Portsmouth, Virginia, a city with a rich history dating back to the early 17th century, offers a unique opportunity for investors to tap into the city's growing economy. With a population of around 100,000, Portsmouth is an attractive location for restaurants, providing a diverse customer base and a strong demand for dining options. Restaurants in Portsmouth can represent a range of investments, from casual eateries to fine dining establishments, catering to the city's residents, visitors, and employees of major employers like the Norfolk Naval Shipyard. The city's amenities, including the Olde Towne Business and Historical District, Portsmouth City Park, and the Rivers Casino Portsmouth, make it an attractive location for restaurants. Additionally, Portsmouth's infrastructure, including its transportation services and access to major highways, makes it an ideal location for businesses that rely on foot traffic and delivery services. With its strong sports presence, hosting events like the Portsmouth Invitational Tournament, and its cultural attractions, Portsmouth is a great place to invest in a restaurant, with a high potential for success.
With 4 restaurants for sale in Portsmouth, investors have a range of options to choose from. The average price per square foot for restaurants in Portsmouth is $362 USD, with an average size of 4,322 square feet. The largest restaurant available is 11,141 square feet. In addition to restaurants, Portsmouth also offers other investment opportunities, including apartment buildings, shopping centers, specialty properties, and hotels. Apartment buildings in Portsmouth offer a steady stream of income, with a median rent of around $1,200 per month. Shopping centers in the city provide a range of retail options, from small boutiques to large anchor stores. Specialty properties, such as office buildings and warehouses, cater to the city's growing business community. Hotels in Portsmouth, like the Hawthorn Hotel & Suites at The Governor Dinwiddie Hotel, offer a unique blend of history and luxury, attracting tourists and business travelers alike. Overall, Portsmouth presents a diverse range of investment opportunities, making it an attractive location for investors looking to diversify their portfolios.
What is the average cost per square foot for a restaurant in Portsmouth?
The average cost per square foot for a restaurant in Portsmouth is $362 USD per square foot, with an average size of 4,322 square feet and a largest size of 11,141 square feet among the 4 available listings.
What factors determine the value of a restaurant for sale in Portsmouth?
The value of a restaurant for sale in Portsmouth is determined by a combination of factors, including:
- Location, with proximity to popular attractions like the Olde Towne Business and Historical District, Portsmouth City Park, and the Rivers Casino Portsmouth, as well as accessibility to major transportation routes like Interstate 264 and Interstate 664, impacting foot traffic and customer accessibility.
- Size and layout, with an average size of 4,322 square feet, and a maximum size of 11,141 square feet, influencing seating capacity, kitchen space, and overall operational efficiency.
- Financial performance, including the average price per square foot of $362 USD, and an average cap rate of , which affect the restaurant's profitability and return on investment.
