1038 Decatur St Chesapeake, VA 23324

Property Details for 1038 Decatur St

Year built

1940

Property size

3,090 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional mixed-use property, located at 1038 Decatur Street in Chesapeake, Virginia, presents a compelling value-add investment opportunity. The 3,090 square foot building, constructed in 1940, features two units and sits on a 2,309 square foot lot. Currently configured as a mixed-use space, the property is zoned B2 for mixed-use commercial/residential, allowing for flexibility in its utilization. The building boasts gorgeous marble floors and separate water and electric meters for each unit, facilitating dual occupancy. The upper unit offers spacious living quarters, while the ground floor is ideal for a commercial venture or conversion to residential use. This presents a unique opportunity for house-hacking or a versatile investment strategy. The property is classified as Class C and offers significant potential for renovation and increased value. Up to $20,000 in grants may be available for facade improvements, further enhancing the property's appeal and potential return on investment. This is a rare chance to acquire a well-located property in a developing neighborhood with significant upside potential. The asking price is $375,000. The property features one building, two stories, and simple ownership.