716 W Washington Street, Petersburg, VA 23803
Petersburg County
Key Facts
Description
Positioned in the heart of Old Town Petersburg, this striking 2.5-story historic property offers a rare opportunity to reimagine nearly 4,852 square feet of character-rich space in one of the city’s most promising growth corridors. Formerly operated as a multifamily asset, the building’s existing layout provides a strong foundation for redevelopment into boutique apartments, professional office space, or a dynamic mixed-use concept. With its timeless architectural details and prominent presence, the property blends historic charm with flexible potential—ideal for investors or owner-occupants seeking a signature project with lasting impact. Adding to its appeal, the property is located within an Enterprise Zone and may qualify for valuable historic tax credits, creating meaningful financial incentives to support renovation and repositioning. Just five miles from Petersburg’s highly anticipated Live! Casino development, this location stands to benefit from increased economic activity, job growth, and renewed community investment. Whether restored as an income-producing asset or transformed into a distinctive headquarters or live-work environment, this property represents a compelling opportunity to capitalize on Petersburg’s continued revitalization.
Property Information
Property Type
Commercial Sale
Style
Garden Home
Year Built
1900
Stories
2
Living Area
4,852 sq ft
Lot Size
0.19 acres
Ownership
Investment,Owner-User
Days on Market
179
MLS® Listing#
2604097
Property Features
Heating
Lot Features
Construction
Roof
Sewer
Water Source
Financial Details
Parcel Number
023-210008
Affordability Calculator
$39,800
Estimated monthly payment
$1,059/mo
Principal $159,200 · Est. interest $222,098 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Petersburg, VA
- $274,528
- Median Listing Price
- 39
- Median Days on Market
- 1,610
- Median Sq Ft
- $171
- Median Price / Sq Ft
- 149
- Active Listings
- This home’s price is 28% below the area median.
- Its price per sq ft is 76% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Petersburg, VA.
Location
Points of Interest in Petersburg, VA
Showing the Petersburg area map.
Nearby Schools
Appomattox Regional Governor's School
Secondary · 0.2 mi away
Peabody Middle School
Elementary · 0.6 mi away
Albc School
School · 0.7 mi away
Saint Joseph Catholic School
Elementary · 0.8 mi away
Westview Early Childhood Education Center
School · 1.0 mi away
Ettrick Elementary School
Elementary · 1.1 mi away
Colonial Heights Public Schools
School · 1.2 mi away
Pleasants Lane Elementary School
Elementary · 1.3 mi away
Billups T&C
School · 1.3 mi away
Colonial Heights Middle School
Secondary · 1.7 mi away
Communities in Schools - Petersburg
School · 2.2 mi away
Walnut Hill Elementary School
Elementary · 2.2 mi away
Petersburg City Public Schools
School · 2.2 mi away
Robert E Lee Elementary School
Elementary · 2.5 mi away
Lakemont Elementary School
Elementary · 2.5 mi away
Wiz Kidz Learning Center
School · 2.8 mi away
Vernon Johns Middle School
Secondary · 2.8 mi away
Lakeview Elementary School
Elementary · 2.8 mi away
Petersburg High School
Secondary · 2.9 mi away
Colonial Heights Vo Tech Center
School · 3.1 mi away
Commute Calculator
Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 95 Culpeper, Petersburg, VA | $139,999 | 2 | 1 | 720 |
| 13 Kennedy Court, Petersburg, VA | $140,000 | 2 | 1 | 912 |
| 80 Henrico Street, Petersburg, VA | $143,300 | 3 | 1 | 816 |
| 2530 Warner Road, Petersburg, VA | $145,000 | 3 | 2 | 1,248 |
| 1843 Sherwood, Petersburg, VA | $147,000 | 3 | 1 | 1,702 |
| TBD Boydton Plank Road, Petersburg, VA | $149,900 | — | — | — |
Moving Cost Estimate
EXIT Agents in Petersburg
Listing Courtesy: One South Commercial LLC - 8042668831
Presented by: Ann Schweitzer
Last Updated: 2026-01-20