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    600 Wythe St Petersburg, VA 23803

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    For Sale
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    277,000 SF Warehouse, PUD Zoning, VA

    Property size:
    277,408 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 277,408-square-foot warehouse, situated on a 5.03-acre lot in historic Petersburg, Virginia, presents a unique redevelopment opportunity. Built in 1903, this four-story building boasts a Planned Unit Development (PUD) zoning designation, opening doors to diverse development possibilities. The property's prime location offers immediate access to I-95 and I-85, placing it within easy reach of Richmond, VA, and Fort Lee, a significant military installation with a substantial economic impact. Its proximity to the gateway region, a hub for advanced pharmaceutical manufacturing, further enhances its strategic value. The property is conveniently located within walking distance of local restaurants, breweries, and outdoor recreational areas. The site benefits from its designation as an Enterprise Zone, potentially unlocking access to state and federal tax credits. Existing historic designations streamline the approval process for projects leveraging historic and low-income housing tax credits. Petersburg's multifamily market exhibits robust growth, with sales tripling in recent years and per-unit pricing increasing significantly since 2017. This strong market performance, coupled with limited new development, indicates healthy absorption rates and supports the potential for a successful project. The property's APN is 023-300005, and it is owned by 600 Wythe LLC. This is an unparalleled chance to capitalize on the burgeoning Petersburg market and create a thriving mixed-use development.

    Property Features for 600 Wythe St

    General Information

    Property type
    Distribution properties
    Square Feet
    277,408 SF
    Lot Size
    219,107 SF

    Building Details

    Year Built
    1903
    Buildings
    1
    Stories
    4

    HighLights

    • Prime Richmond, VA location with easy I‑95 and I‑85 access.
    • Near Fort Lee, a major military installation with a significant regional economic impact.
    • Situated in Virginia's key advanced pharmaceutical manufacturing area.
    • Walkable to diverse amenities including restaurants, breweries, and parks.
    • Located within an Enterprise Zone.
    • Ideal for combining historic and LIHTC tax credits.
    Property Profile Location Intelligence

    Current Use by Public Records

    Virginia Trunk & Bag ... Historical Landmark

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Petersburg
    County
    Petersburg City
    State
    Virginia
    Longitude
    -77.4111685
    Latitude
    37.2243266

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    FAQs

    What type of property is this?
    Distribution property - 277,000 SF Warehouse, PUD Zoning, VA
    Where is this distribution property located?
    The property is located at 600 Wythe St Petersburg, VA.
    What are key features of this property?
    This property features: Prime Richmond, VA location with easy I-95 and I-85 access.; Near Fort Lee, a major military installation with a significant regional economic impact.; Situated in Virginia's key advanced pharmaceutical manufacturing area.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    600 Wythe St Petersburg, VA 23803
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