Contributors to the Rapport blog will periodically communicate interesting market data (sales/lease). This is the first such post.
I was on what used to be the eastern periphery of the VCU Monroe Park campus today appraising some property, and inspecting two recent sales. The first is the sale of 600-606 West Grace Street, more commonly identified as the BP-Amoco on the corner of Belvidere and West Grace Street. The 0.35-acre site has a 456 square foot c-store kiosk and a 302 square foot office/storage building. The four 10,000-gallon underground gas tanks provide fuel for six 3-hose dispensers and one 2-hose dispenser. The property sold September 17, 2007 for $1,100,000. While some value was added by the existing fuel infrastructure, the $1,100,000 equates to $71.19 per square foot of land area….pretty crazy for the City of Richmond (outside of the CBD). The new owner reportedly will demolish most of the existing improvements and install new equipment to operate an Uppy’s Convenience Store. What I really find interesting about the sale though, is that VCU didn’t buy it. This property is an important part of the Monroe Park campus master plan, and it is transferring hands in the private sector.
The second sale I also find interesting, chiefly because I find infill developent in the City so interesting. It’s the sale of 114-118 South Belvidere Street. the 19,000 square foot site includes a vacant residential shell building with little to no value. I haven’t verified the details of the sale, so I don’t know if it will be remodeled or demolished…let’s hope for the latter. The site is immediately north of the 7-Eleven and I-195. It was listed for over a year for $1,250,000 ($65.79/sf), and sold August 2, 2007 for $1,000,000 ($52.63 per square foot of land area).
That’s all for now.
December 14th, 2007 at 8:52 am
[…] I mentioned an interesting sale a couple of months ago. Although I think my source was ignorant of the purchaser’s plans, it turns out I was given incomplete information. Greg Gilligan covered a proposed mixed-use development at the corner of Belvidere and West Grace in this RTD article. Talk about maximizing site utility!!! Congratulations are premature for Mr. Uphoff, but I sure hope he gets approval. I wonder if he is aware of a high-end gas station/c-store/cafe/bistro just up the road in C-ville? […]