25 S JEFFERSON ST Petersburg VA 23803-4308

Transformative Opportunity: Historic 6-Unit Multifamily Redevelopment in Downtown Petersburg, VA. Embark on an extraordinary redevelopment journey with this historic 6-unit multifamily property located in the bustling heart of downtown Petersburg, VA. This property offers a rare chance to blend the charm of the past with the promise of the future. Strategically positioned next to a beautifully renovated sister property at 29-31 S Jefferson St, this project is poised to become a standout feature in a rapidly revitalizing area.

This unique property is comprised of 5 apartment units in the main house with a potential 6th unit in the detached carriage house. The property has already received significant improvements to prepare it for redevelopment including a brand-new roof and selective demolition to prepare for modernization. Additionally, a new driveway and extensive sitework and landscaping have been completed, enhancing the property’s curb appeal and functionality. Nestled in downtown Petersburg, this property benefits from a vibrant urban atmosphere with easy access to local shops, dining, entertainment, and public transportation. Its location next to 29-31 S Jefferson and just across from historic tax credit project, The Flats at Wythe, underscores the area’s progress, potential, and market appeal.

With some essential upgrades already completed, this property is primed for further redevelopment. Investors have the opportunity to tailor the interiors to modern standards while preserving the historic charm, attracting tenants seeking a blend of old-world elegance and contemporary comfort. The property’s proximity to a fully renovated sister property creates a cohesive and attractive community environment, enhancing the desirability for prospective tenants. Take advantage of potential historic tax credits and incentives available for properties within designated historic districts, providing financial benefits that enhance the project’s viability. Downtown Petersburg is on an upward trajectory with numerous revitalization projects underway. Investing in this property means tapping into a growing market with significant long-term potential.

• Six (6) multi-family units

• Renovation opportunity

• Opportunity zone

• Enterprise zone

• Can be purchased together with 29-31 South Jefferson Street

*Note: all interior photos are of the carriage house

This is an incredible scalable offering of 12 multi-family units in the heart of downtown Petersburg. This renovation opportunity offers significant upside to any buyer looking for a significant value-add opportunity. Comprised of three (3) parcels totaling 0.686 acres at the prominent corner of S Jefferson St and E Wythe St, this unique assemblage can be sold altogether as 12 units or broken into two separate offerings of six (6) units each. The properties retain an array of attractive original historic features including several fireplaces, heart pine flooring, and original molding.

25-27 S Jefferson St. offers a total of six (6) units which include five (5) units in the main building and a standalone unit in the carriage house. The unit mix is comprised of 1- and 2-bedroom units, which require light to moderate renovations. 29 S Jefferson St consists of six (6) 1-bedroom units. Renovation work has been underway on this building.

A highly flexible and unique investment opportunity, this offering lends itself to several strategies including a long-term hold or a renovate, stabilize, and sell, either jointly or severally. Located in both an Opportunity Zone and Enterprise Zone, 25-29 S Jefferson St provides a perfect opportunity to leverage multiple incentive programs while building significant equity quickly in a rapidly emerging market.

PURCHASER MUST CONFIRM UNIT COUNT WITH CITY OF PETERSBURG.**

*This is a portfolio sale and can be sold together or separately for $739,000 total ($270K for 25-27 South Jefferson & $469K for 29 South Jefferson). Petersburg tax records not updated with owner LLC -- recorded deed of gift signed and notarized 1/19/23. Square footage pulled from tax records -- to be confirmed by purchaser.

• 12 Multi-Family Units **

• Renovation Opportunity

• Opportunity & Enterprise Zone