5509 Richmond RdWilliamsburg, VA 23188

Property Details for 5509 Richmond Rd

Year built

2006

Lot size

1.83 AC

Property size (Sq ft)

6,638 SF

Zone code

B1 GENERAL BUSINESS

Property type

Other commercial real estate

APN

33-3 01-0-0005-F

APU

3330100005F

Description

This vacant, 6,100 square foot restaurant building sits on a 1.83-acre lot in Williamsburg, VA, at 5509 Richmond Road. Built in 2006, the property is zoned B1 (General Business) and offers 110 parking spaces. Located on a high-traffic commercial corridor with over 25,000 vehicles per day, it's adjacent to the Williamsburg Premium Outlets, attracting over 3.5 million annual visitors. The property's substantial lot size allows for expansion or redevelopment. The asking price is $2,300,000, representing a land value of $377 per square foot. The building is fully built-out as a restaurant, with fixtures, furniture, and equipment included. This presents a turn-key opportunity to capitalize on the strong demographics of the area, with a growing and affluent community of over 70,000 people within a 5-mile radius, boasting an average income exceeding $118,000 per year. The 3-mile population has increased by 90% since 2000 and is projected to grow another 5% by 2028. This presents a unique opportunity for owner-users seeking redevelopment or experienced investors looking for a prime location in a thriving market. Fee simple ownership is offered.

• Alternative Use

  Use

  Valuation

  Residential

  $1,409,679

  Hospitality

  $1,291,258

  Educational

  $1,074,312

  Medical

  $1,111,259

  Retail

  $1,671,151

Location Insight

City

Williamsburg

County

James City

State

Virginia

Latitude

37.3144

Longitude

-76.734

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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