PROPERTY O VERVIEW! An architectural marvel constructed in 1895 with a mix of classical and medieval details and the beneficiary of two historic rehabilitations.! Comprised of 23,550sf on 5 ½ floors with a combination of retail, office, and residential currently in place.! Current tenant roster produces $103,000 with the potential for an additional 12 apartments to be constructed in the existing vacancy.! In the Beverley Historic District and listed as a contributing structure. Eligiable for 45% state and federal tax credits.! The property has been preserved while mounting a sprinkler system, upgrading HVAC, and installing an 5 stop elevator. 540.271.7525 540.810.3000 THE MASONIC BUILDING 13 West Beverley Street Staunton, Virginia 24401 PRICED AT $989,000 $42/SF
ELIGIBLE FOR HISTORIC TAX CREDITS The Masonic Building is a contributing structure within the Beverley Historic District and Staunton Enterprise Zone making it eligible for tax credits for qualified rehabilitations and job creation. In addition, the City of Staunton maintains several programs for historic preservation including property tax exemptions and real property investment grants. ROOM FOR ADDITIONAL UNITS Two new apartment units were recently completed on the third floor of the structure and room for up to 12 additional units exist on the second and fourth floors. With over 12,000 renters in the Staunton market area and one bedroom rents averaging $525- $550, these floors represent an opportunity to substantially increase the gross income and investment value. POPULAR RETAIL/RESTAURANT TENANTS Ground floor tenants include some of the most popular destinations in Staunton like the Baja Bean Company, Split Banana, and Lang Jewelers, which has been a tenant for over 100 years. A beautiful entrance lobby welcomes users and visitors of the upper floors with ornate trim, rich wood, and marble accents. A five-stop elevator located in the lobby area also aids the historic structure with ADA compliance standards. CONTRIBUTING STRUCTURE
PROPERTY S PECIFICATIONS Year of Construction 1895 Construction Type Yellow brick Roof Rubber Membrane/Slate Total SF 23,450 + Basement 720sf (excluded in total) Electric 200AMP Panel + By Floor Separate Panel for Each Floor, Elevator. Heating Gas Boiler (2004) Split System Water/Wastewater City (lines to each unit) Ceiling Heights 10-14 Acreage 5,688sf (.130 acres) Lot Dimensions 79x72 Gross Income $103,000 2012 Taxes $5,588 540.271.7525 540.810.3000 While every effort was made to confirm the information contained herein, Broker and Ownership make no representations or warranties as to the accuracy or validity of the information provided. All prospects must conduct their own due diligence to ensure the property is suitable for their use.
LOCATION O VERVIEW LOCATION M AP! One of the most prominent locations in downtown Staunton.! Within one block of four parking decks consisting several hundred stalls.! Within the Beverley Historic District and Enterprise Zone (qualifies for tax credits and property tax exemptions) Population +micropolitan 116,000 +city of Staunton 23,000 +10 mile radius 89,478 # of renters 12,000 Traffic Count 4,200 (Beverley) 540.271.7525 540.810.3000 INCENTIVES Enterprise Zone Eligible for property tax exemptions and job creation credits. Beverley Historic District Up to 45% state & federal tax credit for qualified rehabilitation. Local Economic Development Special tax breaks and financing programs Staunton Creative Community Fund Access to financing and grant programs. See additional incentives in the addendum to this document.
THE OPPORTUNITY The Masonic Building is the architectural gem in a City known for its historic structures. The property has been carefully preserved while receiving several upgrades (HVAC, elevator, sprinkler system) that serve to reduce the cost of converting the upper floors to higher revenue uses. S UBJECT PROPERTY This prominent building, in a prominent location, is surrounded by historic landmarks and popular tourist destinations in the heart of Staunton s primary retail and office district. Two new luxury apartments were recently constructed on the third floor and the second and fourth remain open for up to twelve additional apartments or a corporate office center. Combined with a tenant roster comprised of popular retail/restaurant tenants, 1-2 bedroom apartments, and Mary Baldwin College the property has excellent upside potential. 540.271.7525 540.810.3000 STAUNTON ACCOLADES One of the 20 best small towns in America Smithsonian Magazine Top micropolitans area in the Commonwealth of Virginia Site Selection Magazine One of America s greatest main streets travel + leisure magazine One of the 20 strongest performing micropolitans in America Site Selection Magazine
PROPERTY O VERVIEW! 26,000sf structure with three ground floor retail units (2) 4000sf units (1) 2000sf unit and 16000sf divided among 16+ office units on the 2 nd and 3 rd floor.! In the Beverley Historic District and listed as a contributing structure. Eligiable for 45% state and federal tax credits.! At a prime corner and within one block of 5 public parking decks. 1 st floor has restaurant potential.! Current tenant roster produces $64,000 income per year at below market rates ($3/sf 1 st Floor)! Potential conversion to apartments on upper floors.! Several recent upgrades including rubber membrane roof and gas boiler. 1958 Evelyn Byrd Avenue Harrisonburg, Virginia 22801 540.271.7525 THE WORTHINGTON HARDWARE BUILDING 20-26 West Beverley Street Staunton, Virginia 24401 PRICED AT $889,000 $34/SF 7.5% CAP*
EXISTING OFFICE SPACE PROPERTY S PECIFICATIONS Year of Construction 1890 Construction Type Brick/Cut Stone Total SF 26,024 + Basement 8,008 (excluded in total) + Building 2 2,000 Electric 200AMP (sep. metered) +Office Meters 50-90AMP per unit Heating Gas Boiler (2011) Water/Wastewater City (lines to each unit) Ceiling Heights 1 st 12, 2 nd 12, 3 rd 20 Acreage 11,125sf (.260 acres) Lot Dimensions 89x125 Gross Income $64,949 2012 Taxes $2,403 2 nd & 3 rd floor currently utilized as office spaces generating $40,000 annually with potential to convert to an estimated 14-16 one or two bedroom apartments. Average 1BR rents are $500 and 2BR rates are $625/month increasing the GPI to $100,000+ annually. PRIME RESTAURANT SPACE 8000sf of ground floor divided equally between two tenants with the potential to create great atmosphere for a restaurant in the hardware portion. Currently on the rent roll at less than $3/sf (owner occupied) with market rates at or above $9/sf. HISTORIC DISTRICT 1958 Evelyn Byrd Avenue Harrisonburg, Virginia 22801 540.271.7525 The property is within the Beverley Historic District and listed as a contributing structure making it eligible for 45% state and federal historic tax credits.
LOCATION O VERVIEW LOCATION M AP! One of the most prominent locations in downtown Staunton.! Within one block of five parking decks consisting several hundred stalls.! Within the Beverley Historic District and Enterprise Zone (qualifies for tax credits and property tax exemptions) Population +micropolitan 116,000 +city of Staunton 23,000 +10 mile radius 89,478 # of renters 12,000 Traffic Count 4,200 (Beverley) 1958 Evelyn Byrd Avenue Harrisonburg, Virginia 22801 540.271.7525 INCENTIVES Enterprise Zone Eligible for property tax exemptions and job creation credits. Beverley Historic District Up to 45% state & federal tax credit for qualified rehabilitation. Local Economic Development Special tax breaks and financing programs Staunton Creative Community Fund Access to financing and grant programs. See additional incentives in the addendum to this document.
THE OPPORTUNITY The Worthington Hardware Building (1890) is a 26,024sf historic retail and office structure located in the heart of downtown Staunton and is a perfect candidate for historic rehabilitation. S UBJECT PROPERTY The combination of lease rates well below market on the first floor, potential for upper story apartments with appreciating downtown rates, and the availability of historic tax credits support the project concept. The property has been the recipient of several upgrades in recent years including a rubber membrane roof and boiler system installed in 2011. With the current tenant roster, the property produces $64,000 gross income, which would cover new debt at the asking price. 1958 Evelyn Byrd Avenue Harrisonburg, Virginia 22801 540.271.7525 STAUNTON ACCOLADES One of the 20 best small towns in America Smithsonian Magazine Top micropolitans area in the Commonwealth of Virginia Site Selection Magazine One of America s greatest main streets travel + leisure magazine One of the 20 strongest performing micropolitans in America Site Selection Magazine
PROPERTY O VERVIEW! The former hotel has a grand lobby and 36 units in place in addition to 4,600sf of retail space.! Comprised of 30,000sf on 5 floors with a full basement.! Rubber membrane roof less than 10 years old, sprinkler system, and elevator in place.! Market rate for 1BR lease $500-$550.! The property is completely vacant and in need of a comprehensive restoration. An engineering report and City status report are available upon request.! In the Beverley Historic District and listed as a contributing structure. Eligiable for 45% state and federal tax credits. 540.810.3000 THE BEVERLEY HOTEL 100-104 W. New Street Staunton, Virginia 24401 PRICED AT $399,000 $13/SF
PROPERTY S PECIFICATIONS Year of Construction 1909 Construction Type Wood/steel joists Multi-wythe brick Roof Rubber Membrane (2004) Total SF 30,000 + Basement 6,000sf (excluded in total) Electric All But Four Units Separately Metered Heating Hot Water Boiler Baseboard Water/Wastewater City (lines to each unit) Sprinkler System # Units Bath 36 (1-3BR) 36 Full, 9 Half Retail SF 4,600 Acreage 0.145 Acres 2012 Taxes $6,402 540.271.7525 540.810.3000 While every effort was made to confirm the information contained herein, Broker and Ownership make no representations or warranties as to the accuracy or validity of the information provided. All prospects must conduct their own due diligence to ensure the property is suitable for their use.
LOCATION O VERVIEW LOCATION M AP! At the main entrance of the historic district and directly across from the Stonewall Jackson Hotel.! Neighboring a public parking surface lot and one of the largest decks in Staunton.! Within the Beverley Historic District and Enterprise Zone (qualifies for tax credits and property tax exemptions) Population +micropolitan 116,000 +city of Staunton 23,000 +10 mile radius 89,478 # of renters 12,000 540.810.3000 INCENTIVES Enterprise Zone Eligible for property tax exemptions and job creation credits. Beverley Historic District Up to 45% state & federal tax credit for qualified rehabilitation. Local Economic Development Special tax breaks and financing programs Staunton Creative Community Fund Access to financing and grant programs. See additional incentives in the addendum to this document.
THE OPPORTUNITY The Beverley Hotel represents an opportunity to undertake a historic rehabilitation project with an extremely low cost basis. STAUNTON ACCOLADES One of the 20 best small towns in America Smithsonian Magazine Top micropolitans area in the Commonwealth of Virginia Site Selection Magazine One of America s greatest main streets travel + leisure magazine One of the 20 strongest performing micropolitans in America Site Selection Magazine The former hotel features twenty six separately metered units ranging from 1-3BR, ground level retail space, and close proximity to surface and garage parking. The storied property is in need of significant repair. Reports, including an engineering overview, are available upon request. The property is located within a historic district and is eligible for both State and Federal Credits in addition to incentives available through the City of Staunton and the Enterprise Zone program. S UBJECT PROPERTY 540.810.3000