Commercial Building with Restaurant
2019 E Washington Street Petersburg, VA 23803
For Sale
$379,000
Pending
2400 sq ft commercial building with restaurant and retail.
Property Size2,400 SF
Days on Market827
Property Features for 2019 E Washington Street
General Information
Standard status
Pending
Size
2,400 SF
Property subtype
General Commercial
Building Details
Year Built
1981
Listing Agency:
Coldwell Banker Traditions-NK
(757) 229-9595
Listed By:
John Wilson
(757) 880-9085
Source:
Xome
Added: Apr 22, 2024
Changed: Jul 6
Last Checked: Jul 27 at 2:33AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| 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
NOI $31,136 @ 7.0% cap · market cap 8.22%
Second Best
Retail
$374.2K
$327.4K – $436.6K
NOI $26,194 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$554.5K
$485.2K – $646.9K
NOI $38,814 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
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.
