Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    120 W Washington St Suffolk, VA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Mixed-use building in downtown location with retail and redevelopment potential.

    Type:RETAIL
    Property size:
    6,800 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $43/SF
    Added:
    Mar 28, 2025
    Days on Market:
    400
    Last Refresh:
    Apr 5 at 10:32 pm

    Property Features for 120 W Washington St

    General Information

    Standard status
    Active
    Size
    6,800 SF
    Lot size
    0.09 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    John Katsias
    John Katsias

    Listing agent John Katsias

    Listing office The Katsias Company

    Listing date Mar 28, 2025

    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 The Katsias Company

    Overview

    Downtown Mixed-Use Retail Opportunity

    This mixed-use property is located in the heart of downtown at the intersection of W. Washington and Main St. The existing retail space consists of 3,400 square feet on the first floor and 2,600 square feet on the second floor, totaling 6,800 square feet. The surrounding area includes a new Arts Creative District, concert venue, festival hall, and library square. The city is offering improvement grants for business owners. The property presents potential for retail, apartments, office spaces, restaurants, and other uses, making it suitable for mixed-use development or owner occupancy.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk
    State
    Virginia
    Longitude
    -76.5827
    Latitude
    36.7282

    Nearby Similar for Sale

    • $399,999
      3,500 SF

      Suffolk Duplex with Oversized Garage

      Well-maintained Suffolk duplex with income potential and oversized garage.
      421 Hollywood Avenue, Suffolk, VA 23434
      View Details
    • $229,900
      2,800 SF

      Suffolk Duplex: Investor Opportunity

      Versatile Suffolk duplex with modern updates and income potential.
      124 Wellons Street, Suffolk, VA 23434
      View Details
    • $695,000
      7,800 SF

      Retail/Shop Building on 1.15 Acres

      Retail/shop building on 1.15 acre site for sale.
      1152, 1154 & 1156 Portsmouth Boulevard, Suffolk, VA 23434
      View Details
    • $369,000
      2,280 SF

      Suffolk Duplex For Sale

      Income-producing duplex in high-demand location with immediate cash flow.
      4617 Hardy Court, Suffolk, VA 23435
      View Details
    • $299,000
      6,000 SF

      Historic Suffolk Building For Sale

      Historic 6,000 SF building in the heart of Suffolk, VA.
      120 W Washington St, Suffolk, VA 23434
      View Details
    • $295,000
      2,567 SF

      Suffolk Duplex Investment Opportunity

      Two-unit duplex in downtown Suffolk with strong rental potential.
      216 Grace Street, Suffolk, VA 23434
      View Details
    • $9,994,794
      10,797 SF

      Suffolk Retail and Office Building

      10,797 SF building on 4.201 acres in Suffolk, VA.
      3090 Godwin Blvd, Suffolk, VA 23434
      View Details
    • $649,000
      2,024 SF

      Suffolk Commercial Building with Bays

      Large commercial building with four bays, ideal for automotive uses.
      811 W Constance Rd, Suffolk, VA
      View Details
    • $1,450,000
      23,594 SF

      Suffolk Commercial Building For Sale

      Eight-story commercial building in downtown Suffolk, prime real estate.
      112 W Washington Street, Suffolk, VA 23434
      View Details
    • $789,000
      10,400 SF

      Suffolk Office Building For Sale

      Office building with 10,400 square feet of space.
      447 W Washington St, Suffolk, VA
      View Details
    • $7,400,000
      126,733 SF

      Suffolk Industrial Property Near Port

      126,733 SF industrial building near the Port of Virginia.
      1368 Progress Road, Suffolk, VA 23434
      View Details
    • Contact for pricing

      Former Gas Station on US-460

      3.16-acre lot with fueling infrastructure and high traffic visibility.
      2865 Pruden Blvd, Suffolk, VA 23434
      View Details

    FAQs

    What type of property is this?
    Retail space - Mixed-use building in downtown location with retail and redevelopment potential.
    Where is this retail space located?
    The property is located at 120 W Washington St Suffolk, VA.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Prime Downtown Location: Heart of Downtown at the intersection of W. Washington and Main St.; Mixed‑Use Potential: Great Investment Opportunity for mixed use or owner occupant with potential for retail, apartments, office, restaurants, and more!; Substantial Existing Retail Space: Consists of 3,400 SF on 1st floor and 2,600 SF on 2nd floor.
    (757) 285-8989 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing John Katsias
    John Katsias
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    120 W Washington St, Suffolk, VA

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!