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Local Knowledge. National Reach. One South Commercial is a new breed of real estate firm. Defined by our seasoned professionals who live and work throughout the submarkets of the greater Richmond area, we provide unparalleled client advocacy through proprietary analytics, deep market knowledge, and longstanding relationships with local and national investors. In today’s competitive marketplace, clients demand agents with intimate knowledge of the market who know how to execute. At One South Commercial, we strive to exceed expectations in all that we do. In working with One South Commercial, you will find our agents offer a deep understanding of: • • • • • • •

Value-add propositions Off market opportunities Alternative uses Zoning & use regulations Market trends & path of growth Potential new demand drivers Intangible market factors

We take great pride in consistently providing the most accurate intelligence to our clients. Our ability to model rental prices, anticipate development paths, and find properties with upside means our advice directly impacts the profitability of our clients’ portfolios.

We often receive referrals from unfamiliar or out-of-market brokers based on our reputation for street-level expertise.

CONTENTS Practice Areas


Perserverence Is Rewarded


Research And Analysis


When The Numbers Don’t Tell The Story




Making it Happen


Knowledge + Discipline = Advocacy


Embracing Our Combined Strength


Using the Correct Channel


Off Market Deals


Listen and Ask


Leveraging Our Experience


Industry Memberships And Platforms




Quick Facts


DISCLAIMER - The photos you see are intended to be representative of architectural styles represented in Richmond’s commercial market and are not intended to suggest that these properties are for sale. A list of commercial properties available in the neighborhoods or along the streets highlighted can be found by visiting our website. One South agrees to provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, national origin or sexual orientation of any prospective client, customer, or of the residents of any community. Any request from a home seller, landlord, or buyer to act in a discriminatory manner will not be fulfilled. Photo Credits: Kent Eanes, Bryan Chavez, Sarah Kerr, Courtney Bowles, Nick Kessler, Trevor Frost, Dennis Papa All Rights Reserved.

PRACTICE AREAS The team at One South Commercial supplies years of transactional experience across many commercial disciplines. Our diverse background allows us to bring the necessary expertise to each transaction in order to fully advocate for our clients.

Multi-family Mixed-use Historic tax credits & adaptive re-use Office & retail Industrial Development & infill Capital markets Single Family Rental (SFR) portfolios 1031 Exchanges Entitlement expertise & consulting

101 West Broad Street

• • • • • • • • • •

402 West Grace Street

One South’s practice areas include:

Perserverance is Rewarded Perry Place: 815 Perry Street In 2015 we were referred to the owner of an 89-unit apartment building in Richmond’s Manchester District by an appraiser who believed that “One South had the best market knowledge in the area and was the hardest working brokerage in Richmond.”

significance. The industrial property had been converted to multi-family using the Historic Tax Credit program and since the owners were not multifamily specialists, we spent a great deal of time working with them on pricing. By using sales comparables, rent comparables, Cap Rate/NOI modeling, and an analysis of unit size and amenities, we helped the owners quickly develop an understanding of their place in the market. Marketing efforts generated tours from both local and national groups and produced multiple offers. A local investor with a Boston partner initially secured the property, but after several requests for due diligence extensions, it became evident that the likelihood of settlement was low and the sellers elected to cancel the contract. Although it is not unusual for a buyer to drop out of a transaction, it’s frustrating for all parties and can often cause the broker-client relationship to crumble. Due to our preparation, targeted marketing efforts, and counsel during the process, the owners remained committed to the relationship and allowed us to restore the marketing efforts.

815 Perry Street

The property had been in the owner’s family for generations, so it’s sale carried additional

In short order, we were able to secure another contract with a national equity group and eventually settled for a price higher than the original contract. Ultimately, our commitment to the process helped us maintain the relationship in the face of frustration. For an ownership group who infrequently transacts property, we were able to supply them with the information required to formulate a strategy and effectively sell their building twice.

Every deal presents unique challenges. Preparation and knowledge, when combined with persistence, is the ultimate form of advocacy.


RESEARCH AND ANALYSIS The best data collection is done at the street level. Seeing what sells, what rents, and what sits vacant is how you truly understand the underlying drivers of the market. We believe in underwriting all opportunities with the use of the best available data to help our clients understand the critical factors in any ‘go or nogo’ decision. In many cases, this data comes from traditional sources, but often in transitioning areas, the data comes from direct experience. Neighborhoods in the throes of revitalization are not always represented fairly by current data from recent property transfers, building permits, or ongoing changes. Even rumors

about a coming development might represent an opportunity that traditional data sources would never reflect until well after the opportunity has passed. At One South Commercial, we’re able to present both traditional and alternative forms of data, enabling our clients to make more informed decisions.

Neighborhoods in the throes of revitalization are not always represented fairly by current data.

Ultimately, data is most powerful when paired with experience. Our knowledge of the numbers coupled with our “boots on the ground” approach gives us the insight to find opportunities that may be overlooked or incorrectly priced.

A closer look at the numbers revealed that the improvements made to the property had been treated as expenses rather than capital expeditures.

When the Numbers Don’t Tell the Story Ashley Terrace: 812 Brook Hill Road Ashley Terrace, a 3 story garden-style apartment complex in central Henrico, seemed like any other 1960’s era apartment building. It was a singleowner complex and the last Richmond property still held by the Northern Virginia based owner, who was now looking to sell.

1205 East Main Street

The financials indicated a fairly low Cap Rate for the property’s location and age. Most investors would anticipate a value reflective of a Cap Rate at least a point higher, if not two, for a multi-family asset similar to Ashley Terrace. While touring the complex with a local investment group, it became evident that the property was meticulously maintained and most of the mechanical systems were recently upgraded. The owner had clearly made tremendous investments in preparing the property for sale.

Ashley Terrace

been treated as expenses rather than capital expenditures, effectively driving down the NOI and falsely inflating the expense ratio. The accounting methods used by the seller in order to shelter current income were negatively impacting the property’s outward appearance to the market. Buyers were ignoring the property due to its lower Cap Rate and pursuing other opportunities. This insight, combined with a strong understanding of expense ratios, rent levels, and unit pricing drove us to reevaluate the numbers. When we did, we found that the property was actually poised for cash flows far higher than the financials indicated and that the value of the property far exceeded the offering price. A deal was struck with the seller and the asset has been an extremely consistent and powerful performer in the buyer’s portfolio ever since.

A closer look at the numbers revealed that the improvements made to the property had


1129 Hull Street

401 West Grace Street

111 West Marshall Avenue

1350 Westwood Avenue

1 North 3rd Street


MARKETING Real estate, like most industries, has been transformed by digital communication methods. Whether leveraging the web, social networks, or any number of promotional platforms, agents and brokers have the ability to push their message further, faster, and more accurately than ever before. Brokerages who fully grasp the power of the ‘digital world’ find success far more often than those who fail to utilize digital tools to their fullest potential. One South Commercial is a huge believer in the power of digital promotional platforms. Depending on what the property demands, we employ whatever techniques necessary to achieve the desired result — whether it be as simple as MLS or as complex as a targeted AdWords or Retargeting campaign. So when we are called upon to reach a new audience, we have a full arsenal of techniques to deploy that range from simple back channel communication to proprietary demographic targeting methods.

One South Office: 2314 West Main Street


A correctly deployed digital footprint is the hallmark of the next generation of real estate brokerage.



Hustle and perseverance are integral to the One South brand. Our default setting is always to make the extra call, knock on the extra door, send the extra letter, and to never let good deals die. Active is always better than passive, tenacious is better than

complacent, and proactive is better than reactive. Not only do we work hard to find the best opportunities, we work hard to shepherd them across the goal line. Financing, inspections, and appraisals all require a commitment from the agent to help navigate the issues that arise, problem solve, and otherwise help keep everyone moving towards the ultimate goal.


Hustle is integral to our brand.

Hawthorne Hall

The world is a busy place. The developers and investors we work with are all trying to cram 80 hours of work into a 40-hour week, so waiting for a deal to land in your lap is not a strategy. You have to make it happen.

Knowlede + Diligence = Advocacy Hawthorne Hall: 3505 Chamberlayne Avenue Competition is tough and the privilege to represent a project or client is rarely easily won. As a brokerage, you need the correct blend of experience, knowledge, and resources in order to best advocate for clients. One South has that mix. Hawthorne Hall, located along Chamberlayne Avenue in north Richmond, was built in the mid1960s and represented one of the largest apartment complexes in the Ginter Park neighborhood. The owners were retiring and sought to liquidate their holdings. As is typically the case, One South Commercial was one of several brokerages competing for the listing, including several firms who touted both multiple branches and a national network as their primary competitive advantage. Ultimately, One South Commercial won the listing by demonstrating a superior command of the local multi-family market dynamics — rent rolls, amenities, comparable sales, and development patterns — as well as a targeted marketing plan that was able to reach a national investor audience. Hawthorne Hall

These promises proved to be prophetic as a New York City investment group emerged victorious amongst multiple bids.

Opportunities find their way into the hands of those who most diligently seek them and thus, our clients benefit from our relentless pursuit of the best deals.

And as with many properties in our marketplace, age and deferred maintenance can be an issue. One South’s diligence in the face of inspection issues and appraisal concerns were navigated to the satisfaction of both parties. “Above and beyond” was a term the NYC investors used when describing One South’s involvement throughout the process. Hawthorne Hall represented a typical One South transaction — superior local knowledge, intelligent national reach, and a relentless dedication to the process.



When you’re the first of your kind, sometimes the market is slow to come around to your way of thinking. We really have broken a lot of molds here at One South — and we plan on breaking more.

215 West Clay Street

Our award-winning residential practice is a tremendous asset to the commercial outfit, as our residential agents often present clients looking to invest in commercial opportunities. Furthermore, our residential practice is known for its success in the ‘urban project’ sales arena and is able to impart a tremendous level of expertise when it comes to residential infill development. Our project sales team constantly works alongside the development community to model pricing, absorption rates, and product mix, and to help execute the sales process.

6 North 6th Street

One South Realty Group is the predominant mixeduse brokerage in the Richmond market.

Using the Correct Channel Manchester Pie Factory: 612 Hull Street

Owner’s Suite

In 1920, when Manchester was a booming manufacturing hub, the building on the corner of 7th and Hull Streets housed the Connecticut-Copperthite Pie Company. Today, Manchester is experiencing a second boom, this time anchored by adaptive and creative re-use of historic properties such as this one.

Commercial Space

Like many of the recent developments in Manchester, the Pie Factory straddles the line between commercial and residential, offering one luxury penthouse suite, two upscale residential lofts, and seven unique commercial spaces. One South Realty offers a similar commercial and residential hybrid, which puts us in the unique position of having access to multiple databases across the residential and commercial spectrum. This interconnectivity proved to be key in finding a buyer for the Pie Factory, as its dynamic functionality so closely mirrored our own. One South recognized that this mixed-use property should not only be marketed to commercial investors, but to residential owner-occupants who were seeking a decidedly unique urban living option that offered income to offset ownership costs. This type of buyer was far more likely to be reached on a residential promotional platform than a commercial one.


This interconnectivity proved to be key in finding a buyer for the Pie Factory, as its dynamic functionality so closely mirrored ours.

Manchester Pie Factory

We were able to push the listing out through both residential and commercial channels, widening the audience and potential for the sale. The move paid off, and a hybrid buyer from New York scooped up the property at the end of 2016.


OFF MARKET DEALS Property owners are constantly adjusting their real estate objectives, so knowing who might be willing to sell is often a result of keen observance and intelligent pattern recognition.

3129 West Franklin Street

Who is growing? Who just refinanced? Who just jumped to a new market? Recognizing these subtle business model or portfolio modifications can provide insight on who might consider selling at a reasonable price. At One South Commercial, we take great pride in being able to create the market between those who are seeking a specific property and those who might be willing to sell. Our buying clients appreciate that we can present them with opportunities over and above those that have officially been announced for sale.


The best opportunities don’t always hit the open market - you have to know where to look.

Listen and Ask 3129 West Franklin Street Often times, a tip might come from the most unlikely place. During a showing, a property manager alerted us to the existence of another property that was a better fit for our client than the one we were touring, but was not

1209 Palmyra Avenue

currently on the market. Despite not having the property listed, the owner suggested that it could be made available for the right price and the right buyer. It was not his preference to sell, but he was willing to entertain the conversation. Knowing that we had one chance to strike a deal and strike it quickly, we

immediately engaged the property owner in a discussion of value and terms. We were able to present a contract that met his needs and in short order, we were under contract with settlement to come soon thereafter. By bringing in a strong, repeat buyer who paid all cash, we created a seamless deal for both our buyer and our seller and avoided appraisal risk. The seller saved a co-broker fee and the purchaser was able to quietly add a quality property to his portfolio. Not only were both parties pleased with the outcome, but we were able to protect the property manager who helped us source the deal.


1700 West Main Street

Leveraging Our Experience Robert Rentz Interiors: 1700 West Main Street Sometimes a particular type of property feels foreign, even to an experienced investor. For those who have traditionally built new properties, the idea of renovating an old historic property might feel odd. Similarly, those who have always invested in multi-family might be less comfortable with a mixed-use renovation. As was the case with the former home of Robert Rentz Interiors, a 20,000 square foot building located on West Main Street in the Fan District.

set and for those who are unfamiliar with the process, the nuanced and complex historic development techniques can feel especially daunting. The One South Realty office only a few blocks away was similarly sized and was developed using Historic Tax Credits, tax abatement, and the City Enterprise Zone incentive. Furthermore, it is a mixed-use property whose apartment component has remained fully leased from the day it was brought online in 2013.

The property was a trifecta in Richmond commercial real estate: It qualified for the historic tax credit program, tax abatement was available, and it was located in an area designated as a City Enterprise Zone. The owner was looking to wind down his long-standing business and mentioned that he might consider selling if the ‘right offer’ came along. If One South Commercial could find a buyer, the owner could be convinced to sell.

So how do you demontrate the potential of a property such as 1700 West Main to someone wholly unfamiliar with the process? We decided to use our own office as a template.

Almost concurrently, One South was approached by a multi-family owner who was in expansion mode. Their holdings were more suburban than urban and they had typically expanded their portfolio via acquisition, not development. The 1700 West Main opportunity required substantial redevelopment in order to maximize the incentives, thus forcing the investor to act as a developer. Development requires its own skill

After touring both 1700 West Main and the One South property, the investor was sold on the concept. They confidently began the design and development process, despite it being their first foray into the historic development model.

Ironically, the One South Realty office also became an important comparable in determining the value of 1700 West Main. When the appraiser struggled to derive the value, we were able to use our building’s success in achieving higher rents and a lower vacancy rate than most other comparable apartment properties. This hands-on experience with the development process makes our advice that much more valuable. And since the properties so closely resembled each other, it’s no wonder that 1700 West Main Street became such a rousing success.


INDUSTRY MEMBERSHIPS + PLATFORMS Being ‘tech-forward’ isn’t a cliche; it’s a mindset that is critical to client advocacy. The emergence of digital marketing techniques like geo-targeting, retargeting, and syndication can exponentially expand the reach of marketing efforts and dramatically increase their effectiveness.

At One South Commercial, it is our job to connect with the correct purchaser for each property, so we rely heavily on using the most accurate channels to reach the marketplace. When the correct connection is made, seller yield increases, due diligence periods shorten, and the likelihood of a consummated transaction increases substantially.

The key is knowing what platforms the client is tapping into.

1 North 3rd Street

Sometimes a simple post to social media can make a difference, while other times it can be as complex as syndicating a multi-market message to a targeted network of agents and buyers. The key is knowing what platforms the client is tapping into.

One South Platforms • • • • • • •

CoStar Premium LoopNet membership Commercial Multiple Listing Service ListHub & other syndication platforms REIS Local network & contacts Realist Tax


1200 North 29th Street

1415 Grove Avenue

39 East 3rd Street

2904 East Broad Street

1209 Palmyra Avenue ONE SOUTH COMMERCIAL |

SUMMARY We built our practice by asking ourselves a simple question, “Who would we want to work with if we were an investor or owner?� The answer? A group who hustles, who offers local expertise, and who knows how to find the best buyers regardless of where they live. We learned early on that the best advocacy for our buying clientele is to provide them with insight to the local market and the ability to find opportunities that others cannot. As for our seller clients, our focus is on marketing their properties via the correct channels, at the right scale, and with a message designed to insight action. Allow One South Commercial to advocate for you in your next commercial transaction.

Tom Rosman, Director of Commercial Brokerage

One South Realty Group ONE SOUTH COMMERCIAL |

About One South n 2008, the real estate brokerage landscape was changing quickly. The impact of the internet and digital marketing were just beginning to materialize and those firms that understood how to leverage these powerful new techniques would soon hold an increasingly larger advantage over those who did not. Just as the web was changing the marketing landscape, demographics were shifting too. The suburban experiment that had begun in the 1950’s had largely run its course and the urban core was in the throes of revitalization in an attempt to serve the returning urbanite population. Recognizing the blurred lines that now separated residential and commercial real estate in Richmond, One South quickly emerged as a leader in the adaptive re-use, mixed-use, and multi-family markets. By being able to communicate value to the new group of investors, owners, and developers who saw the potential in the centuries-old bones of the burgeoning warehouse districts, the agents of One South Commercial became known for their command of trends, valuations, and conversions. Today, One South Commercial is recognized for its blend of superior local knowledge and powerful national reach. By combining street-level reputation with some of the most advanced marketing techniques in the Metro, One South Commercial offers its clients the best of both worlds.

‘Local Knowledge. National Reach.’



Commercial Sales & Leasing


Project Representation


Development Services


Feasibility Analysis

Residential Sales /onesouthcommercial /onesouthrealty

Quick Facts •

Founded in 2008

Approx. 70 Agents + 7 Staff

Golden Hammer Award Winner in 2013

Named one of the RVA 25 in 2016

Satellite office in Mathews county: Bay Properties




2314 West Main Street, Richmond, VA 23220 | (804)353-0009 | OneSouthCommercial.com Created exclusively for One South Commercial by: All Rights Reserved.

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