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Triple Net Lease Carytown Building ONE SOUTH COMMERCIAL FOR SALE | TRIPLE NET LEASE CARYTOWN BUILDING 2905-07 West Cary St Richmond VA 23221 CALL FOR PRICING PID: W0001281012 0.23 AC (9,844 SF) Parcel Area 4,742 Building Area Outdoor Dining Area Parking Area (Approx 15 Spaces) Carytown Location 1031 Exchange Opportunity $102K NOI PETERSBURG[1] MULTIFAMILY PORTFOLIO TABLE OF CONTENTS 3 PROPERTY SUMMARY TRIPLE NET LEASE 4 PHOTOS STABLE TENANT 9 CARYTOWN AREA 10 RICHMOND METRO AREA 12 RICHMOND ECONOMIC DEVELOPMENT $102K 13 RICHMOND MAJOR EMPLOYERS NOI 14 DEMOGRAPHICS & NEAR WEST END MARKET 15 LOCATION MAP 16 ONE SOUTH COMMERCIAL TEAM 1031 EXCHANGE OPPORTUNITY UB-PO2 URBAN BUSINESS ZONING 4,742 SF GBA Communication: One South Commercial is the exclusive representative of Seller in its disposition of 2905-07 W Cary 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. 320 SF Please provide at least 72 hours advance notice when requesting a tour date out OUTDOOR of consideration for current residents. DINING 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 15 in the evaluation of the property and its suitability for investment. Neither One OFF-STREET PARKING South Commercial nor Seller make any representations or warranties with SPACES (APPROX.) 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. 2905-07 W CARY ST | RICHMOND VA 1031 Exchange Opportunity in Richmond’s Carytown One South Commercial is pleased to present for sale this triple net lease commercial building in the most prominent section of Richmond’s popular Carytown. Directly across the street from the historic landmark Byrd Theatre, this two-story commercial building was constructed in 1950. It’s now home to the Citizen Burger Bar. This popular restaurant has been opened since Spring 2016 under a multi-year net lease for the entire building. This listing is also a great 1031 exchange opportunity. The lease includes the restaurant on the first level with a large outdoor dining area adjacent to the sidewalk along W Cary Street. Two 2bed/1bath apartments are located on the second level and are also leased by the restaurant and utilized as storage space. This lease resulted in a NOI of $102,000 in 2019. Parking is limited in Carytown, and the viability of many businesses depend on the uncertainty of available on-street parking. This property is unique in offering an off-street parking area with approximately 15 spaces. The parking area is easily accessible directly off W Cary Street or from the alley running from Parkwood Avenue to the south. 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 prime location across from the Byrd Theatre, 2905-07 W Cary Street is one of the most distinctive commercial buildings in Richmond’s most dynamic business district. [3] 2905-07 W CARY ST | RICHMOND VA [4] 2905-07 W CARY ST | RICHMOND VA [5] 2905-07 W CARY ST | RICHMOND VA [6] 2905-07 W CARY ST | RICHMOND VA [7] 2905-07 W CARY ST | RICHMOND VA [8] 2905-07 W CARY ST | RICHMOND VA CARYTOWN AND SURROUNDING AREA Richmond’s Carytown West of Downtown, Carytown is one of the most popular and unique Victorian homes, the Fan and Museum Districts are among Richmond’s commercial areas in the City of Richmond. Carytown’s location near premier neighborhoods. The historic homes in these neighborhoods the primarily residential Fan and Museum Districts and its accessibility represent some of the best preserved Victorian residential architecture from the Downtown Expressway have helped create a district that in the country. Visitors can see grand examples of Italianate, Queen supports a variety of businesses, many locally owned and operated, Anne, Colonial Revival, and other architectural styles as they stroll on including restaurants, retail, offices, beauty salons, grocery stores, and the wide sidewalks in these pedestrian-friendly neighborhoods. many others. Over 230 shops, restaurants, and attractions are located in Carytown, including the historic Byrd Theatre which first opened in The Fan District is also home to Virginia Commonwealth University’s 1928. academic campus, popular restaurants, several parks, and the iconic tree-lined Monument Avenue. These storefronts and recent road and sidewalk improvements have created a district that accommodates automobile traffic while being The Museum District is Richmond’s arts and culture focal point. The pedestrian-friendly. The success of this arrangement can be seen Virginia Museum of Fine Arts (VMFA), the Virginia Museum of History throughout the year, but especially during pleasant weather, when and Culture, the Science Museum of Virginia, and the Children’s large crowds of both locals and tourists stroll up and down West Cary Museum are all conveniently located within walking distance of each Street to visit the shops, businesses, and restaurants in Carytown. other. In addition to these cultural centers, the Museum District also is home to many other attractions including popular local restaurants, The popular commercial district also benefits from being adjacent to shops, schools, and other services. extraordinary neighborhoods. Famed for its 19th and early 20th Century Queen Anne Style Residences in Fan District The VMFA in Museum District [9] 2905-07 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 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 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, the New York Times lists Richmond as one of “52 Places to Go in 2020”. [10] 2905-07 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 [11] 2905-07 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.
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