406 Main StCharlottesville, VA 22903

Property Details for 406 Main St

Year built

1920

Lot size

0.06 AC

Property size (Sq ft)

7,638 SF

Zone code

DX

Property type

Office properties

Property subtype

Other office properties

APN

280047000

APU

280047000

Description

This exceptional investment opportunity comprises three prime infill parcels totaling approximately 0.7 acres on West Main Street in Charlottesville, Virginia. Currently generating $10,000 per month in rental income with a lease expiring August 31, 2027 (approximately 2.8 years remaining), this property presents significant redevelopment potential. The parcels are zoned CX-5, allowing for five stories by right, with potential for up to seven stories with bonuses for including affordable housing units. Importantly, there are no density restrictions. The combined parcels offer a unique opportunity for multi-family or mixed-use development in a highly desirable location. The property's proximity to the University of Virginia and the historic Downtown Mall ensures strong demand and high occupancy rates. Preliminary discussions with the city regarding the potential abandonment of the 4th Street extension have already occurred, which could further enhance the development potential by connecting all three parcels. The asking price for this exceptional development opportunity is $4,200,000. This is a rare chance to acquire a substantial, income-producing property in a thriving urban core with significant upside potential. The addresses included are 406 W Main St, 408 W Main St, and 332 W Main St, all in Charlottesville, VA 22903.

• CAP approach

  CAP return

  Valuation

  6%

  $1,817,922

  6.5%

  $1,678,082

  7%

  $1,558,219

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,527,142

  Geo Method

  $1,527,142

• Alternative Use

  Use

  Valuation

  Residential

  $2,080,822

  Hospitality

  $1,906,022

  Educational

  $1,585,788

  Medical

  $1,640,325

  Retail

  $2,466,781

Location Insight

City

Charlottesville

County

Charlottesville City

State

Virginia

Latitude

38.0297

Longitude

-78.4791

CBSA code

16820

CBSA name

CHARLOTTESVILLE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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