6870 Main StGloucester, VA 23061

  • Retail properties
  • 3,926 SF
For Sale
$699,500 View listing

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
Retail properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,218,692
    6.5%
    $1,124,946
    7%
    $1,044,593
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,267,689
    Geo Method
    $1,652,317
  • Alternative Use

    Use
    Valuation
    Residential
    $948,934
    Hospitality
    $869,218
    Educational
    $723,180
    Medical
    $748,051
    Retail
    $1,124,946
6870 Main St, Gloucester, Virginia

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$2,308
$113,350
$275,920
$389,270
-
$113,350
$275,920
$389,270

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