Historic Norfolk Restaurant Investment
241 Granby Street Norfolk, VA 23510
241 Granby Street, Norfolk, VA, 23510
$1,400,000
For Sale
$1,400,000
COMMERCIAL - Norfolk, VA
Property Size6,400 SF
Lot Size0.03 Acres
Price / SF$218.75
Days on Market99
Property Features for 241 Granby Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- D-3
- Standard status
- Active
- Size
- 6,400 SF
- Lot size
- 0.03 Acres
Taxes and HOA fees
- Tax Annual Amount
- 13544
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1905
Listing Agency
Atlantic Sothebys Int'l Realty
(757) 777-9870
4416 Expressway Dr., Virginia Beach, VA
Listed by
Kris Weaver
(757) 340-5555
Added: Apr 9 Checked: Jul 16 at 6:06 pm
MLS# 10628934
Listing URL
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Investment Insights
Based on property information with market context.
This is a stabilized, turnkey investment opportunity situated in a proven location within downtown Norfolk's historic district. The offering includes the commercial portion of the condominium, encompassing the first two floors of the Historic Portlock Building. It features a spacious two-story restaurant and bar with an additional mezzanine level. The property represents one of the largest restaurant footprints in the area and is complete with an extensive tap system. The property is well-positioned for sustained tenant success. Investors benefit from immediate income with future upside potential through rent growth and continued demand in this high-traffic, centrally located corridor. The property is zoned D-3 and has a lot size of 0.0288 acres. The property size is 6,400 square feet.
Key Highlights
- Stabilized, turnkey investment with long‑term tenant in place providing immediate income.
- Prime location in downtown Norfolk's historic district in a high‑traffic, centrally located corridor.
- Spacious two‑story restaurant and bar with additional mezzanine level.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $111.4k | $17.40 |
| − Vacancy | −$5.0k | −$0.78 |
| EGI | $106.3k | $16.62 |
| − OpEx | −$26.6k | −$4.15 |
| NOI | $79.8k | $12.46 |
6,400 SF · lease $17.40/SF/yr · vacancy 4.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.14M
$997.0K – $1.33M
NOI $79,762 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $95,037 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Bars & Pubs
Similar For Sale Nearby
Similar Off Market Nearby
- Waterside District — 333 Waterside Dr, Norfolk, VA 23510
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- The Harbor Club — 333 Waterside Dr Suite 200, Norfolk, VA 23510
FAQs
What type of property is this?
Bar & Pub - Turnkey restaurant and bar in downtown Norfolk's historic district.
Where is this bar & pub located?
The property is located at 241 Granby Street Norfolk, VA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Stabilized, turnkey investment with long‑term tenant in place providing immediate income.; Prime location in downtown Norfolk's historic district in a high‑traffic, centrally located corridor.; Spacious two‑story restaurant and bar with additional mezzanine level.
