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Long Lofts 1131 Commerce St 62 Unit Apartment Building $5,975,000 ($96,371/Unit) Petersburg, VA 23803
Investment Highlights
- 95% average occupancy
- 29 months average resident tenure
- Partial RE tax assessment reduction
- 5.6% year-over-year rent growth
- $1,102/month ($1.73 PSF) average effective rent/ $40/unit/month water & sewer recovery
- Fully amenitized and management office onsite
Executive Summary
Long Lofts is a boutique, loft-style multifamily community located in the heart of Historic Petersburg, offering investors stabilized cash flow with durable physical
characteristics and timeless appeal. The Property includes a multitude of unique one-bedroom floor plans featuring open-concept layouts and modern finishes,
appealing to renters seeking well-located housing with high end amenities at accessible price points.
Notably, the all one-bedroom unit mix represents a strategic advantage, aligning with the deepest and most liquid segment of renter demand—including young
professionals, students, and single-person households. This configuration supports strong leasing velocity, simplified operations, and eliminates roommate friction, ultimately enhancing income durability.
Average in-place rents at Long Lofts ($1,057 for 1BD units) remain attractive relative to competing newly delivered product, providing a strong foundation for both stable
occupancy and rent growth. Leasing performance at nearby properties further validates the depth of demand. Market Street Lofts, a recently delivered, amenity-rich community, is achieving 1BD rents in the $1,165-$1,250+ range, while the nearby Candy Factory has demonstrated 1BD rents in the $1,245-$1,395 range.
Petersburg is gaining strong economic momentum, driven by major investments such as the $1.4B Live! Casino & Hotel Virginia, a new data center campus, and ongoing Old Towne redevelopment. These projects are expected to boost jobs, wages, and housing demand, supporting a positive long-term outlook for the rental market.
Pricing guidance:
$5,975,000 free and clear / 7.25 % T12 cap rate
OR
$5,850,000 with assumption of in place Freddie Mac Loan / 7.4% T12 cap rate
Assumption Details:
Principal Balance: $4,708,000 (10/26)
Rate: 5.05%
Amortization: 30 Years
Maturity Date: April 1, 2028
Yield Maintenance Expiration: October 1, 2027
characteristics and timeless appeal. The Property includes a multitude of unique one-bedroom floor plans featuring open-concept layouts and modern finishes,
appealing to renters seeking well-located housing with high end amenities at accessible price points.
Notably, the all one-bedroom unit mix represents a strategic advantage, aligning with the deepest and most liquid segment of renter demand—including young
professionals, students, and single-person households. This configuration supports strong leasing velocity, simplified operations, and eliminates roommate friction, ultimately enhancing income durability.
Average in-place rents at Long Lofts ($1,057 for 1BD units) remain attractive relative to competing newly delivered product, providing a strong foundation for both stable
occupancy and rent growth. Leasing performance at nearby properties further validates the depth of demand. Market Street Lofts, a recently delivered, amenity-rich community, is achieving 1BD rents in the $1,165-$1,250+ range, while the nearby Candy Factory has demonstrated 1BD rents in the $1,245-$1,395 range.
Petersburg is gaining strong economic momentum, driven by major investments such as the $1.4B Live! Casino & Hotel Virginia, a new data center campus, and ongoing Old Towne redevelopment. These projects are expected to boost jobs, wages, and housing demand, supporting a positive long-term outlook for the rental market.
Pricing guidance:
$5,975,000 free and clear / 7.25 % T12 cap rate
OR
$5,850,000 with assumption of in place Freddie Mac Loan / 7.4% T12 cap rate
Assumption Details:
Principal Balance: $4,708,000 (10/26)
Rate: 5.05%
Amortization: 30 Years
Maturity Date: April 1, 2028
Yield Maintenance Expiration: October 1, 2027
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Property Facts
| Price | $5,975,000 | Building Class | A |
| Price Per Unit | $96,371 | Lot Size | 2.43 AC |
| Sale Type | Investment | Building Size | 67,882 SF |
| No. Units | 62 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1900/2017 |
| Apartment Style | Low-Rise | Parking Ratio | 1.13/1,000 SF |
| Zoning | PUD & M-1 | ||
| Price | $5,975,000 |
| Price Per Unit | $96,371 |
| Sale Type | Investment |
| No. Units | 62 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | A |
| Lot Size | 2.43 AC |
| Building Size | 67,882 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1900/2017 |
| Parking Ratio | 1.13/1,000 SF |
| Zoning | PUD & M-1 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Washer/Dryer
- Ceiling Fans
- Refrigerator
- Oven
Site Amenities
- Clubhouse
- Courtyard
- Fitness Center
- Gated
- Grill
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $6,832,700 | |
| Land Assessment | $958,900 | Total Assessment | $7,791,600 |
Property Taxes
Parcel Numbers
Land Assessment
$958,900
Improvements Assessment
$6,832,700
Total Assessment
$7,791,600
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