exclusive listing mixed use development for opportunity

Mixed Use Development Opportunity Located Near VCU

• B-3 ZONING

• 6,664 SF

• 0.086 AC

• 2 STORIES

• BUILT CIRCA 1900

FORSALE

733 W CARY STREETRICHMOND, VA 23220

$775,000

HIGHLIGHTS

E X C L U S I V E L I S T I N G

ONE SOUTH COMMERCIAL | 2314 WEST MAIN ST | RICHMOND VA, 23220 | 804.353.0009 | ONESOUTHCOMMERCIAL.COM

LORY MARKHAM | [email protected]

TOM ROSMAN | [email protected]

ANN SCHWEITZER RILEY | 804.723.0446 [email protected]

[2] 733 W CARY ST | RICHMOND, VA 23220

3 PROPERTY HIGHLIGHTS

4 PROPERTY SUMMARY

5 PHOTOS

8 RICHMOND METRO AREA

9 RICHMOND METRO AREA ECONOMICS

10 RICHMOND METRO MAJOR EMPLOYERS

11 DEMOGRAPHICS & MARKET DATA

12 DOWNTOWN MULTIFAMILY MARKET ANALYSIS

13 LOCATION

14 ONE SOUTH COMMERCIAL

TA B L E O F C O N T E N T S

COMMUNICATION:One South Commercial is the exclusive representative of Seller in its disposition of 733 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. 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.

733 W CARY ST | RICHMOND, VA 23220[3]

2STORIES

6,664 SFFINISHED

FLOOR AREA

B-3CENTRAL BUSINESS

ZONING

1900CONSTRUCTED

0.086 ACPARCEL

93 WALK SCORE


P R O P E R T Y S U M M A R Y

ADDRESS | Richmond, VA 23220

PID | W0000255001

ZONING | B-3

LOT ACRES | .086

BUILDING SQ FT | 6,664

CONSTRUCTION | 1900

SALE PRICE | $775,000

AT A G L A N C E : 7 3 3 W C A R Y S T.

Mixed Use Development Opportunity Near VCUA rare opportunity for an investor / developer to buy a vacant building right across the street from the VCU campus and develop it to its highest and best use. Situated at the fringe of the campus, this building sits amongst new construction apartment and retail developments and is steps from the Business-Engineering School.

A buyer can take advantage of numerous incentive programs to supplement the development, including but not limited to the following:

FEDERAL HISTORIC REHABILITATION TAX CREDITS

STATE OF VA HISTORIC REHABILITATION TAX CREDITS

THE STATE OF VA ENTERPRISE GRANT PROGRAM

The building consists of 6,664 SF and has two storefronts that can be used as one space or can be divided into two spaces. It has been used as a restaurant for the past 20 years. It can return to that use or an office or a different retail can move in. The seller has a full set of construction plans to turn the upstairs spaces into 3 apartments. Those plans will be conveyed to the buyer. It is zoned B-3. It was built circa 1900.

The area is almost fully developed, so this opportunity allows an investor to get into the neighborhood at a reasonable cost and be part of the VCU – Oregon Hill story.

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P H O T O S


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 are both located Downtown. 22 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”.

The James River and Downtown

Fan District

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

R I C H M O N D M E T R O A R E A


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 INDUSTRIESSeven Fortune 500 companies call Metro Richmond home including the Altria Group, Carmax, Owens and Minor, and Genworth Financial. These and other companies represent diverse industries including creative, high-tech, health care, traditional manufacturing, and financial services.

Adweek’s “Agency of the Year”, the Martin Agency, is located in Richmond along with many other leading design, architecture, and creative companies. In addition, VCU is one of the top creative and design universities in the country.

VCU Health Systems is the leading healthcare provider and research centers in the region. However, they are not alone in representing this sector. HCA Healthcare and Bon Secours Health Systems also have a major presences in the area. In addition, the VA Bio+Tech Park is home to over 70 companies on the cutting edge of this critical field.

To complement these high tech companies, traditional manufacturing, and financial services are also well-represented in Metro Richmond. WestRock, NewMarket, Universal Corporation, and others produce chemicals, plastics, packaging, and tobacco products that are globally exported. And in a role it has played for centuries, Richmond is the hub for financial services. Today, the Fifth District Federal Reserve Bank, BB&T, SunTrust, Wells Fargo, and numerous other financial service firms are located in the central business district.

EMPLOYMENTDue to the strong local economy, Richmond is enjoying steady growth in employment opportunities. In December 2019, Metro Richmond’s employment increased 2% over the year to 696,500. This increase is significantly higher than the national growth of 1.4% over the same period. The increase in job growth in Metro Richmond represents almost 10 consecutive years of gains in the area. Education and health services had the largest employment gain from December 2018 to December 2019, adding 5,400 jobs. The recent advance represents a 5.4-percent rate of job growth over the year in the local area, double the nationwide advance of 2.7 percent for this industry.

Similarly the unemployment rate in Metro Richmond stands at 2.9% and much lower than the already historically low national rate of 3.8%

FORTUNE 500 COMPANIESHEADQUARTERS INRICHMOND

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YEARSCONSECUTIVE JOBGROWTH10

UNEMPLOYMENTDEC 20192.9%

R I C H M O N D M E T R O A R E A E C O N O M I C S


R I C H M O N D M E T R O M A J O R E M P L OY E R S

EMPLOYER MILES TIME

1. Capital One 24.5 30 Min

2. VCU Health 4.6 13 Min

3. HCA Health System 14.5 20 Min

4. Bon Secours 3.8 9 Min

5. Dominion VA Power 4.1 10 Min

6. SunTrust Banks Inc. 13.1 19 Min

7. Altria Group 4.0 10 Min

8. Amazon.com 11.8 18 Min

9. Wells Fargo 3.5 9 Min

10. Anthem 4.0 10 Min

11. UPS 20.4 25 Min

12. DuPont 4.0 10 Min

13. Bank of America 11.1 20 Min

14. Markel Corp 3.7 10 Min

15. Federal Reserve Richmond 15.0 20 Min

DRIVE TIME TO MAJOR AREA EMPLOYERS LARGEST RICHMOND EMPLOYERS

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56

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1520 MIN DRIVE

30 MIN DRIVE

RICHMOND

EMPLOYER EMPLOYEES

1. Capital One 13,000

2. VCU Health 9,313

3. HCA Health System 7,628

4. Bon Secours 7,136

5. Dominion VA Power 5,433

6. SunTrust Banks Inc. 3,810

7. Altria Group 3,800

8. Amazon.com 3,800

9. Wells Fargo 2,902

10. Anthem 2,655

11. UPS 2,490

12. DuPont 2,376

13. Bank of America 1,921

14. Markel Corp 1,886

15. Federal Reserve Richmond 1,882

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D E M O G R A P H I C SD E M O G R A P H I C S & M A R K E T DATA

DISTANCE FROM PROPERTIES 1 MILE 3 MILE 5 MILE

Population:

2025 Projection 27,357 150,684 275,666

2020 Estimate 25,680 142,428 263,231

2010 Census 21,062 121,334 233,638

Growth 2020-2025 6.53% 5.80% 4.72%

Growth 2010-2020 21.93% 17.39% 12.67%

Households:

2025 Projection 11,375 65,184 118,118

2020 Estimate 10,582 61,606 112,877

2010 Census 8,025 52,185 100,374

Growth 2020 - 2025 7.49% 5.81% 4.64%

Growth 2010 - 2020 31.86% 18.05% 12.46%

Owner Occupied 1,808 22,388 48,877

Renter Occupied 8,773 39,217 64,000

2020 Avg Household Income $60,015 $68,166 $69,360

2020 Med Household Income $32,863 $47,023 $47,301

2020 Households by Inc:

<$25,000 3,996 17,385 30,061

$25,000 - $50,000 2,522 15,167 29,414

$50,000 - $75,000 1,543 9,748 17,995

$75,000 - $100,000 919 6,869 12,438

$100,000 - $125,000 470 4,538 8,164

$125,000 - $150,000 136 2,420 4,547

$150,000 - $200,000 380 2,320 4,246

$200,000+ 616 3,158 6,014

25,680POPULATION

$69,360AVG HOUSEHOLD

INCOME

21.9%POPULATION GROWTH

PAST 10 YEARS

DEMOGRAPHICS (WITHIN 1 MILE)

Market Sale Price/Unit $170K

12 Mo Asking Sale Price/Unit $164 K

Months to Sale Past Year 5.6

12 Month Sales Volume $77.2 M

12 Month Transactions 23

For Sale Listings 5

For Sale Units 77

Market Cap Rate 6.3 %

RICHMOND DOWNTOWN MULTIFAMILY SUBMARKET DATA


D O W N T O W N M U LT I FA M I LY M A R K E T A N A LY S I S

Downtown Richmond has undergone a multifamily expansion in the past ten years unlike any that it has experienced before. Over 4,500 units, or roughly 40% of the submarket’s inventory, have come on line over that time frame. While that is a staggering amount of units, demand has been evident, and collective occupancy for those units neared 90% as of 20Q2.

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. Further, approximately 40% of VCU’s graduates opt to remain in the metro after graduation, with many staying in the immediate area.

The coronavirus pandemic could alter Downtown’s positive trajectory, though. Between rising unemployment claims, phased re-openings, social distancing, and remote learning taking place across all levels of education, the submarket could be in for a slowdown in leasing activity during the typically active summer season.

VCU’s fall schedule could have the biggest impact on Downtown’s multifamily market in the near term. Given that a significant portion of multifamily demand Downtown stems from college students, the recently announced truncated fall semester could result in a drop in demand in the coming months. Couple that with the impending arrival of more supply by year’s end, and pushing rents could become much harder for property managers than it has been in recent years.

RANDOLPH

THE FANDISTRICT


A rare opportunity for an investor / developer to buy a vacant building right across the street from the VCU campus and develop it to its highest and best use. Situated at the fringe of the campus, this building sits amongst new construction apartment and retail developments and is steps from the Business-Engineering School.

L O C AT I O N

WALKABILTY SCORE: 93

TRANSIT SCORE: 58

BIKE SCORE: 75

733 W CARY ST.

MONROE PARKMONROE PARK

SIEGEL CENTER

KUBA KUBA

JEFFERSON HOTEL

THE GRADUATE RICHMOND

ALTRIA THEATRE

HOLLYWOOD CEMETERY

MAMA ZU

L’OPPOSSUM

VA WAR MEMORIAL

VIRGINIACOMMONWEALTH

UNIVERSITY

OREGON HILLRANDOLPH

THE FANDISTRICT


O N E S O U T H C O M M E R C I A L

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.

TOM ROSMAN | [email protected]

ANN SCHWEITZER RILEY | 804.723.0446 [email protected]

M E E T YO U R AG E N T S

LORY MARKHAM | [email protected]

NIMBLE.RESOURCEFUL.DETERMINED.

WE LEVERAGE THE DIVERSITY OF OUR EXPERIENCESAND EARN THE TRUST OF LONG-STANDING CLIENTS.

ONE SOUTH COMMERCIAL | 2314 WEST MAIN ST | RICHMOND VA, 23220 | 804.353.0009 | ONESOUTHCOMMERCIAL.COM

exclusive listing mixed use development for opportunity

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