investment property in downtown richmond · city of richmond tax report - 701 w clay st, richmond,...

701 W Clay Street, Richmond, VA 23220

INVESTMENT PROPERTY IN DOWNTOWN RICHMOND

RETAIL FOR SALE

www.kwcommercial.com

MIDLOTHIAN804.858.9000

BILL PLASHARegional [email protected]

JOE DOLLACommercial Sales & Leasing [email protected]

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation aboutit. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.

PROPERTY OVERVIEWFully leased apartments and retail property. Two story building withtotal of 4,620 SF Property is comprised of 2 buildings; a 2-story3,300 SF building with retail on the 1st floor and a 4 bedroom / 2bath apartment on 2nd floor. The second building is also 2-story with1,320 SF which has 2 leased apartments. The buildings share a smallcommon outside area as well. Located minutes from VCU - this 4unit property is a great investment opportunity!

PROPERTY FEATURESInvestment Property with 3 leased apartments & leased retailspace

Located on busy corner in downtown Richmond

Close to VCU and Scott's Addition

Lots of potential in rapidly growing area

Great opportunity for appreciation and income

SALE PRICE: $525,000.00

LOT SIZE: 0.07 Acres

BUILDING SIZE: 4,620 SF

YEAR BUILT: 1930

ZONING: R-7

CROSS STREETS: W Clay St & Belvidere St

http://www.kwcommercial.com



RETAIL FOR SALE







PROPERTY OVERVIEWFully leased building with retail/office space downstairs.2-Story building built in 1930 with total of 4,620 SF available.Includes 2 buildings, a 2-story 3,300 SF building with retail/office on the 1st floor and a 4 bedroom / 2 bath apartmenton 2nd floor. The second building is also 2-story with 1,320SF which has 2 leased apartments. The buildings share asmall common outside area as well. Located minutes fromVCU - this 4 unit property is a great investment opportunity!

LOCATION OVERVIEWBuilding located on corner in busy downtown Richmond nearVCU and Scott's Addition

RETAILFirst floor has a cafe/coffee house on ground floor with greatvisibility from the corner intersection.

IDEAL USESApartments and street Retail

INVESTMENT OPPORTUNITYThis is a great investment property with appreciation andincome.



RETAIL FOR SALE









RETAIL FOR SALE






PROPERTY NAME:Investment Property in DowntownRichmond

STREET ADDRESS: 701 W Clay Street

CITY, STATE, ZIP: Richmond, VA 23220

PROPERTY TYPE: Retail & Apartments

APN: N0000306017

GROSS LEASABLE AREA: 1,650 SF

BUILDING CLASS: B/C

ZONING: R-7

YEAR BUILT: 1930

NUMBER OF STORIES: 2

WALLS: Masonry







* Demographic data derived from 2010 US Census



RETAIL FOR SALE

ETHNICITY 1 MILE 3 MILES 5 MILES

% HISPANIC 4.0% 2.5% 4.0%

RACE 1 MILE 3 MILES 5 MILES

% WHITE 50.1% 39.6% 39.4%

% BLACK 36.4% 53.2% 54.3%

% ASIAN 8.8% 3.3% 2.4%

% HAWAIIAN 0.0% 0.0% 0.0%

% INDIAN 0.2% 0.2% 0.2%

% OTHER 1.0% 0.8% 1.1%

POPULATION 1 MILE 3 MILES 5 MILES

TOTAL POPULATION 20,154 130,447 247,967

MEDIAN AGE 23.4 32.6 34.3

MEDIAN AGE (MALE) 23.6 31.4 32.3

MEDIAN AGE (FEMALE) 23.9 33.7 35.9

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

TOTAL HOUSEHOLDS 7,270 55,123 104,534

# OF PERSONS PER HH 2.8 2.4 2.4

AVERAGE HH INCOME $44,716 $52,230 $56,135

AVERAGE HOUSE VALUE $193,784 $251,442 $241,283




RETAIL FOR SALE







701 W Clay Street



RETAIL FOR SALE







Central Virginia Regional MLS - IMAPP

City of Richmond Tax Report - 701 W CLAY ST, RICHMOND, VA 23220-3155

PROPERTY INFORMATION

PID # N0000306017 Property Type: CommercialProperty Address:701 W CLAY STRICHMOND, VA 23220-3155Current Owner:VASHON D BOWERS735 ROYAL CRESENT DRNORTH CHESTERFIELD, VA 23236-2248 Phone: (804) 780-0187 (see phone use disclaimer below)

Property Use:450 MIXED USELand Description:1. PRIMARY COMMERCIAL/INDUST LANDLot Size: 0.07 acres / 2,963 sf Zoning: R-7 Single and 2-FamilyFrontage: 32 ft Depth: 90 ft

Census Tract: 040200 Block: 1027Block: / Lot:Subdivision:

Legal Description:32.92X90.00

VALUE INFORMATION

2010 Final 2011 Final 2012 Final 2013 Final 2014 Final

Building Value: $238,000 $238,000 $238,000 $238,000 $238,000

Land Value: $48,000 $48,000 $48,000 $48,000 $48,000

Extra Feature Value: - n/a - - n/a - - n/a - - n/a - - n/a -

Total Assessed Value: $286,000 $286,000 $286,000 $286,000 $286,000

Percent Change: - n/a - 0% 0% 0% 0%

Taxable Value: $286,000 $286,000 $286,000 $286,000 $286,000

Millage Rate: 01.2000 01.2000 01.2000 01.2000 01.2000

Total Tax Amount: $3,432.00 $3,432.00 $3,432.00 $3,432.00 $3,432.00

SALES INFORMATION

Page 1 of 2Central Virginia Regional MLS - City of Richmond Tax Report - 701 W CLAY ST, RIC...

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Powered by© iMapp, Inc, 2015 | Information is believed accurate but not guaranteed and should be independently verified.

Telephone numbers may appear on the FTC/FCC national do not call registry. Callers must check telephone numbers against the registry before making sales calls.

Fines for failure to comply may reach $11,000. See http://telemarketing.donotcall.gov for details.

BUILDING INFORMATION

1. Bldg Use: GENERAL COMMERCIAL Heated Area: 3,300 sf Built: 1930 Rooms: 0

Beds: 0 Baths: 0.0 Total Area: 3,300 sf Stories: 2.0 Grade: NORMAL FOR AGE

Total Fixtures: 0

(# 2/3/4/5): ///

Air Conditioning:

Fireplace: None

Open Porch:

Enclosed Porch:

Deck:

Basement Garage:

Attic:

Attic Fin:

Basement Fin:

Basement Area:

Lower Fin: 0 sf

Lower Area: 0 sf

Attached Garage:

Detached Garage:

Attached Carport:

Construction: FIRE RESISTANT

Foundation:

Roof Type: 1

Roof Material:

Heating: 3300 SF

Exterior Wall:

Interior Wall:

Floor Cover:

2. Bldg Use: APARTMENTS - HIGH RISE Heated Area: 1,320 sf Built: 1930 Rooms: 0

Beds: 0 Baths: 0.0 Total Area: 1,320 sf Stories: 2.0 Grade: NORMAL FOR AGE

Total Fixtures: 0

(# 2/3/4/5): ///

Air Conditioning:

Fireplace: None

Open Porch:

Enclosed Porch:

Deck:

Basement Garage:

Attic:

Attic Fin:

Basement Fin:

Basement Area:

Lower Fin: 0 sf

Lower Area: 0 sf

Attached Garage:

Detached Garage:

Attached Carport:

Construction: FIRE RESISTANT

Foundation:

Roof Type: 1

Roof Material:

Heating: 1320 SF

Exterior Wall:

Interior Wall:

Floor Cover:

FLOOD ZONE DETAILSZone X: Area that is determined to be outside the 1% and 0.2% chance floodplains.Zone X: Area that is determined to be outside the 1% and 0.2% chance floodplains.Zone X: Area that is determined to be outside the 1% and 0.2% chance floodplains.

Deed Type Sale Date Rec Date Price Document # Grantor

WARRANTY DEED 09/17/1997 $50,000 Bk 9700/Pg 20371 GLO RAY KNITTING MILLS PROFIT

ST 03/14/1997 $40,000 Bk 9700/Pg 5603 BOWERS LARRY A

n/a 07/25/1980 $25,000 Bk 769/Pg 1933

Page 2 of 2Central Virginia Regional MLS - City of Richmond Tax Report - 701 W CLAY ST, RIC...

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DIVISION 7.1. R-7 SINGLE- AND TWO-FAMILY URBAN RESIDENTIAL DISTRICT

Sec. 114-413.1. Intent of district.

Pursuant to the general purposes of this chapter, the intent of the R-7 single- and two-family urban residential district is to preserve and enhance the established character of older urban residential neighborhoods in the inner areas of the city. The district regulations are designed to reflect the urban nature of such neighborhoods as characterized by a mixture of detached and attached single- and two-family dwellings situated on small lots with narrow yards and modest setbacks. The district regulations, together with the supplemental regulations of this chapter, are intended to encourage continued improvement and efficient use of existing residential buildings and their accessory structures, while ensuring that infill development will be compatible with the established character.

Sec. 114-413.2. Permitted principal uses.

The following uses of buildings and premises shall be permitted in the R-7 district:

(1) Any principal use permitted in the R-1 district as set forth in section 114-402.1;

(2) Single-family attached dwellings, provided that:

a. Appropriate agreements and covenants approved by the city attorney provide for the perpetuation and maintenance of all areas to be held in common ownership by property owners within such developments;

b. Not more than four dwelling units shall be attached laterally in a series, provided that this provision shall not be applicable in the case of dwelling units existing on the effective date of the ordinance;

c. A plan of development shall be required as set forth in article X of this chapter for any development with three or more newly constructed single-family attached dwellings;

(3) Two-family detached dwellings;

(4) Two-family attached dwellings lawfully existing prior to the effective date of this section.

(Code 1993, § 32-413.2; Ord. No. 2004-180-167, § 1, 6-28-2004; Ord. No. 2007-338-2008-11, § 1, 1-14-2008)

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Sec. 114-413.3. Permitted accessory uses and structures.

Accessory uses and structures, including the following, which are customarily incidental and clearly subordinate to permitted principal uses shall be permitted in the R-7 single- and two-family urban residential district (see article VI, division 9, of this chapter):

(1) Any accessory use or structure permitted in the R-1 district as set forth in section 114-402.2.

(2) One dwelling unit located in an accessory building, containing two or more stories, which is existing at the effective date of the ordinance from which this subsection is derived and which is located on the same lot as a single-family dwelling, provided that:

a. The single-family dwelling shall not contain any accessory lodging units; b. There shall be no enlargement of the accessory building, except for ingress or egress

improvements required by the Virginia Uniform Statewide Building Code; c. The lot shall meet the lot area requirement for a two-family dwelling; d. One off-street parking space shall be provided for the additional dwelling unit; and e. Access to the accessory building shall be provided in accordance with requirements of

the department of public works and department of fire and emergency services.

Sec. 114-413.5. Lot area and lot width.

Lot area and lot width regulations in the R-7 single- and two-family urban residential district shall be as follows (see article VI, division 3, of this chapter):

(1) Single-family detached dwellings. Single-family detached dwellings shall be located on lots of not less than 3,600 square feet in area with a width of not less than 30 feet.

(2) Single-family attached dwellings. Single-family attached dwellings shall be located on lots of not less than 2,200 square feet in area. Lot width shall be not less than 18 feet, except that the width of any lot at the end of a series of attached units shall be not less than 21 feet.

(3) Two-family detached dwellings. Two-family detached dwellings shall be located on lots of not less than 4,400 square feet in area with a width of not less than 42 feet.

(4) Two-family attached dwellings. Two-family attached dwellings shall be located on lots of not less than 4,400 square feet in area with a width of not less than 36 feet.

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Sec. 114-413.6. Yards.

Yard regulations in the R-7 single- and two-family urban residential district shall be as follows:

(1) Front yard. There shall be a front yard with a depth of not less than 15 feet (see article VI, division 4, of this chapter).

(2) Side yards. Side yards shall be provided as follows:

a. Dwelling uses and buildings accessory thereto. There shall be side yards of not less than three feet in width except where buildings are attached (see article VI, division 4, of this chapter).

b. All other uses and buildings. There shall be side yards of not less than five feet in width (see article VI, division 4, of this chapter).

(3) Rear yard. There shall be a rear yard with a depth of not less than five feet (see article VI, division 4, of this chapter and section 114-680.1).

Sec. 114-413.7. Lot coverage.

Lot coverage in an R-7 single- and two-family urban residential district shall not exceed 55 percent of the area of the lot.

Sec. 114-413.8. Driveways from streets.

No driveway intersecting a street shall be permitted on a lot devoted to dwelling use when alley access is available to serve such lot. In the case of a corner lot, no such driveway shall be permitted intersecting a street which constitutes the principal street frontage of a lot when other street frontage or alley access is available to serve the lot. Permitted driveways within front yards of single-family and two-family dwellings shall not exceed nine feet in width.

(Code 1993, § 32-413.8; Ord. No. 2010-18-30, § 2, 2-22-2010)

[Editor’s Note: Ord. No. 2004-180-167, § 2, adopted June 28, 2004, repealed § 114-413.8, which pertained to additional provisions for attached dwellings and derived from Code 1993, § 32-413.8.]

Sec. 114-413.9. Height.

No building or structure in an R-7 single- and two-family urban residential district shall exceed 35 feet in height (see article VI, division 6, of this chapter and section 114-680.1).

investment property in downtown richmond · city of richmond tax report - 701 w clay st, richmond,...

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