523 State St, Bristol, VA 24201
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523 State St, Bristol, VA 24201
523 State St, Bristol, VA 24201
523 State St, Bristol, VA 24201
523 State St, Bristol, VA 24201
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Canaan Heath

Canaan Heath

+1(276) 492-4662
Listed by LPT Realty LLC
$ 1,000,000
Est. payment /mo
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Active

523 State St Bristol, VA 24201

9,337 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Commercial

Listing Status Active

Purchase Type For Sale

Square Footage 9,337 sqft

Price per Sqft $107

Subdivision Bristol City - Va

MLS Listing ID 111319

Year Built 1891

Tax Year 2025

Property Sub-Type Commercial

Property Description

INVESTMENT OPPORTUNITY IN THE HEART OF HISTORIC DOWNTOWN BRISTOL. Located at 523 State Street in Bristol, Virginia, this prominent two-level commercial property offers approximately 9,337 square feet in one of the most desirable sections of State Street, positioned along the unique Virginia-Tennessee state line that runs directly through the center of the roadway. The property offers a compelling mixed-use investment opportunity with a diversified tenant base and projected gross annual income of approximately $120,000. Three business tenants currently occupy the property, including a premium cigar business paying $2,500 per month, a music and video production company paying $2,000 per month, and a cannabis business paying $2,000 per month. Additional income potential is being created on the second level, where two residential apartments are currently under construction. The planned residential units include a two-bedroom, one-bath apartment projected to rent for $2,000 per month and a one-bedroom, one-bath apartment projected to rent for $1,500 per month. Upon completion and occupancy of the residential units, the property is projected to generate approximately $10,000 in combined gross monthly rental income, or $120,000 annually. Adding significant value to this downtown property is a highly desirable approximately 0.20-acre private parking lot located directly behind the building. Offering approximately 16 parking spaces, this rare downtown asset provides convenience for tenants and occupants while also presenting the potential to create an additional revenue stream through separately leased private parking spaces. The combination of established commercial tenants, newly developed residential units, multiple income streams, private parking, and a premium location in historic Downtown Bristol creates a distinctive investment opportunity.

Location

State VA

County City Of Bristol - Out Of County

Area Bristol City - Va

Zoning Commercial

Interior

Heating See Remarks

Cooling Central Air

Flooring Concrete

Exterior

Parking Features Parking 10+ Spaces

Garage Spaces 10.0

Utilities Available Electricity Connected

View Y/N No

Water Access Desc Public

Roof Type Other

Total Parking Spaces 10

Garage No

Building

Lot Description City Lot

Story Multi/Split

Sewer Public Sewer

Water Public

Level or Stories Multi/Split

Others

Acceptable Financing 6e96a45fb76eda2e80e5417a61aff458

Listing Terms 6e96a45fb76eda2e80e5417a61aff458

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Canaan Heath

REALTOR®

+1(276) 492-4662 | canaan@realtorcanaan.com

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523 State St