2019 Washington StPetersburg, VA 23803-3721

Property Details for 2019 Washington St

Year built

1981

Lot size

0.45 AC

Property size (Sq ft)

2,400 SF

Zone code

B-2

Property type

Retail space

APN

4060005

APU

4060005

Description

This exceptional 2,400 square foot commercial building in Petersburg, Virginia, presents a unique investment or owner-user opportunity. Situated on a 0.46-acre lot at 2019 E Washington Street, this standalone structure offers two distinct interior spaces, each with its own potential. The left unit is a fully equipped restaurant space, complete with a functional kitchen and hood system, representing a turnkey solution for food service businesses. This ready-to-use setup minimizes start-up costs and allows for immediate operation. The right unit, previously utilized as a salon, provides adaptable space suitable for a variety of retail or service-oriented businesses. Its flexible layout allows for customization to meet diverse operational needs. The property benefits from its strategic location within a high-growth area of Petersburg, poised to experience significant economic expansion. The anticipated development of a new casino in the vicinity is expected to generate increased foot traffic and economic activity, further enhancing the property's value and potential for long-term growth. Priced at $379,000, this property offers a compelling investment opportunity for both seasoned investors and business owners seeking a strong foothold in a thriving market. The combination of its versatile spaces, prime location, and the potential for increased economic activity makes this a truly exceptional offering.

• CAP approach

  CAP return

  Valuation

  6%

  $654,564

  6.5%

  $604,213

  7%

  $561,055

• Comparable approach

  Method

  Valuation

  Relative Method

  $678,773

  Geo Method

  $1,010,076

• Alternative Use

  Use

  Valuation

  Residential

  $509,676

  Hospitality

  $466,860

  Educational

  $388,422

  Medical

  $401,781

  Retail

  $604,213

Location Insight

City

Petersburg

County

Petersburg City

State

Virginia

Latitude

37.2396

Longitude

-77.3705

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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