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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 2610384
Style Other
Construction Status Approximate
HOA Y/N No
Year Built 1817
Annual Tax Amount $4,550
Tax Year 2025
Property Sub-Type Multi Family
Property Description
This fully leased five-unit apartment building at 23-25 W Old Street presents a rare opportunity to acquire a stabilized, income-producing asset in the heart of downtown Petersburg. Originally built in 1817, this remarkable property embodies over two centuries of history while seamlessly integrating modern enhancements. Encompassing nearly 11,000 square feet, the exceptional historic adaptive reuse features five distinctive and spacious residences, including four well-appointed one-bedroom units and one expansive two-bedroom unit. Each apartment showcases an abundance of original architectural details—such as high ceilings, oversized windows, and period craftsmanship—complemented by thoughtful modern renovations that enhance both comfort and functionality. Adding to its versatility, select units have demonstrated a successful history of short-term rental use, offering investors additional flexibility and revenue potential. Beyond its strong in-place cash flow, the asset offers significant value-add potential. Investors have the opportunity to expand by adding additional units on the third and fourth floors, further increasing rental income and long-term appreciation. Additionally, the property's prime location along the busy storefront row of W. Old Street presents compelling potential for commercial application, particularly on the ground floor. The building also benefits from excellent proximity to North Sycamore Street and some of the area's most popular destinations, including Maria's Old Town 21, Demolition Coffee, Croaker's Spot, The Southside Depot, the Petersburg Area Art League, and Virginia State University. With its combination of historic charm, modern upgrades, mixed-use flexibility, and expansion opportunities, this property stands as an exceptional investment in one of Central Virginia's most dynamic and revitalizing markets.
Location
State VA
County Petersburg
Area 57 - Petersburg
Exterior
Roof Type Flat
Garage No
Building
Story 3
Sewer Public Sewer
Water Public
Architectural Style Other
Level or Stories Three Or More
Structure Type Brick
Construction Status Approximate
Schools
Elementary Schools Pleasants Lane
Middle Schools Vernon Johns
High Schools Petersburg
Others
Tax ID 011120002
Ownership Individuals
Listed by One South Commercial LLC
Schools and Properties Nearby
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