600 Wythe St Petersburg, VA 23803

Property Details for 600 Wythe St

Year built

1994

Lot size

4.65 lot acres

Property size

277,408 SF

Zone code

M-1

Property type

Industrial properties

APN

23300005

APU

23300005

Description

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.

Location Insight

City

Petersburg

County

Petersburg City

State

Virginia

Longitude

-77.4109

Latitude

37.224

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments