Restaurants for sale in Suffolk, Virginia, offer a unique opportunity for investors to tap into the city's growing economy and diverse population. As the largest city in Virginia by land area and the 10th-most populous city in the state, Suffolk provides an attractive environment for businesses to thrive. Restaurants, in particular, can benefit from the city's rich history, cultural attractions, and strong infrastructure. With its proximity to major transportation routes, including U.S. Highways 17, 13, 58, 258, and 460, as well as Interstate 664, Suffolk is an ideal location for restaurants to cater to both locals and visitors. The city's amenities, such as the Louise Obici Memorial Hospital, the Great Dismal Swamp, and the Suffolk Center for Cultural Arts, also make it an attractive place to live, work, and dine. Additionally, Suffolk's strong economy, driven by industries like manufacturing, distribution, and retail, ensures a steady stream of customers for restaurants.
With 1 restaurants for sale in Suffolk, investors have a range of options to choose from. Suffolk's diverse economy and population also support a variety of other property types, including apartment buildings, shopping centers, specialty properties, and hotels. Apartment buildings, for instance, can benefit from the city's growing population and proximity to major employers like Unilever and Lockheed Martin. Shopping centers, on the other hand, can thrive in Suffolk's retail-friendly environment, with major corporations like Wal-Mart and Target already established in the area. Specialty properties, such as those catering to the city's agricultural industry, can also find success in Suffolk. Meanwhile, hotels can capitalize on the city's tourism attractions, including the Seaboard Station Railroad Museum and the Suffolk Center for Cultural Arts. Overall, Suffolk's unique blend of history, culture, and economic growth makes it an attractive location for investors looking to purchase a restaurant or other property types.
What is the average cost per square foot for a restaurant in Suffolk?
The average cost per square foot for a restaurant in Suffolk is $1,158 USD per square foot, with an average size of 2,500 square feet and a largest size of 2,500 square feet, among the 1 available listings of restaurants for sale in the area.
What factors determine the value of a restaurant for sale in Suffolk?
The value of a restaurant for sale in Suffolk is determined by a combination of factors, including:
- the average price per square foot, which is currently $1,158 USD, and the average size of 2,500 square feet, with some listings reaching up to 2,500 square feet;
- the average cap rate, which is 6%, indicating the potential return on investment;
- the location and accessibility of the restaurant, with proximity to major transportation routes like U.S. Highways 17, 13, 58, 258, and 460, as well as Interstate 664, and local amenities like the Louise Obici Memorial Hospital and the Suffolk Center for Cultural Arts.
With 1 available listings of restaurants for sale in Suffolk, understanding these factors is crucial in determining the value of a restaurant and making an informed investment decision.
