Under contract

ACTIVE UNDER CONTRACT

303, 305, 307 S. Main St And 115 E. Locust St

Culpeper VA, 22701

$1,389,150


$55.57 per sqft

Under contract

ACTIVE UNDER CONTRACT

25,000 sqft

Commercial

Built in 1934

This indeed a once in a generation offering. In the heart of the thriving historic district of Culpeper, a community continually designated as a must visit, stands a fully renovated icon...the State Theatre complex. It was fully renovated in 2013 to its former art-deco beauty and now standing in fabulous condition and repurposed for a wide-ranging grouping of uses. Its visibility along heavily traveled Main Street is unrivaled. Foot traffic is constant as it is steps removed from Culpeper's famous Davis Street boutique and restaurant attractions. This scene has now expanded to include South Main Street and "The State Complex" is front and center.
The Complex is zoned C2, Historic Commercial District and approved for retail, restaurants, administration, professional, sports and recreation, arts, and medical uses...very broad ranging while staying true to the historic ambience. Current tenants include a retail boutique, a local art foundation, a non-profit, a popular bar and restaurant with perhaps the best patio seating in Culpeper, looking down on the bustling Main Street with Blue Ridge Mountains in the distance.
A very integral part of the complex is STATE CLIMB, a membership base of enthusiasts for free form climbing and aerial performance art. This business is housed in a near perfect setting taking full advantage of the former theatre stage and associated multi-story back stage area. The setting is complimented by modern restrooms and changing facilities. It has become a premier regional draw.

The former theatre auditorium area is now devoid of seating and has been made ready on the flat tiers and soaring overheads to accommodate wide ranging uses: gymnastics, volleyball, pickle ball, corn-hole and many other indoor recreational activities. In addition the spaces are near perfect for social gatherings such as parties of all types (wedding, dance, birthdays, etc.). Space can easily accommodate inflatable bounce houses and slides.

There is a surprise sheltered outdoor alley that is perfect for full development as beverage and light fare concession. The are private and modern administrative suites scattered within the complex.

Because of location and condition, spaces will command top tier rents. Most, if not all current tenants will desire to remain in place with any change of ownership.

Note: There are two master leases in place with The State of Culpeper LLC being the lessor of both.

As we began, this is an exciting and most unique investor offering!

VACU2007892

MLS ID

May 30, 2024

Listed

December 22, 2024

Updated

Map

303, 305, 307 S. Main St And 115 E. Locust St
Culpeper VA, 22701

Interior Features

Interior Features

Elevator


Appliances

Electric Water Heater


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Zoned, Electric, Natural Gas

Exterior/Building Features

Lot Size

0.67 Acres


Sewer

Public Sewer

Other Property Details

Taxes

$5,294


Tax Frequency

Annually


Days on Market

120


Garage

No


Parking

On Street


Parking Total

10


View

Yes


View Description

City, Street


County

CULPEPER


Water Source

Public


Pool

No


Zoning

Commercial-Central Commercial District

Listing History

Date

Event

Price

9/27/2024

Under contract

9/26/2024

Price change

$1,389,150

-10%

9/13/2024

Price change

$1,543,500

-10%

8/29/2024

Price change

$1,715,000

-29%

5/31/2024

Active

Listed by RE/MAX Gateway
Listing Contact: 5407175959 

The IDX display contains information sourced from the Bright MLS, Inc. as of 12/22/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

©2024 Bright MLS, Inc. all rights reserved.

Data last updated on 12/22/2024 at 9:09 PM UTC

Powered byLuxury Presence