2019 Washington StPetersburg, VA 23803-3721
- Retail properties
- 2,400 SF
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 properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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