130 Commerce StSuffolk, VA 23434

Property Details for 130 Commerce St

Year built

1964

Lot size

0.18 AC

Property size (Sq ft)

4,368 SF

Zone code

CENTRAL BUSINESS

Property type

Other commercial real estate

APN

34G18(A)*246

APU

34G18A246

Description

This exceptional commercial property at 130 Commerce Street in Suffolk, Virginia presents a unique investment opportunity. The 4,300 square foot building, situated on a 0.18-acre lot, is ideally located in the heart of downtown Suffolk, adjacent to a large, free city parking lot, ensuring convenient customer access. The building boasts a brand-new membrane roof, significantly reducing maintenance costs and enhancing its longevity. A substantial outdoor patio area provides ample space for al fresco dining or additional seating. Currently operating as a successful restaurant with an established customer base, the property includes a fully equipped commercial kitchen featuring a four-year-old hood system, ready for immediate operation. The existing restaurant's loyal following provides a strong foundation for continued success. Furthermore, this property offers significant potential for financial incentives. The building may qualify for up to $10,000 through Suffolk's Facade Improvement Program and an additional $10,000 grant through Suffolk's Small Business Improvement Grant program, potentially offsetting renovation or improvement costs. This turnkey operation presents a compelling opportunity for both established restaurateurs and savvy investors seeking a high-return property in a thriving downtown location. The asking price for this exceptional property is $450,000.

• Alternative Use

  Use

  Valuation

  Residential

  $927,610

  Hospitality

  $849,686

  Educational

  $706,929

  Medical

  $731,241

  Retail

  $1,099,667

Location Insight

City

Suffolk

County

Suffolk City

State

Virginia

Latitude

36.7289

Longitude

-76.5812

CBSA code

47260

CBSA name

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

Property Tax & Assessments

FAQs

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