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529 State Street
Bristol, VA 24201
Garrett Addington with The Addington Agency Bristol, original listing - (423) 845-5800
$795,000
Conventional
Property
Bedroom
--
Bathroom
--
Property Type
Conventional
Square ft
3976 Square Feet
Property Description
Looking for a property in downtown Bristol?! Don't miss this one! Showcasing tons of character, and charm- this building is full of history that shows in every detail! Offering 2 units, one commercial and one residential loft, this income producing property is a unique opportunity for someone to enjoy passive income or reap some personal benefit by having a downtown retreat! Strategically positioned in the heart of Bristol, this property is within walking distance to everything on State St while also offering PRIVATE PARKING which is a rare and valuable perk that comes in handy during the busy season of downtown events! Upstairs, the fully renovated loft apartment seamlessly blends modern luxury with historic charm. Featuring a private entrance and secluded veranda, this thoughtfully designed space offers both comfort and exclusivity. The master suite boasts a walk-in closet and an oversized steam shower, creating a spa-like retreat. A second full bathroom and in-unit laundry hookup add to its practicality. The open-concept kitchen is a chef's dream, outfitted with high-end Jenn-Air appliances, a gas range, and granite countertops that flow effortlessly into the spacious living area. A spiral staircase leads to a mezzanine with two versatile bonus rooms, ideal for a home office, guest quarters, or additional living space. Every detail of the loft reflects its rich history while embracing modern upgrades. Hardwood floors, a fireplace, exposed rafters, and tongue-and-groove ceilings create a warm, inviting ambiance, while a skylight bathes the space in natural light. Adding to its charm, facade windows overlook State Street, and intricate woodworking and exposed brick throughout give the loft an unmistakable character that sets it apart. The ground-floor commercial unit adds immediate value, currently leased to a long-term tenant operating a hair salon. The space maintains its original charm with hardwood floors, exposed brick, and a picturesque storefront design, fe aturing curved windows, glass panels, and a neon light sign. This prime location ensures excellent visibility and foot traffic, making it ideal for continued commercial use. Situated in our vibrant downtown district, this property could also be used for short term rentals that allow you to maximize revenue during major events like Rhythm & Roots, Races at Bristol Motor Speedway, and numerous events that will be hosted at the newly built HardRock Casino! Known as "The Jewel Box," this building dates back to the late 1800s or early 1900s, carrying a rich history and offering a rare opportunity to own a piece of Bristol's history. Whether you're an investor looking for a passive income, a business owner looking for an enviable location, or a traveler looking for a place to call home while visiting the area- you will not want to miss this one! Properties of this caliber, in this location, with tenants already in place, rarely come available for sale and will not last long priced to sell at $795k. Call today to schedule your appointment! All information contained herein is deemed reliable but gathered from third party sources and is subject to buyers, or buyer's agents verification.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Commercial Lease-Other
Year Built
1911
MLS Number
--
Location
Address
529 State Street
City
Bristol
State
VA
Zip Code
24201
County
WASHINGTON
Listing
Provider
The Addington Agency Bristol, original listing
Name
Phone
(423) 646-1060
Office Name
Office Phone
(423) 845-5800
Agent Name
Garrett Addington
Agency Phone
(423) 845-5800

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.