Charlottesville Mixed-Use Redevelopment Opportunity

301 7th St SW, Charlottesville, VA

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For Sale

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Two buildings with redevelopment potential near UVA and Downtown Mall.

Type:INDUSTRIAL

Lot size:

0.11 Acres

HighLights

Prime location between UVA and Downtown Mall.
High investment potential with a cap rate that can easily reach 11.4%.
Zoning R‑B allows for up to 12 dwelling units (6 per lot) with potential for more.
Current non‑conforming use allows for commercial and warehouse use.
Consists of two buildings (301 7th Street, SW and 702 Delevan) with warehouse spaces, apartments, and offices.
Includes adjacent vacant lot (702 Delevan) for parking or development.

We can help!

Listing Contact

Amy Mcleskey

For Sale

Contact for pricing

Two buildings with redevelopment potential near UVA and Downtown Mall.

Type:INDUSTRIAL

Lot size:

0.11 Acres

Added:: Apr 16, 2024
Days on Market:: 786
Last Refresh:: May 20 at 9:26 pm

Property Features for 301 7th St SW

General Information

Standard status: Active
Lot size: 0.11 Acres
Property subtype: INDUSTRIAL

We can help!

Listing Contact

Amy Mcleskey

Listing agent Amy Mcleskey

Listing office THE NEW HOUSE COMPANY

Listing date Apr 16, 2024

Source Moodyscre

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 THE NEW HOUSE COMPANY

HighLights

Prime location between UVA and Downtown Mall.
High investment potential with a cap rate that can easily reach 11.4%.
Zoning R‑B allows for up to 12 dwelling units (6 per lot) with potential for more.
Current non‑conforming use allows for commercial and warehouse use.
Consists of two buildings (301 7th Street, SW and 702 Delevan) with warehouse spaces, apartments, and offices.
Includes adjacent vacant lot (702 Delevan) for parking or development.

Overview

This offering includes two buildings and an adjacent vacant lot, presenting diverse possibilities due to recent zoning changes. Situated in a desirable location between the University of Virginia and the Downtown Mall, the property currently features two warehouse spaces, four apartments, and office spaces. The R-B zoning of the two separate parcels allows for up to 6 dwelling units per lot, potentially accommodating 12 units in total, subject to city guidelines. Additional units beyond the standard allowance may also be possible if specific criteria are met. The current non-conforming use status opens further opportunities, including commercial and warehouse applications within Charlottesville. The existing flex space is suitable for an owner-occupant, offering a blend of office, shop, and warehouse functionalities alongside rental units. The property offers potential for high cap rate. The adjacent vacant lot is ideal for parking.

Property Profile Location Intelligence

Current Use by Public Records

Office Units

Suggested Use

Similar Places Nearby

UVA Medical Records — Jefferson Park Medical Office Building, 1222 Jefferson Park Ave, Charlottesville, VA 22903
City Center Storage — 933 Harris St, Charlottesville, VA 22903
Glass Building Unit 112 — 313 2nd St SE Unit 112, Charlottesville, VA 22902

Location Insight

Map
Local Demand

City: Charlottesville
County: Charlottesville
State: Virginia
Longitude: -78.4891
Latitude: 38.0341

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What type of property is this?

Warehouse - Two buildings with redevelopment potential near UVA and Downtown Mall.

Where is this warehouse located?

The property is located at 301 7th St SW Charlottesville, VA.

What is the asking price?

The asking price for this property is $3,500,000.

What are key features of this property?

This property features: Prime location between UVA and Downtown Mall.; High investment potential with a cap rate that can easily reach 11.4%.; Zoning R‑B allows for up to 12 dwelling units (6 per lot) with potential for more.

301 7th St SW, Charlottesville, VA

Two buildings with redevelopment potential near UVA and Downtown Mall.

Property Features for 301 7th St SW

General Information

We can help!

HighLights

Overview

Current Use by Public Records

Suggested Use

Similar Places Nearby

Location Insight

Nearby Similar for Sale

Retail Building on Seminole Trail

Residential Income Duplex Opportunity

Remodeled Side-by-Side Duplex

Zoned Duplex with Expansion Potential

Duplex With In-Unit Laundry

Two-Unit Brick Income Duplex

Remodeled Duplex with Fenced Yard

Two-Unit Residential Income Property

Turnkey Restaurant Opportunity on Fontaine

Charlottesville Building on Two Acres

First-Floor 2BR/2BA Condo

Medical Office Condo For Sale

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