Active Opportunity · Petersburg, VA
Butterworth Flats & Odd Fellows Lofts
64 Units + 17K SF Commercial · 100% Occupied · Historic Downtown Petersburg, VA
Target Returns
18–20%
IRR
Target internal rate of return over a 6-year hold.
2.2×
Equity Multiple
Projected equity multiple over the 6-year investment period.
8%
Avg. Cash-on-Cash
Average annual cash-on-cash return with quarterly distributions.
Investment Highlights
100% Occupied
All 64 residential units are fully leased with strong historical cash flow and additional upside through event space and commercial lease-up.
Prime Location
Located adjacent to the newly opened $23M Hotel Petersburg, walkable to top restaurants, cafes, and breweries in Historic Downtown.
$200K+ Event Revenue
Butterworth's 8,429 SF event venue with 500-person capacity has generated over $200K in annual revenue historically.
Growing Market
Petersburg is emerging as a life sciences and logistics hub — driving demand, population growth, and rent appreciation.
Property Summary
Butterworth Flats
Originally built 1908 · Rehabbed 2014
- Residential Units
- 45
- Retail SF
- 9,419
- Artist Studios
- 54
- Event Space
- 8,429 SF
- Event Capacity
- 500 persons
- Avg. Rent
- $1,397 / mo
- Avg. Rent / SF
- $1.98
- Gross Building Area
- 53,652 SF
- Year Built / Rehabbed
- 1908 / 2014
- Occupancy
- 100%
Odd Fellows Lofts
Originally built 1892 · Rehabbed 2010
- Residential Units
- 19
- Retail SF
- 7,794
- Commercial Tenants
- 5
- Avg. Rent
- $1,483 / mo
- Avg. Rent / SF
- $1.85
- Gross Building Area
- 25,948 SF
- Year Built / Rehabbed
- 1892 / 2010
- Occupancy
- 100%
Located directly across from Butterworth Flats. Retail leases include annual rent escalations and renewal options.
Two fully restored historic assets in one of Virginia's fastest-growing cities — delivering strong cash flow, quarterly distributions, and long-term appreciation.