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1131 Commerce St Petersburg, VA 23803

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Redeveloped multifamily community with 62 loft-style apartments.

Property size:
67,882 SF
Lot size:
2.30 Acres

Property Features for 1131 Commerce St

General Information

Standard status
Active
Zoning
PUD
Size
67,882 SF
Lot size
2.30 Acres

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Listing Contact
Martin Mooradian
Source: Crexi

Listing Agency: Colliers - Richmond, Virginia Listing Agent: Martin Mooradian

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

Loft Apartments in Petersburg, VA

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.
Location Intelligence

Current Use by Public Records

Long Lofts Apartment Building

Suggested Use

Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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  • Local Demand
City
Petersburg
County
Petersburg
State
Virginia
Longitude
-77.4230737
Latitude
37.2246997

FAQs

What type of property is this?
Apartment building - Redeveloped multifamily community with 62 loft-style apartments.
Where is this apartment building located?
The property is located at 1131 Commerce St Petersburg, VA.
What are key features of this property?
This property features: - Fully redeveloped multifamily community with 62 loft-style apartments.; - Prime location near Fort Gregg-Adams, Virginia State University, and major employment centers.; - Opportunity to increase returns through operational efficiency and rent standardization.
More about this property
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