23 W Old St, Petersburg, VA

Name: 23 W Old St, For Sale in Petersburg - Zoocasa
Brand: One South Commercial LLC
SKU: 2610384
Price: 1100000 USD

House

For Sale

Listed price in listed location currency (USD).

$1,100,000

000

MLS® 2610384

Overview

Key Facts

Type Multi Family

Levels Residential Income

Size -

Garage

Taxes $4,550

Days Active 0

Lot Size

Approx. Age 1817

MLS® Number 2610384

Property Address: 23 W Old St, Petersburg, VA, 23803-3221

Average square foot calculated using Size range provided by listing agent.

Description

This fully leased five-unit apartment building at 23-25 W Old Street presents a rare opportunity to acquire a stabilized, income-producing asset in the heart of downtown Petersburg. Originally built in 1817, this remarkable property embodies over two centuries of history while seamlessly integrating modern enhancements. Encompassing nearly 11, 000 square feet, the exceptional historic adaptive reuse features five distinctive and spacious residences, including four well-appointed one-bedroom units and one expansive two-bedroom unit. Each apartment showcases an abundance of original architectural details—such as high ceilings, oversized windows, and period craftsmanship—complemented by thoughtful modern renovations that enhance both comfort and functionality. Adding to its versatility, select units have demonstrated a successful history of short-term rental use, offering investors additional flexibility and revenue potential. Beyond its strong in-place cash flow, the asset offers significant value-add potential. Investors have the opportunity to expand by adding additional units on the third and fourth floors, further increasing rental income and long-term appreciation. Additionally, the property’s prime location along the busy storefront row of W. Old Street presents compelling potential for commercial application, particularly on the ground floor. The building also benefits from excellent proximity to North Sycamore Street and some of the area’s most popular destinations, including Maria’s Old Town 21, Demolition Coffee, Croaker’s Spot, The Southside Depot, the Petersburg Area Art League, and Virginia State University. With its combination of historic charm, modern upgrades, mixed-use flexibility, and expansion opportunities, this property stands as an exceptional investment in one of Central Virginia’s most dynamic and revitalizing markets.

MLS® Number2610384

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age1817

Basement

Driveway

Garage Spaces

Heat

A/C

Heating Fuel

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

Apr 21, 2026List Date

$1,100,000List Price

Map

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