Multifamily Mixed Use in Shockoe Slip

ONE SOUTH COMMERCIAL

FOR SALE | MULTIFAMILY MIXED USE IN SHOCKOE SLIP

1421 LOMBARDY ALLEY Richmond VA 23219

$1,900,000 PID: E0000087033 8 Residential Units on Upper Levels Ground Level Commercial Space (3,920 SF) 11,799 SF Building Area 0.14 AC Parcel Area B-5 Central Business Zoning Pulse BRT Corridor Location

PETERSBURG[1] MULTIFAMILY PORTFOLIO TABLE OF CONTENTS*

3 PROPERTY SUMMARY

4 PHOTOS

10 RICHMOND METRO AREA

11 RICHMOND ECONOMIC DEVELOPMENT 8 RESIDENTIAL 12 RICHMOND MAJOR EMPLOYERS UNITS

13 DEMOGRAPHICS

14 ONE SOUTH COMMERCIAL TEAM COMMERCIAL GROUND LEVEL 3,920 SF

B-5 CENTRAL BUSINESS ZONING

PULSE BRT CORRIDOR

1875 Communication: CONSTRUCTION One South Commercial is the exclusive representative of Seller in its disposition of the 1421 Lombardy Alley. 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. HISTORIC Offers: RENOVATION 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.

1421 LOMBARDY ALLEY | RICHMOND VA 8 Residential Units with Commercial Space in Shockoe Slip

ONE SOUTH COMMERCIAL is pleased to present this listing at 1421 Lombardy Alley in Richmond’s Shockoe Slip. This historic building, constructed in 1875 and originally used as a horse-drawn buggy factory, is presently fully renovated and features a large commercial space at the ground level and 8 residential units on the second and third levels.

The 3,920 SF ground level is currently leased as a single tenant office space and features a fully renovated open floor plan, exposed brick, and structural timber. 19th century mechanical equipment has also been preserved as part of the historic rehabilitation of the building and adds a unique character to the space. The flexible B-5 Central Business Zoning also permits a wide variety of other commercial uses for this space.

The apartment units are also fully renovated with an emphasis on historic preservation. The units also feature exposed brick, original wood flooring, and structural timber. In addition, fully equipped modern kitchens and baths complement the original features of the building.

Shockoe Slip is one of Richmond’s oldest and most historic neighborhoods. Today, as a center for commerce, urban living, and entertainment venues, Shockoe slip is home to some of Richmond’s most well-known businesses. In addition, Shockoe Slip is also a popular residential area for those who choose an urban lifestyle where they can combine the best aspects of city-living. These characteristics make this area a perfect location for a mixed use multifamily and commercial investment.

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 RICHMOND VA “52 Places to Go in 2020” in the world #39 The New York Times lists Richmond as one of “52 Places to Go in 2020” in the world

View of Downtown Richmond along Broad St

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”.

[10] 1421 LOMBARDY ALLEY | 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%

[11] 1421 LOMBARDY ALLEY | RICHMOND VA RICHMONDPETERSBURG METRO DEMOGRAPHICS* MAJOR EMPLOYERS

1 4 7 30 MIN DRIVE

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

[12] 1421 LOMBARDY ALLEY | RICHMOND VA DEMOGRAPHICSPETERSBURG DEMOGRAPHICS*

DEMOGRAPHICS (WITHIN 2 MILES) DISTANCE FROM PROPERTY 2 MILE 5 MILE 10 MILE

57,806 Population: POPULATION 2010 Population 57,806 226,695 557,182

2020 Population 74,763 255,828 613,339

2025 Population Projection 80,212 268,089 639,010

Annual Growth 2010-2020 2.9% 1.3% 1.0% $59,887 AVG HOUSEHOLD Annual Growth 2020-2025 1.5% 1.0% 0.8% INCOME Households:

2010 Households 19,978 90,437 211,588

2020 Households 31,647 108,636 250,481

2.9% 2025 Household Projec- 34,085 113,772 260,823 POPULATION GROWTH PAST 10 YEARS Annual Growth 2010-2020 1.8% 0.4% 0.4%

Annual Growth 2020-2025 1.5% 0.9% 0.8%

Owner Occupied 8,450 46,658 141,606

Renter Occupied 23,196 61,978 108,875 EMPLOYEES Avg Household Income $59,887 $67,649 $77,589 2 MILE 5 MILE 10 MILE Median Household Income $40,097 $46,822 $58,163 Trade Transportation & Utilities 10,555 23,733 58,468 2020 Households by Inc: Information 2,452 3,811 7,369 < $25,000 10,631 29,175 50,020 Financial Activities 6,362 12,284 28,854

Professional & Business Services 18,169 25,162 45,521 $25,000 - 50,000 7,810 28,629 59,910

Education & Health Services 74,684 93,272 147,588 $50,000 - 75,000 4,759 17,495 45,308

Leisure & Hospitality 7,569 17,297 35,910 $75,000 - 100,000 3,290 12,155 32,206

Other Services 3,150 9,478 21,244 $100,000 - 125,000 2,174 7,816 24,287

Public Administration 11,642 13,754 25,761 $125,000 - 150,000 814 4,160 12,992 Natural Resources & Mining 10 79 235 $150,000 - 200,000 878 3,960 12,177 Construction 1,612 6,478 14,352 $200,000+ 1,289 5,247 13,582 Manufacturing 2,031 7,975 16,060

Total Employees 138,236 213,323 401,362

[13] 1421 LOMBARDY ALLEY | 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.

JUSTIN SLEDD | 804.307.4060 | [email protected]

Justin is a seasoned commercial real estate expert with over a decade worth of experience. Having a widespread knowledge of the Richmond real estate market, Justin is comfortable handling many types of transactions, but his primary practice areas are multifamily and investment sales. Justin possesses a commanding knowledge of Richmond’s rental market, providing his clients with in-depth analysis of the competitive landscape and value add solutions. Justin is a Richmond native and graduate of Virginia Commonwealth University.

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.

[14] PETERSBURGAZALEA PLACE MULTIFAMILY APARTMENTS PORTFOLIO ONE[14] SOUTH COMMERCIAL 2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009