Renovated Bar & Pub
For Sale
$1,375,000
731 Granby St, Norfolk, VA 23510
Renovated commercial space includes a bar, kitchen, mezzanine, upgraded systems, and existing tenants.
Property Size4,132 SF
Price / SF$332.77
Days on Market21
Property Features for 731 Granby St
General Information
Standard status
Active
Size
4,132 SF
Building Details
Year Built
1916
Listing Agency:
BHHS RW Towne Realty
(757) 436-3636
Listed By:
Allen Bynum
Source:
Honorableservicerealty
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 29 at 3:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BHHS RW Towne Realty
Investment Insights
Based on property information with market context.
Built in 1916, this 4,132-square-foot bar and pub property combines historic building character with a comprehensive 2017 renovation. Improvements included a new bar, mezzanine, kitchen, bathrooms, lighting, flooring, electrical, plumbing, HVAC, and roof, along with tables, chairs, and bar stools. Existing tenants are in occupancy.
The property is located at 731 Granby St in Norfolk, Virginia. A Greyhound bus station redevelopment is planned to add over 200 units nearby, providing additional surrounding residential context. The building’s configuration and installed improvements support continued bar and pub operations without relying on an unrenovated shell.
The property is located at 731 Granby St in Norfolk, Virginia. A Greyhound bus station redevelopment is planned to add over 200 units nearby, providing additional surrounding residential context. The building’s configuration and installed improvements support continued bar and pub operations without relying on an unrenovated shell.
Key Highlights
- 4,132 SF bar and pub property at 731 Granby St, Norfolk, VA 23510
- Comprehensive renovation completed in 2017
- Existing tenants currently in occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,496
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,029,920
$1.0M
Cap Rate 7%
$735,657
$735.7K
Cap Rate 9%
$572,178
$572.2K
Market Conditions
NOI Build-Up for 4,132 SF
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.
Gross rent
$71.9K $17.40/SF
− Vacancy
−$3.2K −$0.78/SF
EGI
$68.7K $16.62/SF
− OpEx
−$17.2K −$4.15/SF
NOI
$51.5K $12.46/SF
Area
Norfolk, VA
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,029,920
Cap Rate 7%
$735,657
Cap Rate 9%
$572,178
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
2,419
Businesses Nearby
73k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 31%
Groceries 11%
Hotels & Casinos 4%
Exxon
Shops & Services
19,763 visits/mo
0.2 miles
Rally's
Dining
13,010 visits/mo
0.4 miles
Virginia ABC
Groceries
7,861 visits/mo
0.2 miles
BonChon Chicken
Dining
7,492 visits/mo
0.5 miles
BP
Shops & Services
7,022 visits/mo
0.5 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- bar — 131 Granby St, Norfolk, VA 23510
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Renovated commercial space includes a bar, kitchen, mezzanine, upgraded systems, and existing tenants.
Where is this bar & pub located?
The property is located at 731 Granby St 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: 4,132 SF bar and pub property at 731 Granby St, Norfolk, VA 23510; Comprehensive renovation completed in 2017; Existing tenants currently in occupancy
