7002 George Washington Memorial HwyGloucester, VA 23061

Property Details for 7002 George Washington Memorial Hwy

Year built

1965

Lot size

0.52 AC

Property size (Sq ft)

1,096 SF

Zone code

B-1

Property type

Office buildings

APN

28142

APU

28142

Description

This exceptional commercial property, located at 7002 George Washington Memorial Highway in Gloucester, VA, presents a unique investment opportunity. Situated on a 0.52-acre lot, this building boasts unparalleled visibility on a major thoroughfare, Route 17, with an impressive average daily traffic count of approximately 40,000 vehicles. Its strategic location places it within one mile of prominent retailers such as Walmart, Home Depot, and Lowe's, ensuring high foot traffic and convenient access for potential clients. The property is zoned B-1, allowing for a diverse range of commercial uses, including but not limited to attorney's offices, daycare centers, and medical practices. The building itself offers significant advantages, including an elevated, digital display sign, maximizing exposure and brand recognition. This feature, combined with the high traffic volume and proximity to Gloucester Courthouse, creates an ideal setting for businesses seeking maximum visibility and accessibility. The property's versatility and prime location make it an exceptional investment opportunity for entrepreneurs and businesses seeking to establish a strong presence in a thriving community. The asking price is $350,000.

• CAP approach

  CAP return

  Valuation

  6%

  $231,439

  6.5%

  $213,636

  7%

  $198,376

• Comparable approach

  Method

  Valuation

  Relative Method

  $140,434

  Geo Method

  $183,043

• Alternative Use

  Use

  Valuation

  Residential

  $264,909

  Hospitality

  $242,655

  Educational

  $201,886

  Medical

  $208,829

  Retail

  $314,045

Location Insight

City

Gloucester

County

Gloucester

State

Virginia

Latitude

37.3921

Longitude

-76.5302

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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