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Former Hardware Store 317 E Water St 28,500 SF 50% Leased Office Building Charlottesville, VA 22902 $7,677,560 CAD ($269.39 CAD/SF) 6% Cap Rate
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.
DATA ROOM Click Here to Access
- Market Information
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$684,001
|
$24.00
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$684,001
|
$24.00
|
| Taxes |
$98,971
|
$3.47
|
| Operating Expenses |
$110,417
|
$3.87
|
| Total Expenses |
$209,388
|
$7.35
|
| Net Operating Income |
$474,613
|
$16.65
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $684,001 |
| Annual Per SF | $24.00 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $684,001 |
| Annual Per SF | $24.00 |
| Taxes (CAD) | |
|---|---|
| Annual | $98,971 |
| Annual Per SF | $3.47 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $110,417 |
| Annual Per SF | $3.87 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $209,388 |
| Annual Per SF | $7.35 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $474,613 |
| Annual Per SF | $16.65 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Building Size
28,500 SF
Building Class
A
Year Built/Renovated
1908/2008
Price
$7,677,560 CAD
Price Per SF
$269.39 CAD
Cap Rate
6%
NOI
$460,654 CAD
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
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Sanker Media LLC
- Services
- 3,224 SF
- $18.62 CAD
- Modified Gross
- Jun 2027
-
- Professional, Scientific, and Technical Services
- 12,145 SF
- $38.25 CAD
- Modified Gross
- Jul 2028
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Uplift Training Club
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Sanker Media LLC | Services | 3,224 SF | $18.62 CAD | Modified Gross | Jun 2027 | |
|
|
Professional, Scientific, and Technical Services | 12,145 SF | $38.25 CAD | Modified Gross | Jul 2028 | |
| Uplift Training Club | Arts, Entertainment, and Recreation | 8,424 SF | $19.89 CAD | Modified Gross | Feb 2028 |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
- 4th Floor
- 5,960 SF
- Office
- Full Build-Out
- Now
| Space | Size | Space Use | Condition | Available |
| 3rd Floor | 5,960 SF | Office | Full Build-Out | Now |
| 4th Floor | 5,960 SF | Office | Full Build-Out | Now |
3rd Floor
| Size |
| 5,960 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
4th Floor
| Size |
| 5,960 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1 of 16
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
3rd Floor
| Size | 5,960 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
1 1
Walk Score®
Walker's Paradise (99)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 280-042-000 | Total Assessment | $10,336,509 CAD |
| Land Assessment | $1,765,141 CAD | Annual Taxes | $98,971 CAD ($3.47 CAD/SF) |
| Improvements Assessment | $8,571,368 CAD | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Number
280-042-000
Land Assessment
$1,765,141 CAD
Improvements Assessment
$8,571,368 CAD
Total Assessment
$10,336,509 CAD
Annual Taxes
$98,971 CAD ($3.47 CAD/SF)
Tax Year
2025 Payable 2025
1 of 51
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
Howard Hanna|Roy Wheeler Realty Co.
Former Hardware Store | 317 E Water St
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