For Sale | Fan District Mixed Use Investment Property
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ONE SOUTH COMMERCIAL 607 E BROADWAY FOR SALE | FAN DISTRICT MIXED USE INVESTMENT PROPERTY 2501 W MAIN ST RICHMOND, VA 23220 $990,000 PID: W0001117014 3,645 SF (0.08 AC) Parcel 3,142 SF Building Area 450 SF Basement Area 1 Commercial Unit 1 Residential Unit 468 SF Detached Garage UB Urban Business Zoning PETERSBURG[1] MULTIFAMILY PORTFOLIO TABLE OF CONTENTS 1 3 PROPERTY SUMMARY COMMERCIAL 4 PHOTOS UNIT 8 RICHMOND’S FAN DISTRICT 9 DEMOGRAPHICS & MARKET DATA 10 MULTIFAMILY MARKET ANALYSIS 1 11 LOCATION MAP RESIDENTIAL UNITS 12 ONE SOUTH COMMERCIAL TEAM UB URBAN BUSINESS ZONING 3,645 SF PARCEL AREA Communication: One South Commercial is the exclusive representative of Seller in its disposition of 2501 W Main St. All communications regarding the property should be directed 3,142 SF to the One South Commercial listing team. BUILDING AREA 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 450 SF Deposit; 3) Due Diligence and Closing Periods. BASEMENT 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. 2501 W MAIN ST | RICHMOND VA Fan District Mixed Use Investment Property ONE SOUTH COMMERCIAL is honored to be the exclusive listing brokerage for 2501 W Main St -- a mixed use building located in the Fan District of Richmond, VA. This listing presents a rare opportunity to purchase a building with a commercial storefront with a residential unit on W Main St. The space is currently under a multi-year lease agreement to Benny Ventano’s Pizza. An apartment is located on the second floor and accessed by a private entrance on S Davis St. A detached garage at the rear of the main building provides additional rental income for the property. The building was constructed in 1910 and renovated extensively in 2011. Improvements to the commercial space include new HVAC, hardwood floors, tile, windows, front doors, and paint. Similarly, improvements to the apartment include new floors, upgraded bathroom, installed galley kitchen, new ceiling, windows, and paint. This location is excellent for a commercial or residential space as it is located in the heart of the Fan District and within walking distance to Carytown, Byrd Park, the commercial corridors of Robinson St and Main Street, and the Virginia Museum of Fine Arts. Unsurprisingly, 2501 W Main has historically been fully leased for both the commercial and residential units. 2501 W Main St is situated in one of the most dynamic neighborhood commercial corridors in Richmond. This listing, surrounded by robust residential areas with favorable demographics to support a mixed use building, provides a great opportunity for a buyer looking for an investment opportunity in Richmond’s Fan District. [3] 2501 W MAIN ST | RICHMOND VA RENT ROLL UNIT RENT/MONTH Commercial $3,941.54 Residential $1,100.00 TOTAL $5,041.54 PRO FORMA INCOME RENT/MONTH Rental Income $60,498.36 EXPENSES Real Estate Taxes $7,812.00 Insurance $2,200.00 Maintenance $800.00 TOTAL $10,812.00 EXPENSE AS % EGI 17.87% NOI $49,686.36 [4] 2501 W MAIN ST | RICHMOND VA The commercial unit is leased to Fan District favorite Benny Ventano’s Pizza. This commercial space has been continuously leased since at least 2011. [5] 2501 W MAIN ST | RICHMOND VA An apartment is located on the second floor of the building. The apartment has also been continuously leased since at least 2011. [6] 2501 W MAIN ST | RICHMOND VA A detached garage provides additional rental income for the property. [7] 2501 W MAIN ST | RICHMOND VA RICHMOND’S FAN DISTRICT Monument Avenue Famed for its 19th and early 20th Century Victorian homes, the Fan located within walking distance of each other. In addition to museums, District is one of Richmond’s premier neighborhoods. Its historic homes the Boulevard and Broad St corridor also provides numerous represent some of the best perserved Victorian residential architecture entertainment options such as the Bow Tie Theate, and The Diamond, in the country. Visitors can see grand examples of Italianate, Queen home to the Flying Squirrels baseball club (AA Affiliate of the San Anne, Colonial Revival, and other architectural styles as they stroll on Francisco Giants). the wide sidewalks in this pedestrian-friendly neighborhood. The Fan District is also home to Virginia Commonwealth University’s academic Directly across the Boulevard from the Fan District, Carytown is one of campus, popular restaurants, several parks, and the iconic tree-lined the most popular and unique commercial areas in the City of Richmond. Monument Avenue. Carytown’s location near the Fan District and its accessibility from the Downtown Expressway have helped create a district that supports a The Fan’s strategic location within Richmond means that the best of variety of businesses, many locally owned and operated, including the city’s culture and entertainment is never far away. The District is restaurants, retail, offices, beauty salons, grocery stores, and many surrounded by the best of what Richmond has to offer. others. Over 230 shops, restaurants, and attractions are located in Carytown, including the historic Byrd Theatre which first opened in Located along the Fan’s western border, the Boulevard corridor is 1928. Richmond’s arts and culture center. The Virginia Museum of Fine Arts (VMFA), the Virginia Museum of History and Culture, the Science With so much to offer, it is no wonder the the Fan District is one of the Museum of Virginia, and the Children’s Museum are all conveniently most desirable residential neighborhoods in Richmond. Queen Anne Style Residences Garnett’s Restaurant in the Fan [8] 2501 W MAIN ST | RICHMOND VA DEMOGRAPHICSPETERSBURG DEMOGRAPHICS* AND MARKET DATA DEMOGRAPHICS (WITHIN 5 MILES) DISTANCE FROM PROPERTIES 1 MILE 3 MILE 5 MILE Population: 275,764 2010 Population 26,633 108,867 245,764 POPULATION 2020 Population 26,365 124,734 275,137 2025 Population Projection 27,220 131,698 288,103 Annual Growth 2010-2020 -0.1% 1.5% 1.2% Annual Growth 2020-2025 0.6% 1.1% 0.9% Households: $73,078 2010 Households 13,859 46,899 102,164 AVG HOUSEHOLD INCOME 2020 Households 13,612 57,178 117,868 2025 Household Projec- 13,996 60,343 123,313 Annual Growth 2010-2020 -0.9% 0.6% 0.3% Annual Growth 2020-2025 0.6% 1.1% 0.9% Owner Occupied 4,549 22,215 51,523 1.2% Renter Occupied 9,063 34,963 66,345 POPULATION GROWTH PAST 10 YEARS Avg Household Income $91,099 $80,737 $73,078 Median Household Income $62,959 $55,493 $49,441 2019 Households by Inc: < $25,000 2,412 13,022 29,553 RICHMOND DOWNTOWN MULTIFAM SALES DATA $25,000 - 50,000 3,139 13,478 30,044 Market Sale Price/Unit $171K $50,000 - 75,000 2,283 8,904 18,895 12 Mo Asking Sale Price/Unit $168K $75,000 - 100,000 1,506 7,046 13,108 Market Cap Rate 6.3% $100,000 - 125,000 1,134 4,625 9,119 12 Month Sales Volume $64.5M $125,000 - 150,000 905 2,783 5,040 12 Month Transactions 16 $150,000 - 200,000 938 2,821 4,957 Months To Sale Past Year 5.8 $200,000+ 1,296 4,498 7,152 For Sale Listings 5 For Sale Units 77 [9] 2501 W MAIN ST | RICHMOND VA DOWNTOWNPETERSBURG RICHMONDDEMOGRAPHICS* MULTIFAMILY MARKET ANALYSIS Downtown Richmond’s multifamily market has been growing at a of the prime millennial nodes in the metro. Driven by VCU and its rapid pace. About one-third of its existing inventory has opened its undergraduate enrollment of more than 24,000, neighborhoods in doors since 2015 alone and with several-hundred units still under the submarket benefit from the relatively inelastic demand of students construction, that expansion is expected to continue at least through looking to live off-campus. Furthermore, approximately 40% of VCU’s the end of next year. graduates opt to remain in the metro after graduation, with many staying in the immediate area. With such a fast-paced growth phase in a short period of time, Downtown has experienced varying degrees of vacancy expansion. VCU’s presence has further benefited Downtown’s multifamily market However, those have typically been short-lived and have mostly this year as the university’s initiative to reduce the number of students been attributed to the opening of a new community that is early who can live on campus for the fall semester has seemingly boosted on in lease-up. Nonetheless, demand for those newly delivered demand for rentals nearby. While some of those students do opt to communities has been evident, as more than 85% of all demand live in the shadow inventory of single-family rentals in neighborhoods cumulatively since 2015 has fallen within the 4 & 5 Star slice. such as The Fan, those are typically heavily sought after early on.