1131 Commerce ST, Petersburg, VA 23803
1131 Commerce ST, Petersburg, VA 23803
1131 Commerce ST, Petersburg, VA 23803
1131 Commerce ST, Petersburg, VA 23803
1131 Commerce ST, Petersburg, VA 23803
1131 Commerce ST, Petersburg, VA 23803
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Jan Edwards

Jan Edwards

+1(804) 441-1823
$ 6,385,000
Est. payment | /mo

67,882 SqFt

Save
$ 6,385,000
Est. payment | /mo
Save

67,882 SqFt

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

Square Footage 67,882 sqft

Price per Sqft $94

MLS Listing ID 2611907

Style Garden Home

HOA Y/N No

Year Built 1900

Lot Size 2.430 Acres

Acres 2.43

Property Description

Long Lofts is a boutique, loft-style multifamily community located in the heart of Historic Petersburg, offering investors stabilized cash flow with durable physical characteristics and timeless appeal. The Property includes a multitude of unique one-bedroom floor plans featuring open-concept layouts and modern finishes, appealing to renters seeking well-located housing with high end amenities at accessible price points. Notably, the all one-bedroom unit mix represents a strategic advantage, aligning with the deepest and most liquid segment of renter demand—including young professionals, students, and single-person households. This configuration supports strong leasing velocity, simplified operations, and eliminates roommate friction, ultimately enhancing income durability. Average in-place rents at Long Lofts ($1,057 for 1BD units) remain attractive relative to competing newly delivered product, providing a strong foundation for both stable occupancy and rent growth. Leasing performance at nearby properties further validates the depth of demand. Market Street Lofts, a recently delivered, amenity-rich community, is achieving 1BD rents in the $1,165-$1,250+ range, while the nearby Candy Factory has demonstrated 1BD rents in the $1,245-$1,395 range. Petersburg is gaining strong economic momentum, driven by major investments such as the $1.4B Live! Casino & Hotel Virginia, a new data center campus, and ongoing Old Towne redevelopment. These projects are expected to boost jobs, wages, and housing demand, supporting a positive long-term outlook for the rental market.

Location

State VA

County Petersburg

Area 57 - Petersburg

Interior

Cooling Central Air

Exterior

Roof Type Flat

Topography Level

Handicap Access Accessibility Features

Building

Lot Description Level

Building Description Brick, Elevator(s),Multi-Tenant

Story 2

Sewer Public Sewer

Water Public

Architectural Style Garden Home

Level or Stories Two

Structure Type Brick

Others

Tax ID 024-150015

Ownership Investment

Central Virginia Regional MLS (CVR MLS)
Listed by One South Commercial LLC
Jan Edwards

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(804) 441-1823

jan@virginiacoastliving.com

5336 Garnett Pointe Ct, Virginia Beach, Virginia 23462, USA

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1131 Commerce ST