125 Market St Petersburg, VA 23803
- Warehouses
- 23,393 SF
- 0.34 lot acres
Current Use by Public Records
- Seaboard Millwork & Fine Cabinetry / Woodworking Supply Store / Carpenter
- Seaboard Express Transportation Services, LLC / Trucking Company
- R J Pomplun Company / Custom Home Builder / Kitchen Remodeler
Property Details for 125 Market St
- Year built
- 1994
- Lot size
- 0.34 lot acres
- Property size
- 23,393 SF
- Zone code
- B-3
- Property type
- Warehouses
- APN
- 11240001
- APU
- 11240001
Description
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $380,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $545,000
- 6.5%
- $475,000
- 7%
- $505,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $565,000
- Geo Method
- $520,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $445,000
- Retail
- $450,000
- Mixed-Use
- $520,000
- Hospitality
- $475,000
- Educational
- $455,000
- Residential Income
- $580,000
- Energy
- $440,000
- Income-Based Land
- $490,000
- Food Service
- $535,000
Location Insight
- Map
- Local Demand
- City
- Petersburg
- County
- Petersburg City
- State
- Virginia
- Longitude
- -77.4069
- Latitude
- 37.2296
- CBSA code
- 40060
- CBSA name
- RICHMOND, VA METROPOLITAN STATISTICAL AREA
