709 Independence BlvdVirginia Beach, VA 23455

Property Details for 709 Independence Blvd

Year built

1975

Construction

TYPE NOT SPECIFIED

Lot size

1.83 AC

Property size (Sq ft)

7,881 SF

Zone code

B2

Property type

Retail properties

Property subtype

Turn key restaurants

APN

14785234040000

APU

14785234040000

Description

This exceptional 7,881-square-foot restaurant space, formerly a Red Lobster, is available for lease or sale in Virginia Beach, VA. Situated on a 1.89-acre lot at the highly visible, signalized intersection of Independence Blvd and Pembroke Blvd, this property boasts over 42,000 vehicles per day passing by. Built in 1975 and renovated in 2014, the single-story building features a 1600 amp main panel. The property benefits from its location within the desirable Hagood/Towncenter submarket, surrounded by a vibrant mix of national and local retailers including Wegmans, REI, DSW, Nordstrom Rack, Harris Teeter, Chick-fil-A, and Starbucks. The B2 zoning provides flexibility for various restaurant concepts. Property taxes are $2.16 per square foot. This is a rare opportunity to acquire a well-located, established restaurant space with significant visibility and strong surrounding demographics. The entire 7,881 square feet is currently vacant and ready for immediate occupancy. The address is 709 Independence Blvd, Virginia Beach, VA 23455.

• CAP approach

  CAP return

  Valuation

  6%

  $2,446,385

  6.5%

  $2,258,202

  7%

  $2,096,902

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,544,742

  Geo Method

  $3,316,839

• Alternative Use

  Use

  Valuation

  Residential

  $1,904,878

  Hospitality

  $1,744,858

  Educational

  $1,451,701

  Medical

  $1,501,627

  Retail

  $2,258,202

Location Insight

City

Virginia Beach

County

Virginia Beach City

State

Virginia

Latitude

36.8632

Longitude

-76.1332

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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