715 Main StCharlottesville, VA 22903

Property Details for 715 Main St

Year built

1962

Lot size

0.36 AC

Property size (Sq ft)

2,875 SF

Zone code

CX-5

Property type

Retail properties

Property subtype

Turn key restaurants

APN

320151000

APU

320151000

Description

This exceptional Charlottesville investment opportunity encompasses four buildings totaling 7,685 square feet situated on a 0.608-acre lot. Located at 715-731 West Main Street and 117 Cream Street, this property boasts a prime location near the University of Virginia, presenting significant redevelopment potential. The existing structures, built in 1920, are zoned WMEH, allowing for a five-story building with the possibility of expanding to seven stories. Detailed plans are available upon request. The current asking price is $5,900,000, translating to $767.73 per square foot. This presents a unique chance to capitalize on the high demand for student housing in the area, with potential for up to 168 beds. The property's four buildings are currently configured as retail space, offering a flexible canvas for a transformative project. The property's address includes 715 W Main St, 731 W Main St, and 117 Cream St, all in Charlottesville, VA 22903. Parcel numbers are 320151000

• CAP approach

  CAP return

  Valuation

  6%

  $1,005,891

  6.5%

  $928,515

  7%

  $862,192

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,448,565

  Geo Method

  $1,448,565

• Alternative Use

  Use

  Valuation

  Residential

  $783,237

  Hospitality

  $717,441

  Educational

  $596,902

  Medical

  $617,431

  Retail

  $928,515

Location Insight

City

Charlottesville

County

Charlottesville City

State

Virginia

Latitude

38.0319

Longitude

-78.4904

CBSA code

16820

CBSA name

CHARLOTTESVILLE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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