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Auction | Unoccupied Hotel & Restaurant 524-530 E Washington St

100 Room Hotel Petersburg, VA 23803 For Sale

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Investment Highlights

Online & Onsite Auction
61,730 SF
Zoned B-2 - Opportunity & Enterprise Zone Incentives

Unoccupied Hotel & Restaurant
2.95 Acre Lot
Located in Downtown Petersburg, VA – Just West of I-95 and Less Than a Mile From the I-85/I-95 Interchange

Executive Summary

AUCTION HAS BEEN POSTPONED! Motleys Commercial Real Estate is pleased to present 530 E. Washington St., a 117 room, unoccupied hotel situated on 2.954± acres in downtown Petersburg, VA. Conveniently located just west of I-95 and less than a mile from the I-85/I-95 interchange, this 6 story hotel offers a scalable redevelopment project, either for a franchise operator or a developer, and is poised to capitalize on both opportunity zone and enterprise zone incentives. The property’s current B-2 zoning allows for operation of a hotel and includes by-right entitlement for a potential apartment conversion. The property site is comprised of a 61,000 SF structure which includes both the hotel, a covered entrance, an attached full-service restaurant not currently in operation and 160± parking spaces. 530 E Washington is a perfect opportunity to get in on the ground floor of one of central Virginia’s most historic cities and develop in an emerging market with an increasingly visible profile!

Property Facts Under Contract

Sale Type	Investment	No. Rooms	100
Sale Conditions	Development Sale	Number of Floors	6
Property Type	Hospitality	Year Built	1969
Property Subtype	Hotel	Parking Ratio	1.83/1,000 SF
Building Class	C	Corridor	Interior
Lot Size	2.95 AC	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Building Size	61,730 SF

Sale Type	Investment
Sale Conditions	Development Sale
Property Type	Hospitality
Property Subtype	Hotel
Building Class	C
Lot Size	2.95 AC
Building Size	61,730 SF
No. Rooms	100
Number of Floors	6
Year Built	1969
Parking Ratio	1.83/1,000 SF
Corridor	Interior
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.