Turnkey Restaurant & Bar
For Sale
$1,375,000
731 Granby Street, Norfolk, VA 23510
COMMERCIAL - Norfolk, VA
Property Size4,132 SF
Lot Size0.07 Acres
Price / SF$332.77
Days on Market63
Property Features for 731 Granby Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
D-4
Subdivision
DOWNTOWN AREA
Standard status
Active
Size
4,132 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3286
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1916
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 436-3636
Listed By:
Allen Bynum
(757) 690-0439
Added: Jun 4
Changed: Aug 4
Last Checked: Aug 5 at 9:06PM
MLS# 10638066
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.
Investment Insights
Based on property information with market context.
This for-sale restaurant and bar building was meticulously renovated in 2017, with updates throughout the improvements. The work included a brand-new bar, walls, mezzanine, lighting fixtures, bathrooms, and kitchen, along with new electrical, plumbing, and HVAC systems. Additional capital improvements reported include a new roof, updated tables, chairs, bar stools, and floor lighting, presenting a turnkey configuration for operations.
The property is located at 731 Granby Street in Norfolk, Virginia, on a 0.07-acre lot. Zoning is listed as D-4. Public remarks also note that the Greyhound Bus station is being developed into over 200 units, which may shape the surrounding mix as the area changes.
For buyers seeking a hospitality asset with ready-to-operate condition, this building is positioned as turnkey with established tenants already in occupancy, based on the information provided. The combination of renovated dining and bar components, updated life-safety and building systems, and a complete interior package can be beneficial for an operator or ownership group looking to move forward without coordinating the 2017 renovation scope. All specifications and features should be verified during due diligence, including tenant arrangements and any remaining items not covered in the provided description.
The property is located at 731 Granby Street in Norfolk, Virginia, on a 0.07-acre lot. Zoning is listed as D-4. Public remarks also note that the Greyhound Bus station is being developed into over 200 units, which may shape the surrounding mix as the area changes.
For buyers seeking a hospitality asset with ready-to-operate condition, this building is positioned as turnkey with established tenants already in occupancy, based on the information provided. The combination of renovated dining and bar components, updated life-safety and building systems, and a complete interior package can be beneficial for an operator or ownership group looking to move forward without coordinating the 2017 renovation scope. All specifications and features should be verified during due diligence, including tenant arrangements and any remaining items not covered in the provided description.
Key Highlights
- Commercial building built in 1916 with central air and heat pump (heating).
- Renovated in 2017, including a new bar, walls, mezzanine, and light fixtures.
- 2017 upgrades include renovated bathrooms and kitchen, plus new electrical and plumbing.
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 | $71.9k | $17.40 |
| − Vacancy | −$3.2k | −$0.78 |
| EGI | $68.7k | $16.62 |
| − OpEx | −$17.2k | −$4.15 |
| NOI | $51.5k | $12.46 |
4,132 SF · lease $17.40/SF/yr · vacancy 4.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$735.7K
$643.7K – $858.3K
NOI $51,496 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$876.5K
$767.0K – $1.02M
NOI $61,358 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,099
Businesses Nearby
15k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
7-Eleven
Shops & Services
5,642 visits/mo
0.4 miles
7-Eleven
Shops & Services
5,615 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
3,867 visits/mo
0.4 miles
Demographics for 23510, VA
8,778
Population
4,948
Households
1.8
Avg Household Size
33
Median Age
52%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
7,980
Density / Sq Mi
$75,621
Median Household Income
$53,132
Median Earnings
$1,574
Median Rent
$349,700
Median Home Value
Market
Vacancy Rate% for Retail in Norfolk, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - 2017 renovated bar and restaurant building offered for sale with tenants in place and updated interior systems.
Where is this bar & pub located?
The property is located at 731 Granby Street Norfolk, VA.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Commercial building built in 1916 with central air and heat pump (heating).; Renovated in 2017, including a new bar, walls, mezzanine, and light fixtures.; 2017 upgrades include renovated bathrooms and kitchen, plus new electrical and plumbing.
