235 Grove Ave
Petersburg, VA 23803
Historic DUPLEX- Old Town Petersburg, VA. · Multifamily Property For Sale · 2 Units

*Petersburg Best Buy- HISTORIC TAX-CREDIT DUPLEX in Old Towne Petersburg*
Looking for an Investment with both short-term and long-term tax benefits? Then come see 235 Grove Avenue, in Old Towne Petersburg. This property is officially a Duplex, says the City of Petersburg. Originally a Quad, with 2 basement units. Now that we know this is a Duplex, the property has many options. If you are looking for some short-term rentals, Airbnb style, Great, this is a Fantastic location, close to Old Towne, Downtown and VSU. And this property looks out over the Appomattox River. Long-terms rental, same perks, but rents are rising and Petersburg is growing. This property needs to be finished. The seller started renovating this as a Quad, and now that it's a Duplex, some things may or may not need to be altered. You can use the basement units however you decide. The main part of the property has a left unit and a right unit. Both units are 2-beds and 1-bath. The left side has a small kitchen addition in the back, and the right-side kitchen was going to be galley style. Both units have a ground floor and second floor. There are 2-beds and 1-bath on the second floors. Downstairs has 2 large rooms, like a living room and dining room, but you might decide to make a 3rd bedroom. Now this is an Historic Tax Credit location and property, so if you renovate this within the historic guidelines, you could get up to 45% of renovation costs back in state and federal tax credits. Best to hire an historic tax credit consultant or contractor if you are not familiar with the process. Work with the city of Petersburg with building permits and possible tax abatement. Between the tax abatement and possibly free permits to renovate, along with the state and federal tax credits, you should have both short and long term tax benefits to help make this a very positive cash flowing rental. Renovation were started in several areas like new power and panels, duct work, electrical, plumbing and some drywall as well as demolition and rebuilding of the back porch and roof. This property is definitely worth a drive to Old Towne Petersburg. Bring your contractor, have lunch in Old Towne, and drive around and see all the new builds and renovations all over the City. Casino is coming soon, just saying.