6870 Main StGloucester, VA 23061

Property Details for 6870 Main St

Year built

1956

Lot size

0.09 AC

Property size (Sq ft)

3,926 SF

Zone code

B-2

Property type

Turn key restaurants

APN

43446

APU

43446

Description

This exceptional commercial property at 6870 Main Street, Gloucester, VA, presents a unique investment opportunity. The 3,926 square foot building, a local landmark since 1956, sits on a sizable 0.87-acre lot and boasts over 150 feet of prime road frontage on Main Street, ensuring high visibility and significant foot traffic. Substantial renovations were completed in 1986. Currently operating as a well-established restaurant with an 86-person occupancy, the property offers immediate income potential. The ample parking provides convenient access for patrons and staff. This versatile property is ideally situated in the heart of Gloucester Courthouse, offering unmatched potential for a variety of commercial ventures. The property's rich history and prime location combine to create a truly exceptional opportunity for business owners and investors seeking a cornerstone property in a thriving community. The building's established presence and significant road frontage make it an ideal location for a wide range of commercial uses, offering a strong foundation for future success. This is a rare chance to acquire a piece of Gloucester's history and capitalize on its significant commercial potential. The property's size and location provide a strong foundation for long-term growth and profitability. The asking price is $699,500.

• CAP approach

  CAP return

  Valuation

  6%

  $953,291

  6.5%

  $879,961

  7%

  $817,106

• Comparable approach

  Method

  Valuation

  Relative Method

  $523,173

  Geo Method

  $681,908

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,721,250

  Mixed-Use / Specialty

  $874,707

  Hospitality / Lodging

  $638,988

  Office

  $867,305

  Institutional / Educational

  $908,586

  Residential Income

  $1,063,050

  Multifamily

  $1,286,700

  Automotive / Energy

  $778,788

  Parking / Income-Based Land

  $270,842

  Restaurant / Food Service

  $450,424

  Healthcare / Senior Housing

  $899,166

Location Insight

City

Gloucester

County

Gloucester

State

Virginia

Latitude

37.4107

Longitude

-76.5192

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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