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317 E Water St
Charlottesville, VA 22902
Former Hardware Store · Office Property For Sale
Investment Highlights
- Fronts on downtown walking mall
- Much of the space is open with exposed ceilings & walls.
- Completely remodeled in 2008 to become a Class A building.
Executive Summary
Huge price reduction of $1.MM.
Bldg. is 50% occupied. The major tenant agreed to a buy-of out the remaining 3 years of a long-term lease due to a post Covid employee "work from home business plan."Their lease covered the 3rd & 4th floor. So it is available for occupancy by a new user owner at settlement. New Leasing details are available through the listing broker. Two new tenants started leases on July 1, 2025. The Projected Gross Scheduled rent is $490,000 from forecasting rental income. The projected NOI is $330,000. CAP Rate is 6.00% with those projected rents. Owner will consider negotiating a guaranteed master lease for the vacant space of 11,920 SF for a limited time.
Bldg. is 50% occupied. The major tenant agreed to a buy-of out the remaining 3 years of a long-term lease due to a post Covid employee "work from home business plan."Their lease covered the 3rd & 4th floor. So it is available for occupancy by a new user owner at settlement. New Leasing details are available through the listing broker. Two new tenants started leases on July 1, 2025. The Projected Gross Scheduled rent is $490,000 from forecasting rental income. The projected NOI is $330,000. CAP Rate is 6.00% with those projected rents. Owner will consider negotiating a guaranteed master lease for the vacant space of 11,920 SF for a limited time.
Property Facts
Sale Type
Investment or Owner User
Property Type
Building Size
28,500 SF
Building Class
A
Year Built/Renovated
1908/2008
Price
$5,500,000
Price Per SF
$192.98
Cap Rate
6%
NOI
$330,000
Percent Leased
50%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
7,125 SF
Building FAR
4.36
Lot Size
0.15 AC
Zoning
DH - Downtown Historic district allows many commercial uses i.e. office, retail, professional, banking, medical, artisans.
Amenities
- Controlled Access
- Security System
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
Property Taxes
| Parcel Number | 280-042-000 | Improvements Assessment | $6,140,300 |
| Land Assessment | $1,264,500 | Total Assessment | $7,404,800 |
Property Taxes
Parcel Number
280-042-000
Land Assessment
$1,264,500
Improvements Assessment
$6,140,300
Total Assessment
$7,404,800
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