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    Former Restaurant with Hood System Title is generated by Realmo AI

    1505 Airline Blvd, Portsmouth, VA

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    Iconic restaurant property available for sale near Old Towne.

    Type:RETAIL
    Property size:
    3,317 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $180/SF
    Added:
    Jun 17, 2024
    Days on Market:
    734
    Last Refresh:
    May 20 at 9:35 pm

    Property Features for 1505 Airline Blvd

    General Information

    Standard status
    Active
    Size
    3,317 SF
    Lot size
    0.20 Acres
    Property subtype
    RETAIL

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    Listing Contact
    Jon Elliott
    Jon Elliott

    Listing agent Jon Elliott

    Listing office Creoteric Commercial Real Estate

    Listing date Jun 17, 2024

    Source Moodyscre

    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 Creoteric Commercial Real Estate

    HighLights

    • Iconic former Moseberth's restaurant location
    • Includes a 20' hood system
    • Convenient location minutes from Old Towne, Rivers Casino, and I‑264
    • Close proximity to shopping centers anchored by Walmart Supercenter and Kroger
    • Renovation project previously started with some demo work completed
    • Available for individual purchase or as part of a three‑property portfolio sale

    Overview

    The property at 1505 Airline Blvd is the former Moseberth's restaurant, featuring a 20' hood system. A renovation project has been started including some demolition work. The property is suitable for an operator looking to revive the location. The property can be purchased individually or as part of a portfolio sale including 1501 Rodman Ave and 1511 Rodman Ave. Located minutes from Old Towne, Rivers Casino, I-264, and shopping centers anchored by Walmart Supercenter and Kroger, the property provides access to amenities and attractions. The property size is 3317 square feet.

    Local Financial Insights For 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 $65.7k $19.80
    − Vacancy −$3.2k −$0.95
    EGI $62.5k $18.85
    − OpEx −$18.8k −$5.65
    NOI $43.8k $13.19
    3,317 SF · lease $19.80/SF/yr · vacancy 4.80% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $625.2K
    $547.1K – $729.5K (±1% cap)
    NOI $43,767 @ 7.0% cap · market cap 7.29%
    Second Best
    Specialty Retail
    $616.9K
    $539.8K – $719.8K (±1% cap)
    NOI $43,185 @ 7.0% cap · market cap 7.20%
    Theoretical Best
    Office A
    $1.06M
    $924.0K – $1.23M (±1% cap)
    NOI $73,921 @ 7.0% cap · market cap 12.32%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Similar Places Nearby

    • Large Brothers Catering Llc — 3603 High St, Portsmouth, VA 23707

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth
    State
    Virginia
    Longitude
    -76.3475
    Latitude
    36.8262

    FAQs

    What type of property is this?
    Restaurant - Iconic restaurant property available for sale near Old Towne.
    Where is this restaurant located?
    The property is located at 1505 Airline Blvd Portsmouth, VA.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: Iconic former Moseberth's restaurant location; Includes a 20' hood system; Convenient location minutes from Old Towne, Rivers Casino, and I‑264
    (757) 270-2788 Call to check price and availability
    More about this property
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