Courtesy of: Ken Campbell | | One South Realty Group, LLC
Days On Market: 144
Year Build: 1966
Address: 1501 W Washington Street
Neighborhood: 57 - Petersburg
Consisting of over 100K SF of leased warehouse space and a pad site to build an additional 30K SF of in demand industrial space, this property will bring a strong return with a large upside. There is also approx. 8,500 square feet of available office space that an owner can lease, further increasing cash flow. The buildings are situated on 8.52 acres, and are on the premier thoroughfare in Petersburg, US Highway 460. With plentiful parking, and a great street presence, this property will always be a place where companies want to locate.
The Industrial Market in the Richmond-Petersburg market has never been so hot as the demand exceeds supply by a large margin. Rental rates are rising at unprecedented levels but Richmond – Petersburg is much more reasonable compared to the Northern Virginia market, insuring long term health in the market. Petersburg sits at the intersection of I-95 and I-85, making it a distribution hub for the entire East Coast. 1501 W Washington has three tenants in Triple Net Leases where the tenants pay all utilities, taxes and insurance along with all maintenance of the buildings.