For Sale | Prime Carytown Commercial Building

ONE SOUTH COMMERCIAL

FOR SALE | PRIME CARYTOWN COMMERCIAL BUILDING

3325-3331 West Cary St Richmond VA 23221

CALL FOR PRICING PID: W0001510007 0.34 AC Parcel Area 14,535 Building Area UB-PO2 Urban Business Zoning Carytown Location

PETERSBURG[1] MULTIFAMILY PORTFOLIO TABLE OF CONTENTS

3 PROPERTY SUMMARY

4 PHOTOS 11 FLOOR PLANS UB-PO2 URBAN BUSINESS 14 RICHMOND METRO AREA ZONING 16 RICHMOND ECONOMIC DEVELOPMENT

17 RICHMOND MAJOR EMPLOYERS

18 DEMOGRAPHICS & NEAR WEST END MARKET 14,535 SF 19 LOCATION MAP GBA 20 ONE SOUTH COMMERCIAL TEAM

2 STORIES

2,250 SF PATIO/COURTYARD

Communication: One South Commercial is the exclusive representative of Seller in its disposition of 3325 W Cary St. All communications regarding the property should be directed 14 to the One South Commercial listing team. OFF-STREET PARKING SPACES 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- 1940 binding letter of intent and should include: 1) Purchase Price; 2) Earnest Money HISTORIC Deposit; 3) Due Diligence and Closing Periods. CONSTRUCTION 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.

3325 W CARY ST | RICHMOND VA Iconic Carytown Landmark Features 14,535 SF of Prime Commercial Space

One South Commercial is pleased to present for sale this collaborative mixed use commercial building in the heart of Richmond’s popular Carytown. Constructed in 1940 for the Calvary Baptist Church, this distinctive building features 14,535 SF of commercial space on three levels. An additional 2,250 SF is available at the charming patio/ courtyard adjacent to Cary Street.

This multi-tenant space underwent an all encompassing historic tax credit renovation in 1992. An elevator is also available to provide full accessibility. The property also includes a parking lot with 14 off-street parking spaces available for use by the tenants or customers. Additional parking is available on Cary Street and in one of Carytown’s public parking garages located conveniently less than 500 feet away on S Crenshaw Ave.

Carytown is an urban retail district that is home to many local Richmond merchants, shops, and restaurants. This area spans nine blocks of West Cary St from Thompson Street to Arthur Ashe Blvd. Carytown’s proximity to some of Richmond’s premier residential neighborhoods and its accessibility from the Downtown Expressway have helped create a successful business district that is able to support a variety of businesses, many locally owned and operated, including restaurants, retail, offices, beauty salons, grocery stores, and many others. Over 230 shops, restaurants, and attractions are located in Carytown, including the historic Byrd Theatre which first opened in 1928.

Each year, thousands of locals and visitors flock to Carytown for the unique shopping and entertainment experiences that it provides. If you have walked through Carytown, then you know this listing as one of the most recognizable properties in the area. With its historic construction, central location, and flexible space, The 3325 in Carytown is one of the most distinctive commercial buildings in Richmond’s most dynamic business district.

[11] 3325 W CARY ST | RICHMOND VA FIRST LEVEL FLOOR PLAN

[12] 3325 W CARY ST | RICHMOND VA SECOND LEVEL FLOOR PLAN

[13] 3325 W CARY 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

PROPERTY VALUE

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”.

[14] 3325 W CARY ST | RICHMOND VA RICHMOND MSA

POPULATION MEDIAN PROPERTY VALUE MEDIAN HOUSEHOLD INCOME 1.31M $246,100 $67,703

MEDIAN AGE NUMBER OF EMPLOYEES MED HH INCOME GROWTH (1 YR) 38.8 696,500 0.10%

MEDIAN HH INCOME $42,356 2017 VALUE 2.84% 1 YEAR GROWTH

PROPERTY VALUE $209,200 2017 MEDIAN $199,300 2016 MEDIAN

[15] 3325 W CARY 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%

[16] 3325 W CARY ST | 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

[17] 3325 W CARY ST | RICHMOND VA DEMOGRAPHICSPETERSBURG DEMOGRAPHICS* & RETAIL SUBMARKET DATA

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

275,201 Population: POPULATION 2025 Projection 19,878 111,679 288,030

2020 Estimate 19,245 106,608 275,201

2010 Census 19,396 97,730 246,128

Growth 2020-2025 3.29% 4.76% 4.66% $75,204 AVG HOUSEHOLD Growth 2010-2020 (0.78%) 9.08% 11.81% INCOME Households:

2025 Projection 10,423 51,810 123,705

2020 Estimate 10,138 49,516 118,289

11.8% 2010 Census 10,433 45,474 105,865 POPULATION GROWTH PAST 10 YEARS Growth 2020 - 2025 2.81% 4.63% 4.58%

Growth 2010 - 2020 (2.83%) 8.89% 11.74%

Owner Occupied 4,134 21,265 52,282

Renter Occupied 6,004 28,252 66,007 NEAR WEST END RETAIL SUBMARKET 2020 Avg Household Income $105,441 $87,130 $75,204

Market Rent $19.65 2020 Med Household Income $76,587 $60,523 $50,805 Vacancy Rate 2.3% 2020 Households by Inc:

Availability Rate 5.2% <$25,000 1,103 10,385 28,957

Available SF 203K $25,000 - $50,000 2,225 10,999 29,538 Months on Market 7.2 $50,000 - $75,000 1,653 7,746 18,809 6 Month Leasing Probability 41.2% $75,000 - $100,000 1,378 6,132 13,079 Existing Buildings 668 $100,000 - $125,000 926 4,097 9,584 Average Building SF 5.7K $125,000 - $150,000 862 2,753 5,328 12 Month Transactions 21 Sale Price/SF $152 $150,000 - $200,000 701 2,788 5,357 Average Sale Price $898K $200,000+ 1,289 4,618 7,637 12 Month Sales Volume $13.2M Market Cap Rate 7.8%

[18] 3325 W CARY ST | RICHMOND VA LOCATION MAP

CHAMBERLAYNE AVE

NORTH SIDE

WEST END SCOTT’S ADDITION

MECHANICSVILLE TPK MUSEUM DISTRICT W BROAD ST

3325 W CARY ST CARYTOWN

FAN DISTRICT

RICHMOND

WESTOVER HILLS CHURCH HILL

JAMES RIVER MANCHESTER FOREST HILL

HULL ST

MIDLOTHIAN TPK

SOUTH RICHMOND

[19] 3325 W CARY 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.

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.

[20] PETERSBURGAZALEA PLACE MULTIFAMILY APARTMENTS PORTFOLIO ONE[20] SOUTH COMMERCIAL 2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009