Loft Apartments in Petersburg,
1131 Commerce St, Petersburg, VA 23803
Redeveloped multifamily community with 62 loft-style apartments.
Type:Multifamily
Property size:
67,882 SFPrice / SF:
$97/SF- Added:
- Sep 25, 2025
- Days on Market:
- 235
- Last Refresh:
- Mar 16 at 1:27 pm
Property Features for 1131 Commerce St
General Information
- Standard status
- Active
- Size
- 67,882 SF
- Property subtype
- Multifamily
Listing agent Martin Mooradian License #VA 0225271127
Listing office Colliers - Richmond, Virginia
Listing date Sep 25, 2025
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Richmond, Virginia
HighLights
- 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.
- Immediate access to Petersburg’s growing cultural and entertainment district.
- Strong potential for growth in other income streams.
- Proximity to recreational and cultural attractions.
Overview
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.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Long Lofts
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Petersburg
- County
- Petersburg
- State
- Virginia
- Longitude
- -77.4230737
- Latitude
- 37.2246997
Nearby Similar for Sale
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 is the asking price?
The asking price for this property is $6,600,000.
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.
