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Long Lofts 1131 Commerce St 62 Unit Apartment Building $8,732,637 CAD ($140,849 CAD/Unit) Petersburg, VA 23803
Investment Highlights
- Consistently 95%+ occupied
- Monetize excess land to generate upside without impacting multi-family operations
- Premium amenity package
- Low capex burden
- Operates efficiently with onsite office staffed part-time
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.
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.
Data Room Click Here to Access
Property Facts
| Price | $8,732,637 CAD | Building Class | A |
| Price Per Unit | $140,849 CAD | Lot Size | 2.43 AC |
| Sale Type | Investment | Building Size | 67,882 SF |
| No. Units | 62 | Average Occupancy | 98% |
| 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 | $8,732,637 CAD |
| Price Per Unit | $140,849 CAD |
| 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 | 98% |
| 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 Number | 024-15-0015 | Improvements Assessment | $9,309,387 CAD |
| Land Assessment | $1,271,942 CAD | Total Assessment | $10,581,329 CAD |
Property Taxes
Parcel Number
024-15-0015
Land Assessment
$1,271,942 CAD
Improvements Assessment
$9,309,387 CAD
Total Assessment
$10,581,329 CAD
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Long Lofts | 1131 Commerce St
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