REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your advisor will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 6,385,000
Est. payment /mo
New
1131 Commerce ST Petersburg, VA 23803
67,882 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 67,882 sqft
Price per Sqft $94
MLS Listing ID 2611907
Style Garden Home
HOA Y/N No
Year Built 1900
Lot Size 2.430 Acres
Acres 2.43
Property Description
Long Lofts is a boutique, loft-style multifamily community located in the heart of Historic Petersburg, offering investors stabilized cash flow with durable physical characteristics and timeless appeal. The Property includes a multitude of unique one-bedroom floor plans featuring open-concept layouts and modern finishes, appealing to renters seeking well-located housing with high end amenities at accessible price points. Notably, the all one-bedroom unit mix represents a strategic advantage, aligning with the deepest and most liquid segment of renter demand—including young professionals, students, and single-person households. This configuration supports strong leasing velocity, simplified operations, and eliminates roommate friction, ultimately enhancing income durability. Average in-place rents at Long Lofts ($1,057 for 1BD units) remain attractive relative to competing newly delivered product, providing a strong foundation for both stable occupancy and rent growth. Leasing performance at nearby properties further validates the depth of demand. Market Street Lofts, a recently delivered, amenity-rich community, is achieving 1BD rents in the $1,165-$1,250+ range, while the nearby Candy Factory has demonstrated 1BD rents in the $1,245-$1,395 range. Petersburg is gaining strong economic momentum, driven by major investments such as the $1.4B Live! Casino & Hotel Virginia, a new data center campus, and ongoing Old Towne redevelopment. These projects are expected to boost jobs, wages, and housing demand, supporting a positive long-term outlook for the rental market.
Location
State VA
County Petersburg
Area 57 - Petersburg
Interior
Cooling Central Air
Exterior
Roof Type Flat
Topography Level
Handicap Access Accessibility Features
Building
Lot Description Level
Building Description Brick, Elevator(s),Multi-Tenant
Story 2
Sewer Public Sewer
Water Public
Architectural Style Garden Home
Level or Stories Two
Structure Type Brick
Others
Tax ID 024-150015
Ownership Investment
Listed by One South Commercial LLC