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For sale
Conventional restaurants
VA
Petersburg
23803
2019 E Washington Street

Commercial Building with Restaurant Space

2019 E Washington Street, Petersburg, VA 23803

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For Sale

$379,000

2400 sq ft commercial building with restaurant and retail.

Type:General Commercial

Property size:

2,400 SF

Price / SF:

$157/SF

HighLights

Owner financing available: up to 50% of the purchase price.
Turnkey restaurant space: fully built‑out with a complete kitchen and hood system.
High‑growth area: strategic location to capitalize on the anticipated new casino in Petersburg.
Versatile commercial building: 2,400 sq. ft. standalone building suitable for investment or owner‑user.
Two separate interior spaces: Left unit is a restaurant, right unit is flexible for retail or service‑based business.
Flexible space: Right unit previously used as a salon, ideal for any retail or service‑based business.

We can help!

Listing Contact

John Wilson

For Sale

$379,000

2400 sq ft commercial building with restaurant and retail.

Type:General Commercial

Property size:

2,400 SF

Price / SF:

$157/SF

Added:: Nov 4, 2024
Days on Market:: 585
Last Refresh:: May 13 at 8:30 pm

Property Features for 2019 E Washington Street

General Information

Standard status: Active
Size: 2,400 SF
Property subtype: General Commercial

Building Details

Year Built: 1981

We can help!

Listing Contact

John Wilson

Listing agent John Wilson

Listing office Coldwell Banker Traditions-NK

Listing date Nov 4, 2024

Source Xome

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Traditions-NK

HighLights

Owner financing available: up to 50% of the purchase price.
Turnkey restaurant space: fully built‑out with a complete kitchen and hood system.
High‑growth area: strategic location to capitalize on the anticipated new casino in Petersburg.
Versatile commercial building: 2,400 sq. ft. standalone building suitable for investment or owner‑user.
Two separate interior spaces: Left unit is a restaurant, right unit is flexible for retail or service‑based business.
Flexible space: Right unit previously used as a salon, ideal for any retail or service‑based business.

Overview

This standalone 2,400 sq. ft. commercial building is located in a high-growth area and presents an investment or owner-user opportunity. The property features two separate interior spaces. The left unit is a fully built-out restaurant space with a complete kitchen, including a hood system, making it a turnkey opportunity for food service businesses. The right unit was previously used as a salon, and this flexible space is ideal for any retail or service-based business. The property's strategic location is perfect for capitalizing on the anticipated increase in traffic and economic activity with the potential new casino coming to Petersburg. Owner financing is available for up to 50% of the purchase price. This property offers excellent value and long-term growth potential for investors or business owners looking to establish a presence in a thriving market.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$44.6k	$18.60
− Vacancy	−$3.1k	−$1.30
EGI	$41.5k	$17.30
− OpEx	−$10.4k	−$4.32
NOI	$31.1k	$12.97

2,400 SF · lease $18.60/SF/yr · vacancy 7.00% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$444.8K

$389.2K – $518.9K (±1% cap)

NOI $31,136 @ 7.0% cap · market cap 8.22%

Second Best

Retail

$374.2K

$327.4K – $436.6K (±1% cap)

NOI $26,194 @ 7.0% cap · market cap 6.91%

Theoretical Best

Office A

$554.5K

$485.2K – $646.9K (±1% cap)

NOI $38,814 @ 7.0% cap · market cap 10.24%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Skeeter's Restaurant Restaurant Platinum Cape Hair Salon

Suggested Use

Location Insight

Map
Local Demand

City: Petersburg
County: Petersburg
State: Virginia
Longitude: -77.3705047
Latitude: 37.2395805

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For sale
Conventional restaurants
VA
Petersburg
23803
2019 E Washington Street

What type of property is this?

Conventional restaurant - 2400 sq ft commercial building with restaurant and retail.

Where is this conventional restaurant located?

The property is located at 2019 E Washington Street Petersburg, VA.

What is the asking price?

The asking price for this property is $379,000.

What are key features of this property?

This property features: Owner financing available: up to 50% of the purchase price.; Turnkey restaurant space: fully built‑out with a complete kitchen and hood system.; High‑growth area: strategic location to capitalize on the anticipated new casino in Petersburg.