The Promenade

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30331457
Property Subtypes: Street Retail
Status: Pending/Contingent
Building Size (RSF): 12,000 SF
Gross Land Area: 0.56 Acres
Sale Price: $4,500,000
Unit Price: $375 PSF
Property Use Type: Investment
Building Name: The Promenade
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 4/15/2019

Overview / Comments

Infill redevelopment/investment opportunity in the heart of Downtown Charlottesville. Large 0.56 acre site is under-utilized and can accommodate significant additional density. Currently improved with a one-story 12,000 +/- gross square feet retail building and 29 parking spaces. 100% occupied, with stable in-place income from four retail tenants and one master parking lease. With frontage on both West Market Street and Old Preston Avenue, the property benefits from two points of ingress and egress. Current land to building ratio of 2:1 is exceptionally high for downtown Charlottesville and highlights the untapped future redevelopment potential. Property is located steps from the site which is poised for a near term redevelopment in to a preeminent 160,000 SF Class A mixed-use project known as the Center for Developing Entrepreneurs, which will be a hub for growing tech firms and is scheduled to be complete by 2020.

Additional Details

Nearest MSA: Charlottesville
County: Charlottesville City
Taxing Authority: City of Charlottesville
Tax ID/APN: 330276000
Retail Clientele: General
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Total Parking Spaces: 29
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,121 73,843 90,381
Median Age: 31.01 31.76 33.58
Households: 9,572 29,161 35,828
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