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    125 Market St Petersburg, VA 23803

    For Sale
    Contact for pricing

    40-Unit Apartment Building, Vacant, Redevelopment Potential

    Property size:
    27,300 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    361
    This exceptional 27,300 square foot property, located at 125 N Market St and 128 W Tabb St in Petersburg, VA, presents a unique redevelopment opportunity. The vacant, 40-unit apartment building, built in 1846, sits on a 0.435-acre lot and boasts B-3 zoning. The property includes two parcels (APN: 011-240001 & 011-240002) and benefits from an Opportunity Zone designation. Previous architectural plans envision 32 loft-style apartments with ample off-street parking. The existing structure, a former woodworking and furniture facility, offers a flexible, open floor plan and designated office space, suitable for various uses, from light industrial to residential conversion. The property's prime location in Petersburg's historic district, coupled with its size and zoning, makes it an attractive investment. Recent nearby developments, including Market Street Lofts (106 units), Star Lofts (65 units, sold for $7.3M), High Street Lofts (69 units, sold for $9.4M), and the Hotel Petersburg ($13.5M development underway), demonstrate the area's strong potential for growth and high demand for residential and commercial spaces. The property has received DHR Part II approval, further streamlining the redevelopment process. This is a chance to revitalize a piece of Petersburg's history while capitalizing on a thriving real estate market.

    Property Features for 125 Market St

    General Information

    Property type
    Multifamily properties
    Square Feet
    27,300 SF
    Lot Size
    18,949 SF

    Building Details

    Year Built
    1846
    Buildings
    1
    Stories
    4
    Units
    40

    HighLights

    • B‑3 Zoning.
    • 27,300 square foot building.
    • DHR Part II approval received.
    • Opportunity Zone designation.
    • Located at 125 N Market St & 128 W Tabb St, Petersburg, VA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Seaboard Millwork & Fine ... Carpenter Seaboard Express Transportation ... Trucking Company R J Pomplun ... Handyman

    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
    -77.4071229
    Latitude
    37.2295819

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    FAQs

    What type of property is this?
    Multifamily property - 40-Unit Apartment Building, Vacant, Redevelopment Potential
    Where is this multifamily property located?
    The property is located at 125 Market St Petersburg, VA.
    What are key features of this property?
    This property features: B-3 Zoning.; 27,300 square foot building.; DHR Part II approval received.
    Request Owner's contact information
    125 Market St Petersburg, VA 23803
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    Petersburg, VA 23803
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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
    125 Market St Petersburg, VA 23803
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