Freestanding Restaurant with
For Sale
$1,200,000
440 Chestnut Street, Portsmouth, VA 23704
Freestanding restaurant building with drive-through on a 0.80-acre lot, offering high visibility near key road access.
Property Size2,648 SF
Lot Size0.80 Acres
Price / SF$453.17
Days on Market14
Property Features for 440 Chestnut Street
General Information
Standard status
Active
Size
2,648 SF
Lot size
0.80 Acres
Property subtype
Retail
Additional Details
Highway Access
Yes
Amenities
drive-thru
Building Details
Tenancy
Single
Listing Agency:
(804) 201-2026
Listed By:
Pam Strieffler
(804) 201-2026
Source:
Cbre
Added: Jul 17
Changed: Jul 22
Last Checked: Jul 30 at 4:12AM
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 Pam Strieffler
Investment Insights
Based on property information with market context.
This freestanding restaurant building totals 2,648 square feet and includes a convenient drive-through. The property sits on a 0.80-acre lot and is presented as an easy-to-operate site for restaurant use.
The location provides close proximity to London Boulevard and Interstate 264, supporting straightforward access for both customers and deliveries. The site is also described as having excellent visibility.
Offered for sale, this asset combines a dedicated drive-through component with a standalone building configuration on its own lot.
The location provides close proximity to London Boulevard and Interstate 264, supporting straightforward access for both customers and deliveries. The site is also described as having excellent visibility.
Offered for sale, this asset combines a dedicated drive-through component with a standalone building configuration on its own lot.
Key Highlights
- Freestanding building offering 2,648 SF
- Drive‑thru included
- Situated on a 0.80‑acre lot
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 | $48.0k | $18.12 |
| − Vacancy | −$2.0k | −$0.76 |
| EGI | $46.0k | $17.36 |
| − OpEx | −$11.5k | −$4.34 |
| NOI | $34.5k | $13.02 |
2,648 SF · lease $18.12/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$492.5K
$430.9K – $574.6K
NOI $34,475 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$843.0K
$737.7K – $983.5K
NOI $59,012 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,472
Businesses Nearby
30k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 97%
Dining 3%
Wawa
Shops & Services
29,586 visits/mo
0.2 miles
Thai Basil
Dining
836 visits/mo
0.3 miles
Demographics for 23704, VA
19,505
Population
9,538
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
4.5 sq mi
ZIP Area
4,334
Density / Sq Mi
$44,739
Median Household Income
$34,488
Median Earnings
$1,279
Median Rent
$197,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Freestanding restaurant building with drive-through on a 0.80-acre lot, offering high visibility near key road access.
Where is this drive through restaurant located?
The property is located at 440 Chestnut Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Freestanding building offering 2,648 SF; Drive‑thru included; Situated on a 0.80‑acre lot
