136 River Street, Petersburg, VA 23803 (MLS # 2624166)

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PRICE $1,450,000 SIZE 17,600 sqft LOT SIZE 1.50 ac Request More Info Schedule a Showing

Petersburg Civic Center - Unique Mixed-Use Investment Opportunity Rare opportunity to acquire a distinctive mixed-use, income-producing property package in Petersburg offering multiple potential revenue streams and tremendous investment possibilities. The offering includes the well-known Petersburg Civic Center at 136 River Street, the associated properties at 100-114 River Street, along with 431 Third Street, which conveys with the sale and provides valuable additional parking. The centerpiece of the property is the Petersburg Civic Center, an established event and gathering facility offering a unique venue for receptions, weddings, meetings, celebrations, community events and other functions. An investor or owner/operator has the opportunity to continue the existing operation while exploring additional uses and revenue opportunities for this versatile facility. Adding significantly to the investment potential are 11 residential apartment units, with a combined potential rental income of approximately $9,250 per month or $111,000 annually when fully occupied, based on information provided by the owner. The combination of residential rental income, billboard opportunity and an income-producing event facility creates a particularly interesting opportunity for an investor seeking multiple revenue streams within one property package. Located in Petersburg's historic River Street/Old Towne area, the property is convenient to downtown Petersburg, Interstate 95, Interstate 85 and the surrounding Tri-Cities region. The property also benefits from its proximity to the new Petersburg casino and entertainment development, adding another major attraction and investment to the Petersburg market. Property information, square footage, income, expenses, apartment count, permitted uses, permits and certificates of occupancy should be independently verified by purchaser as part of due diligence.