ONE SOUTH COMMERCIAL

607 E BROADWAY

PETERSBURG MULTIFAMILY PORTFOLIO[1]

FOR SALE | FAN DISTRICT MIXED USE INVESTMENT PROPERTY

2501 W MAIN STRICHMOND, VA 23220

$990,000PID: W00011170143,645 SF (0.08 AC) Parcel3,142 SF Building Area450 SF Basement Area1 Commercial Unit1 Residential Unit468 SF Detached GarageUB Urban Business Zoning

2501 W MAIN ST | RICHMOND VA

TABLE OF CONTENTS

UBURBAN BUSINESS

ZONING

3,142 SFBUILDING AREA

3,645 SFPARCEL AREA

1COMMERCIAL

UNIT

450 SFBASEMENT

1 RESIDENTIAL

UNITS

3 PROPERTY SUMMARY

4 PHOTOS

8 RICHMOND’S FAN DISTRICT

9 DEMOGRAPHICS & MARKET DATA

10 MULTIFAMILY MARKET ANALYSIS

11 LOCATION MAP

12 ONE SOUTH COMMERCIAL TEAM

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 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.

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 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[3]

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.

Fan District Mixed Use Investment Property

2501 W MAIN ST | RICHMOND VA[4]

RENT ROLL

UNIT RENT/MONTHCommercial $3,941.54

Residential $1,100.00

TOTAL $5,041.54

PRO FORMA

INCOME RENT/MONTHRental Income $60,498.36

EXPENSESReal 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

2501 W MAIN ST | RICHMOND VA[5]

The commercial unit is leased to Fan District favorite Benny Ventano’s Pizza. This commercial space has been continuously leased since at least 2011.

2501 W MAIN ST | RICHMOND VA[6]

An apartment is located on the second floor of the building. The apartment has also been continuously leased since at least 2011.

2501 W MAIN ST | RICHMOND VA[7]

A detached garage provides additional rental income for the property.

2501 W MAIN ST | RICHMOND VA[8]

RICHMOND’S FAN DISTRICT

Famed for its 19th and early 20th Century Victorian homes, the Fan District is one of Richmond’s premier neighborhoods. Its historic homes represent some of the best perserved Victorian residential architecture in the country. Visitors can see grand examples of Italianate, Queen Anne, Colonial Revival, and other architectural styles as they stroll on the wide sidewalks in this pedestrian-friendly neighborhood. The Fan District is also home to Virginia Commonwealth University’s academic campus, popular restaurants, several parks, and the iconic tree-lined Monument Avenue.

The Fan’s strategic location within Richmond means that the best of the city’s culture and entertainment is never far away. The District is surrounded by the best of what Richmond has to offer.

Located along the Fan’s western border, the Boulevard corridor is Richmond’s arts and culture center. The Virginia Museum of Fine Arts (VMFA), the Virginia Museum of History and Culture, the Science Museum of Virginia, and the Children’s Museum are all conveniently

located within walking distance of each other. In addition to museums, the Boulevard and Broad St corridor also provides numerous entertainment options such as the Bow Tie Theate, and The Diamond, home to the Flying Squirrels baseball club (AA Affiliate of the San Francisco Giants).

Directly across the Boulevard from the Fan District, Carytown is one of the most popular and unique commercial areas in the City of Richmond. Carytown’s location near the Fan District and its accessibility from the Downtown Expressway have helped create a district that supports 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.

With so much to offer, it is no wonder the the Fan District is one of the most desirable residential neighborhoods in Richmond.

Monument Avenue

Queen Anne Style Residences Garnett’s Restaurant in the Fan

2501 W MAIN ST | RICHMOND VA[9]

DISTANCE FROM PROPERTIES 1 MILE 3 MILE 5 MILE

Population:

2010 Population 26,633 108,867 245,764

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:

2010 Households 13,859 46,899 102,164

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

Renter Occupied 9,063 34,963 66,345

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

$25,000 - 50,000 3,139 13,478 30,044

$50,000 - 75,000 2,283 8,904 18,895

$75,000 - 100,000 1,506 7,046 13,108

$100,000 - 125,000 1,134 4,625 9,119

$125,000 - 150,000 905 2,783 5,040

$150,000 - 200,000 938 2,821 4,957

$200,000+ 1,296 4,498 7,152

PETERSBURG DEMOGRAPHICS*DEMOGRAPHICS AND MARKET DATA

275,764POPULATION

$73,078AVG HOUSEHOLD

INCOME

1.2%POPULATION GROWTH

PAST 10 YEARS

DEMOGRAPHICS (WITHIN 5 MILES)

Market Sale Price/Unit $171K

12 Mo Asking Sale Price/Unit $168K

Market Cap Rate 6.3%

12 Month Sales Volume $64.5M

12 Month Transactions 16

Months To Sale Past Year 5.8

For Sale Listings 5

For Sale Units 77

RICHMOND DOWNTOWN MULTIFAM SALES DATA

2501 W MAIN ST | RICHMOND VA[10]

PETERSBURG DEMOGRAPHICS*DOWNTOWN RICHMOND MULTIFAMILY MARKET ANALYSIS

Downtown Richmond’s multifamily market has been growing at a rapid pace. About one-third of its existing inventory has opened its doors since 2015 alone and with several-hundred units still under construction, that expansion is expected to continue at least through the end of next year.

With such a fast-paced growth phase in a short period of time, Downtown has experienced varying degrees of vacancy expansion. However, those have typically been short-lived and have mostly been attributed to the opening of a new community that is early on in lease-up. Nonetheless, demand for those newly delivered communities has been evident, as more than 85% of all demand cumulatively since 2015 has fallen within the 4 & 5 Star slice.

The Downtown area and its associated neighborhoods are some

of the prime millennial nodes in the metro. Driven by VCU and its undergraduate enrollment of more than 24,000, neighborhoods in the submarket benefit from the relatively inelastic demand of students looking to live off-campus. Furthermore, approximately 40% of VCU’s graduates opt to remain in the metro after graduation, with many staying in the immediate area.

VCU’s presence has further benefited Downtown’s multifamily market this year as the university’s initiative to reduce the number of students who can live on campus for the fall semester has seemingly boosted demand for rentals nearby. While some of those students do opt to live in the shadow inventory of single-family rentals in neighborhoods such as The Fan, those are typically heavily sought after early on.

2501 W MAIN ST | RICHMOND VA[11]

VCU MONROE CAMPUS

DOWNTOWN RICHMOND

2501 W MAIN ST

HOLLYWOOD CEMETERY

VCU MED CENTER

W BROAD ST

W MAIN STREETW CARY STREET

FAN DISTRICT

JACKSON WARD

PETERSBURG DEMOGRAPHICS*LOCATION MAP

JAMES RIVER

ARTH

UR A

SHE

BLVD

CARYTOWN

MUSEUM DISTRICT

BYRD PARK

MAYMONT

MANCHESTER

SCOTT’S ADDITION

AZALEA PLACE APARTMENTS[12][12]PETERSBURG MULTIFAMILY PORTFOLIO[12]

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.

ONE SOUTH COMMERCIAL2314 West Main Street | Richmond VA 23220 | onesouthcommercial.com | 804.353.0009

ONE SOUTH COMMERCIAL TEAM

TOM ROSMAN | 804.539.3017 | tom.rosman@onesouthcommercial.com

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.

CLINT GREENE | 804.873.9501 | clint.greene@onesouthcommercial.com

Clint brings an extensive background in retail development, leasing, and sale of properties throughout Virginia. Most recently, he has worked with a number of developers in bringing new entertainment concepts to the Richmond Metro Area in Short Pump and Scott’s Addition.

With diverse professional experiences, Clint was initially involved in banking, and then returned to his life-long passion in sports to become a tennis pro in Fredericksburg and Richmond. For the past 15 years, he has focused his professional career in commercial real estate. He enjoys listening to his clients in order to determine, execute, and ultimately achieve their goal to secure real estate that forefronts their success.