Building Details

Year Built 1930

Listing Agency: CENTURY 21 Gold Market Realty

Listed By: Darren Stauffer · License #VA0225043776 Show Phone

Source: Crexi

Added: Aug 23, 2022 Changed: Oct 15 Last Checked: Oct 20 at 5:56PM

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Investment Insights

Based on property information with market context.

This retail property is located on a corner site and has been hosting restaurants for many years. The building is offered as a retail location that may be utilized for other types of retail as well, based on its existing setup and storefront use.

The property sits at the intersection of Route 58 and Longstreet Lane between downtown Suffolk and the Village of Holland. Public remarks indicate the site is designed for visibility and high-volume traffic for day-to-day retail operations.

For-sale details are provided for 6001 Holland Road, Suffolk, VA 23437. An in-person tour is recommended to review the existing improvements, layout for retail use, and the overall site configuration firsthand.

Key Highlights

• Retail building built in 1930
• Located on the corner of Route 58 and Longstreet Lane
• Previously used for restaurants and suited for other retail uses

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,639

Cap Rate

5.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$452,780 $452.8K

Cap Rate 7%

$323,414 $323.4K

Cap Rate 9%

$251,544 $251.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,852 SF

Gross rent

$34.2K $12.00/SF

− Vacancy

−$1.9K −$0.66/SF

EGI

$32.3K $11.34/SF

− OpEx

−$9.7K −$3.40/SF

NOI

$22.6K $7.94/SF

Area

Suffolk County, VA

Vacancy

5.50%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$452,780

Cap Rate 7%

$323,414

Cap Rate 9%

$251,544

Alternative Uses

Best Use

Retail

$323.4K

$283.0K – $377.3K (±1% cap)

NOI $22,639 @ 7.0% cap · market cap 5.33%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$660.9K

$578.3K – $771.0K (±1% cap)

NOI $46,260 @ 7.0% cap · market cap 10.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Butler's Restaurant

Suggested Use

Top Pick Grocery & Convenience Store Hair Salon Nail Salon Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

9

Businesses Nearby

Explore this area Business Placement

Demographics for 23437, VA

4,448

Population

2,126

Households

2.1

Avg Household Size

44

Median Age

22%

College-Educated

90%

High-School Grad

100.1 sq mi

ZIP Area

44

Density / Sq Mi

$74,513

Median Household Income

$52,718

Median Earnings

$999

Median Rent

$287,300

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Retail building at the corner of Route 58 and Longstreet Lane, previously used for restaurants and suited for other retail.

Where is this retail space located?

The property is located at 6001 Holland Road Suffolk, VA.

What is the asking price?

The asking price for this property is $425,000.

What are key features of this property?

This property features: Retail building built in 1930; Located on the corner of Route 58 and Longstreet Lane; Previously used for restaurants and suited for other retail uses