need special approval. Her contributions to development in the City were recognized in her selection as a “Top 40 Under 40” by Style Weekly. After over a decade of experience in development review and land use planning with the City of Richmond, Lory joins One South Commercial as a commercial agent. She brings with her extensive knowledge of the Richmond market, zoning and development review process, historic tax credits, and neighborhood development.

TOM ROSMAN | 804.539.3017 | [email protected]

Tom Rosman has been brokering investment real estate since the early 1990’s in the Richmond, VA, metro area. He has brought hundreds of transactions to a successful conclusion, including large apartment complexes, apartment buildings in historic neighborhoods, office buildings, retail properties, mixed use buildings, and numerous historic adaptive reuse properties.

Tom was one of the first brokers to recognize the transformative changes occurring in many of Richmond’s most architecturally significant but ignored neighborhoods. As one of the Founding Partners at One South, Tom heads up the commercial and investment sales for One South Commercial.

[15] PETERSBURGAZALEA PLACE MULTIFAMILY APARTMENTS PORTFOLIO ONE[15] SOUTH COMMERCIAL 2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009