Mediterranean Restaurant
For Sale
$450,000
1437 Sam's Drive, Chesapeake, VA 23320
Commercial/Industrial, Chesapeake, VA
Property Size1,500 SF
Lot Size5.79 Acres
Price / SF$300
Days on Market85
Property Features for 1437 Sam's Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
GREENBRIER
Standard status
Active
Size
1,500 SF
Lot size
5.79 Acres
Utilities
Cooling system
Central Air
Building Details
Roof type
Shingle
Listing Agency:
Sunrise Real Estate Group
Listed By:
Senel Cuce
(757) 805-2286
Added: Jun 12
Changed: Aug 27
Last Checked: Sep 4 at 11:06PM
MLS# 10639627
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This established Mediterranean restaurant business occupies a 1,500-square-foot space in Chesapeake, Virginia. The operation supports dine-in service and catering, with a separate mobile component suited to festivals and other events. Central air conditioning and a shingle roof serve the premises.
The business is offered with lease occupancy secured through 2030. Additional mobile assets include a new branded food trailer and a Ford tow vehicle. The property record identifies a 5.79-acre lot at 1437 Sam's Drive in Chesapeake, providing a defined physical setting for the restaurant operation.
The business is offered with lease occupancy secured through 2030. Additional mobile assets include a new branded food trailer and a Ford tow vehicle. The property record identifies a 5.79-acre lot at 1437 Sam's Drive in Chesapeake, providing a defined physical setting for the restaurant operation.
Key Highlights
- Established Mediterranean restaurant business at 1437 Sam's Drive, Chesapeake, VA 23320
- 1,500‑square‑foot restaurant space
- Dine‑in and catering operations
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,760
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$335,200
$335.2K
Cap Rate 7%
$239,429
$239.4K
Cap Rate 9%
$186,222
$186.2K
Market Conditions
NOI Build-Up for 1,500 SF
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.
Gross rent
$23.4K $15.60/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$22.3K $14.90/SF
− OpEx
−$5.6K −$3.72/SF
NOI
$16.8K $11.17/SF
Area
Chesapeake, VA
Vacancy
4.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$335,200
Cap Rate 7%
$239,429
Cap Rate 9%
$186,222
Alternative Uses
Best Use
Specialty Retail
$239.4K
$209.5K – $279.3K
NOI $16,760 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$443.3K
$387.9K – $517.2K
NOI $31,032 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23320, VA
60,412
Population
26,131
Households
2.3
Avg Household Size
39
Median Age
38%
College-Educated
93%
High-School Grad
31.7 sq mi
ZIP Area
1,906
Density / Sq Mi
$81,736
Median Household Income
$49,403
Median Earnings
$1,654
Median Rent
$323,800
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?
Conventional restaurant - Established food-service operation with dine-in, catering, and mobile event capabilities.
Where is this conventional restaurant located?
The property is located at 1437 Sam's Drive Chesapeake, VA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Established Mediterranean restaurant business at 1437 Sam's Drive, Chesapeake, VA 23320; 1,500‑square‑foot restaurant space; Dine‑in and catering operations
