Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    241 Granby Street Norfolk, VA 23510

    View on Map
    For Sale
    $1,250,000

    Purchase,Commercial/Industrial - Norfolk, VA

    Property size:
    6,400 SF
    Lot size:
    0.03 Acres
    Added:
    Aug 6, 2025
    Days on Market:
    239
    Last Refresh:
    Apr 1 at 4:06 pm

    Property Features for 241 Granby Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    D-3
    Interior features
    Fire Sprinkler Sys, Inside Storage, Lighting
    Standard status
    Active
    Size
    6,400 SF
    Lot size
    0.03 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    13544

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1905
    Flooring type
    Hardwood, Tile
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Kris Weaver

    Listing agent Kris Weaver

    Listing office Atlantic Sothebys Int'l Realty 4416 Expressway Dr., Virginia Beach, VA

    Listing date Aug 6, 2025

    MLS# 10596549 Listing URL

    Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Norfolk Restaurant Space Available

    This commercial property in downtown Norfolk's historic district offers a centrally located restaurant space for purchase. The offering includes the business goodwill of the former Brick Anchor Brew House and the commercial portion of the condominium. The property features a two-story restaurant and bar space, complete with an additional mezzanine floor that can be used for dining, a lounge, and office space. The restaurant space is one of the largest in the area and features the second-largest tap selection. The property is zoned D-3. Potential growth opportunities include expanding operational hours, leveraging private functions and events, and creating a unique theme on the second floor. The seller is open to assisting with the transition and introducing past private function clients, catering partners, and vendors. The property size is 6,400 square feet, situated on a 0.0288-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Dental Office Law Firm Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Southern Seoul LLC — 500 E Main St Ste 102, Norfolk, VA 23510
    • Norfolk Catering Company — 142 W York St, Norfolk, VA 23510
    • BITES by JC — 1 Harbor Ct, Portsmouth, VA 23704
    • Cocojam — 208 E Main St Suite 4, Norfolk, VA 23510
    • Canty Girls Catering llc — Water St, Portsmouth, VA 23704

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2911549
    Latitude
    36.8491628

    Nearby Similar for Sale

    • $597,400
      4,110 SF

      Versatile Commercial Space in Norfolk

      4,100+ sq ft commercial space in active Camellia Acres.
      2474 E Little Creek Road, Norfolk, VA 23518
      View Details
    • $850,000
      12,620 SF

      Versatile Commercial/Industrial Building in Norfolk

      Expansive building with office space, bay doors, and ample parking.
      860 45th Street, Norfolk, VA 23508
      View Details
    • $1,500,000
      6,250 SF

      Versatile Commercial Office Building

      Stand-alone commercial building with office, showroom, and light industrial space.
      6024 E Virginia Beach Boulevard, Norfolk, VA 23502
      View Details
    • $1,695,000
      22,231 SF

      High-Visibility Retail Space on Boulevard

      21,000 SF retail space on Virginia Beach Boulevard.
      6542 E Virginia Beach Boulevard, Norfolk, VA 23502
      View Details
    • $950,000
      4,700 SF

      Norfolk Commercial/Industrial Property For Sale

      Commercial/Industrial property with 4700 square feet in Norfolk, Virginia.
      701 Tidewater Drive, Norfolk, VA 23504
      View Details
    • $1,200,000
      37,800 SF

      Norfolk Retail Property on Granby

      37,800 SF retail property with redevelopment potential in Norfolk, VA.
      2600 Granby Street, Norfolk, VA 23517
      View Details
    • $2,000,000
      4,020 SF

      Bayfront Quadruplex Multifamily Investment Opportunity

      Rare bayfront investment opportunity with strong income potential.
      840 W Ocean View Avenue, Norfolk, VA 23503
      View Details
    • $1,200,000
      10,500 SF

      Norfolk Multi-Tenant Office Building

      10,500 SF multi-tenant office building in Norfolk, Virginia.
      1761 Church Street, Norfolk, VA 23504
      View Details
    • $898,000
      3,200 SF

      Turnkey Quadplex Near the Bay

      Norfolk quadplex with private decks and strong rental history.
      1439 W Ocean View Avenue, Norfolk, VA 23503
      View Details
    • $150,000
      2,800 SF

      Turnkey Bar/Restaurant Business Opportunity

      Fully operational bar/restaurant with established clientele and great lease.
      160 S Military Highway, Norfolk, VA 23502
      View Details
    • $600,000
      3,068 SF

      Norfolk Quadruplex Residential Investment Property

      Turnkey investment property with fully occupied units, collecting $1299 rent.
      711 Easy Street, Norfolk, VA 23505
      View Details
    • $995,000
      7,179 SF

      Norfolk Flex/Industrial Building For Sale

      Freestanding flex/industrial building in Norfolk Industrial Park submarket.
      1556 Azalea Garden Rd, Norfolk, VA 23502
      View Details

    FAQs

    What type of property is this?
    Restaurant - Prime restaurant and bar space in Norfolk's historic district.
    Where is this restaurant located?
    The property is located at 241 Granby Street Norfolk, VA.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Centrally located in downtown Norfolk's historic district.; Includes the sale of business goodwill from the former Brick Anchor Brew House.; Two‑story restaurant and bar space with an additional mezzanine floor.
    (757) 340-5555
    We can help!
    Listing Contact
    Kris Weaver
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!