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Flats on Wythe 141 E Wythe St 19 Unit Apartment Building For Sale Petersburg, VA 23803
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Investment Highlights
- +9.2% net operating income growth.
- $829K Assessment reduction secured.
- $35,285 Controllable expense to attack.
- $47,000 Annual rental upside.
- 18 of 18 Leases rolling inside twelve months.
- $1,062 Full-year turnover cost.
Executive Summary
Flats on Wythe sits at the southern edge of Old Towne Petersburg, converted in 2012 from the 1908 Duncan M. Brown Grammar School. Original maple floors, tall schoolhouse windows, granite and stainless kitchens and in-unit laundry sit behind a masonry shell that has already absorbed its heavy capital.
The twelve months ended July 2026 collected $261,079 against $121,085 of property-level operating expense before real estate taxes, for $139,994 of net operating income before taxes — 9.2% above the trailing year ended February 2025. Collections have risen in each of the last three trailing periods.
All nineteen units are leased and every lease rolls within twelve months, so the rent roll re-prices in a single cycle. Nine leases were signed or renewed in 2026 between $895 and $1,295 against an in-place average of $1,174 — the basis for a Year 1 pro forma NOI of $151,621 before real estate taxes, with no renovation program.
*Contact agent for pricing guidance.
The twelve months ended July 2026 collected $261,079 against $121,085 of property-level operating expense before real estate taxes, for $139,994 of net operating income before taxes — 9.2% above the trailing year ended February 2025. Collections have risen in each of the last three trailing periods.
All nineteen units are leased and every lease rolls within twelve months, so the rent roll re-prices in a single cycle. Nine leases were signed or renewed in 2026 between $895 and $1,295 against an in-place average of $1,174 — the basis for a Year 1 pro forma NOI of $151,621 before real estate taxes, with no renovation program.
*Contact agent for pricing guidance.
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Property Facts
| Sale Type | Investment | Lot Size | 0.89 AC |
| No. Units | 19 | Building Size | 16,150 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1908/2012 |
| Building Class | B | Opportunity Zone |
Yes
|
| Zoning | B-3 - Business | ||
| Sale Type | Investment |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.89 AC |
| Building Size | 16,150 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1908/2012 |
| Opportunity Zone |
Yes |
| Zoning | B-3 - Business |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Ceiling Fans
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Patio
Site Amenities
- Controlled Access
- Courtyard
- Property Manager on Site
- Gated
- Package Service
- Recycling
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | 670 |
| 2+2 | 6 | - | 930 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 022-10-0007 | Improvements Assessment | $2,085,900 |
| Land Assessment | $285,000 | Total Assessment | $2,370,900 |
Property Taxes
Parcel Number
022-10-0007
Land Assessment
$285,000
Improvements Assessment
$2,085,900
Total Assessment
$2,370,900
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Flats on Wythe | 141 E Wythe St