ONE SOUTH COMMERCIAL

607 E BROADWAY

FOR SALE | ENTIRE BLOCK ON MIDLOTHIAN WITH 2 BUILDINGS

3151-67 MIDLOTHIAN TURNPIKE RICHMOND, VA 23224

$950,000 PID: S0001724007, S0001724009, S0001724011 3 Parcels (0.874 AC Total) 0.39 AC Developable Land 2 Buildings (7,378 SF Total) 4 Commercial Spaces 1 Residential Unit Rezoning Development Potential

PETERSBURG[1] MULTIFAMILY PORTFOLIO TABLE OF CONTENTS

3 PROPERTY SUMMARY 4 COMMERCIAL 4 PHOTOS SPACES 8 RICHMOND METRO AREA 9 DEMOGRAPHICS 11 LOCATION MAP 12 ONE SOUTH COMMERCIAL TEAM 1 RESIDENTIAL UNIT

0.39 AC READY FOR DEVELOPMENT

2 BUILDINGS (7,378 SF TOTAL)

Communication: One South Commercial is the exclusive representative of Seller in its disposition of 3151-67 Midlothian Tpk. All communications regarding the property should be directed to the One South Commercial listing team. 3 PARCELS 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. REZONING POTENTIAL 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.

3151-67 MIDLOTHIAN TPK | RICHMOND VA Entire Block on Midlothian Tpk with 2 Buildings and Development Site

ONE SOUTH COMMERCIAL is pleased to present 3151-67 Midlothian consisting of three parcels which comprise a contiguous street-facing block between W Blake Ln and W 32nd St.

This development and investment opportunity is strategically located between three of Richmond’s fastest growing neighborhoods south of the James River – Manchester, Woodland Heights, and Forest Hill. Directly across from Swansboro Elementary, this 0.89 acre assemblage along Midlothian Tpk consists of :

1) a 4,138 SF retail strip center with a large parking area;

2) a 2-story 3,240 SF fully leased (1) unit commercial and (1) 4bed/1.5bath unit apartment building; and

3) a 0.392 acre corner lot that is currently development ready, or with a rezoning, would potentially provide substantial return on investment.

All three parcels are currently zoned B-1 and positioned to serve as excellent commercial and residential uses in the surrounding neighborhood. An ideal size and scale for an investor looking for revenue generating asset or to scale up in the long term, this listing provides great value add opportunity with potential repositioning, retenanting, and redevelopment for residential and commercial uses.

[3] 3151-67 MIDLOTHIAN TPK | RICHMOND VA The building at 3167 Midlothian Tpk contains three commercial spaces with a large parking area at the front of the property.

[4] 3151-67 MIDLOTHIAN TPK | RICHMOND VA The building at 3159 Midlothian Tpk contains a convenience store at the ground level and one 4 bedroom apartment on the second level.

[5] 3151-67 MIDLOTHIAN TPK | RICHMOND VA 3151 Midlothian Tpk is a 0.39 AC vacant parcel that is ready to be developed under the current B-1 zoning or under a rezoning to provide additional options.

[6] 3151-67 MIDLOTHIAN TPK | 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 RICHMOND VA “52 Places to Go in 2020” in the world

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

[7] 3151-67 MIDLOTHIAN TPK | 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 employment increased 2% over the year to 696,500. This increase is significantly higher than the national growth of 1.4% over the same period. 2.9% 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%

[8] 3151-67 MIDLOTHIAN TPK | RICHMOND VA RICHMOND MSA

POPULATION MEDIAN PROPERTY VALUE MEDIAN HOUSEHOLD INCOME 1.29M $251,200 $68,324

MEDIAN AGE NUMBER OF EMPLOYEES MEAN HOUSEHOLD INCOME 39.1 659,986 $94,725

RICHMOND CITY

[9] 3151-67 MIDLOTHIAN TPK | RICHMOND VA DEMOGRAPHICSPETERSBURG DEMOGRAPHICS* AND MARKET DATA

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

Population: 11,209 2010 Population 10,641 97,951 225,440 POPULATION 2020 Population 11,209 114,248 256,299

2025 Population Projection 11,691 120,944 270,091

Annual Growth 2010-2020 0.5% 1.7% 1.4%

Annual Growth 2020-2025 0.9% 1.2% 1.1%

Households:

$55,756 2010 Households 4,469 41,882 94,716 AVG HOUSEHOLD INCOME 2020 Households 4,617 49,183 107,449

2025 Household Projec- 4,795 52,066 113,116

Annual Growth 2010-2020 -0.6% 0.7% 0.4%

Annual Growth 2020-2025 0.8% 1.2% 1.1%

Owner Occupied 2,119 17,204 46,159

5.3% Renter Occupied 2,498 31,979 61,290 POPULATION GROWTH PAST 10 YEARS Avg Household Income $55,756 $64,365 $69,594

Median Household Income $39,881 $45,372 $48,511

2019 Households by Inc:

< $25,000 1,523 13,230 27,105

MANCHESTER MULTIFAMILY SUBMARKET $25,000 - 50,000 1,282 13,657 28,259

Market Sale Price/Unit $127K $50,000 - 75,000 571 7,976 17,665 12 Mo Asking Sale Price/Unit $66.9K $75,000 - 100,000 675 5,703 12,478

Market Cap Rate 5.9% $100,000 - 125,000 166 3,371 8,088

12 Month Sales Volume $8M $125,000 - 150,000 179 1,682 4,423 12 Month Transactions 3 $150,000 - 200,000 101 1,551 4,014 Months To Sale Past Year 2.2 $200,000+ 119 2,013 5,418 For Sale Listings 0 For Sale Units 0

[10] 3151-67 MIDLOTHIAN TPK | RICHMOND VA LOCATIONPETERSBURG MAP DEMOGRAPHICS*

ARTHUR ASHE BLVD FAN DISTRICT CARVER

W MAIN STREET W CARY STREET VCU MONROE CAMPUS W BROAD ST

VCU MED CENTER

DOWNTOWN RICHMOND UNION HILL

HOLLYWOOD CEMETERY MAYMONT

CHURCH HILL

JAMES RIVER MANCHESTER COMMERCE RD

HULL ST SEMMES AVE

BLACKWELL SWANSBORO

3151-67 MIDLOTHIAN TPK

[11] 3151-67 MIDLOTHIAN TPK | RICHMOND VA ONE SOUTH COMMERCIAL TEAM

One South Commercial is a CoStar PowerBroker in the Richmond, VA investment sales market. 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.

[12] PETERSBURGAZALEA PLACE MULTIFAMILY APARTMENTS PORTFOLIO ONE[12] SOUTH COMMERCIAL 2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009