Corner Comm Bldg w/ Income in Opportunity Zone

Real Estate Auction in In front of Richmond Fire Station #1, Richmond Virginia, United States

28 Thursday
February 28th, 2019 11:30 AM

Corner Comm Bldg w/ Income in Opportunity Zone

Real Estate Auction in In front of Richmond Fire Station #1, Richmond Virginia, United States

Thursday at - 28th February , 2019

Notes

Buyers premium: 10% Buyers Premium based on the high bid.
Closing: 30-Day closing, sold in As-Is condition, no contingencies.
Deposit Amount: Minimum auction day deposit of $10,000 in guaranteed funds.
Broker Coop: 2% of the high bid will be paid to a properly registered broker at settlement.

Map

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Location has been calculated by address and may not be 100% accurate.

Auction Items For Sale

Well located, visible corner lot in Church Hill3s opportunity zone #51760020200. Tax incentives available. Sturdy block building originally built as auto dealership. Be a part of the tremendous rehabilitation and improvement ongoing in the northern Church Hill area. Property is only five blocks from RRHA’s soon to be completed $26MM mixed use, grocery-anchored community development, three blocks from the Creighton Court redevelopment site (at I-64) and two blocks from the in-process Armstrong High School redevelopment site. (Below please find links to these exciting revitalization initiatives which are changing the face of North Church Hill and the Nine Mile Road commercial corridor).

https://www.wric.com/news/local-news/mixed-income-development-breaks-ground-at-old-armstrong-high-school-site/1562367972
https://www.rrha.com/revitalize-rva/public-housing-transformation-programs/east-end-creighton-court-transformation/

The auction property currently houses 2 tenants:
Auto Body/Paint Shop tenant 3+ years pays $2,000/mo
Retail/C-Store tenant pays $250/wk
Total gross annual rents: $37,000

Please respect the privacy of the tenants.  PLEASE NOTE the auction is being held off-site at a nearby location.

Paved parking

Parcel ID#: E000-0952-023 2018
Tax Assessment: $150,000
2018 Annual Taxes: $1,800
Building Size: +/-4,640 SF per tax record
Zoning: B-2


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