Opportunity Zone Mixed Use Development Parcel

Multi-Family for Sale
Sale Pending/Contingent
Also listed as Retail-Commercial, Shopping Center
Catylist Listing ID: 30639503
Property Subtypes: Government Subsidized, High-Rise, Low-Rise/Garden, Mid-Rise, Mixed Use, Senior Living, Student Housing, Other
Status: Pending/Contingent
Number of Units: 70 Units
Building Size (RSF): 10,100 SF
Gross Land Area: 1.35 Acres
Sale Price: $3,500,000
Unit Price: $50,000 Per Unit
Ceiling: 18 ft.
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business
Building Name: Cherry Avenue IGA
Usable Size (USF): 10,100 SF
Sale Terms: Cash to Seller, Owner Financing, Build-to-Suit, Sale/Leaseback, Other
Average Occupancy Rate: 100
Last Updated: 12/16/2021

Overview / Comments

Rare downtown opportunity zone development parcel.
Up to 120 DUA possible, 43 DUA by right.
10,000 Square building, 20 foot high ceilings.
Full truck dock as well as ground level doors.
AMPLE PARKING 80+ spaces.

Short term lease in place for income during entitlement process

Additional Details

Nearest MSA: Charlottesville
County: Albemarle
Submarket Type: Central Business District
Taxing Authority: Charlottesville
Tax ID/APN: 530276000
Percent Occupied: 100%
Property Located Between: Downtown Mall and University of Virginia
Highway Access: Very near route 250, interstate 64 and route 29 DIRECTIONS: From Downtown Mall take 5th Street to a right on Cherry Avenue. Property is at the bottom of the hill on the right.
Airports: CHO
Site Description: SEWER: Public WATER: Public
Area Description: In the CH zoning Tax Free Opportunity Zone. Rare Development piece eligible for Opportunity Zone benefits Short term lease in place for income during entitlement process
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 1
Roof Type: Flat
Construction/Siding: Block
Exterior Description: Large parking lot with multiple entrances and over 80 parking spaces
Parking Type: Surface
Parking Description: Ample off street parking
Total Parking Spaces: 80
Sprinklers: None
Heat Type: Other
Heat Source: Other
Fuel: Other
Air Conditioning: Other
Internet Access: Cable, DSL, T1/T3, Gigabit, Fiber Optic
Interior Description: 10,000 square feet with 18 foot ceilings
Zoning Description: Charlottesville entry corridor CH Zoning
Lot Frontage: 200
Lot Depth: 500
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Legal Description: 501 Cherry Avenue Charlottesville VA 22902

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,443 71,962 89,562
Median Age: 29.47 31.53 33.69
Households: 9,413 28,273 35,482


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