Long Lofts 1131 Commerce St 62 Unit Apartment Building $7,150,000 ($115,323/Unit) 7.12% Cap Rate Petersburg, VA 23803

The Virginia based multi family team at Colliers is pleased to present the offering for the Long Lofts in Petersburg, VA. The
subject asset is located at 1131 Commerce Street in Petersburg, Virginia, and presents a rare opportunity to acquire a
fully redeveloped multifamily community in a market experiencing significant revitalization. Long Lofts was converted into
62 loft-style, one bedroom, one bathroom apartments totaling 67,882 SF and property blends historic architecture with
modern finishes.
Situated just minutes from Fort Gregg-Adams (27,000+ personnel), Virginia State University (4,000+ students), and regional
employment centers along I-95 and I-85, the property enjoys a diverse and stable tenant base. Long Lofts also benefits from
its immediate access to Petersburg’s growing cultural and entertainment district, where residents frequent local favorites
such as Wabi Sabi, Maria’s Old Town 21, Croaker’s Spot, Demolition Coffee, and The Brickhouse Run, along with shopping
options including Southpark Mall, Southgate Square, Target, and Walmart Supercenter. Recreational and cultural attractions
such as Patton Park, the Appomattox River Trail, Petersburg National Battlefield, and Regal Southpark Mall further
strengthen the community’s appeal.
What makes Long Lofts especially attractive is the built-in opportunity to drive returns through operational efficiency and
expense normalization. Current underwriting reflects a standard 4% management fee, consistent with market averages,
though an owner-operator can enhance cash flow by reducing or eliminating this cost. Additional upside exists as rents
are standardized across units, vacancy stabilizes closer to current performance, and bad debt collection practices
are tightened. With other income streams—including administrative, late, and application fees as well as the newly
implemented $40 utility fee—already showing growth, investors can further benefit from the reduction of legacy expenses
such as contract services and cable/internet plans. Collectively, these measures position Long Lofts to outperform its current
projections, offering an investor the ability to achieve a cash-on-cash, making it a highly compelling acquisition in one of
Central Virginia’s most promising submarkets.