1131 Commerce St Petersburg, VA 23803

Located at 1131 Commerce Street in Petersburg, VA, Long Lofts is a multifamily community featuring 62 loft-style apartments. The property consists of one-bedroom, one-bathroom apartments totaling 67,882 square feet. The property blends historic architecture with modern finishes. Situated minutes from Fort Gregg-Adams, Virginia State University, and regional employment centers along I-95 and I-85, the property benefits from its access to Petersburg’s growing cultural and entertainment district, where residents frequent local restaurants and shopping options including Southpark Mall, Southgate Square, Target, and Walmart Supercenter. Recreational and cultural attractions such as Patton Park, the Appomattox River Trail, Petersburg National Battlefield, and Regal Southpark Mall further strengthen the community’s appeal. There is opportunity to drive returns through operational efficiency and expense normalization. Additional upside exists as rents are standardized across units, vacancy stabilizes closer to current performance, and bad debt collection practices are tightened. Other income streams include administrative, late, and application fees as well as a utility fee.