Two-Story Bar and
241 Granby Street, Norfolk, VA 23510
For Sale
$1,400,000
Commercial/Industrial, Norfolk, VA
Property Size6,400 SF
Lot Size0.03 Acres
Price / SF$218.75
Days on Market216
Property Features for 241 Granby Street
General Information
Property type
Property subtype
Zoning
Subdivision
Standard status
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Kris Weaver · License VA #47084
(757) 340-5555
Added: Apr 9
Changed: Oct 1
Last Checked: Nov 10 at 6:06PM
MLS# 10628934
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.
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Investment Insights
Based on property information with market context.
The commercial condominium component occupies the first two floors of the Historic Portlock Building and contains 6,400 square feet. Improvements include a two-story restaurant and bar layout, an additional mezzanine, and an extensive tap system. Forced-air heating and central air conditioning serve the property, which dates to 1905.
Located at 241 Granby Street in downtown Norfolk’s historic district, the property is within the 23510 postal area. The commercial space is leased to a long-term tenant, providing an operating restaurant and bar configuration within the historic building. Zoning is designated D-3.
Located at 241 Granby Street in downtown Norfolk’s historic district, the property is within the 23510 postal area. The commercial space is leased to a long-term tenant, providing an operating restaurant and bar configuration within the historic building. Zoning is designated D-3.
Key Highlights
- 6,400‑square‑foot commercial condominium component
- Two‑story restaurant and bar with an additional mezzanine
- Extensive tap system included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,762
Cap Rate
5.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,595,240
$1.6M
Cap Rate 7%
$1,139,457
$1.1M
Cap Rate 9%
$886,244
$886.2K
Market Conditions
NOI Build-Up for 6,400 SF
Gross rent
$111.4K $17.40/SF
− Vacancy
−$5.0K −$0.78/SF
EGI
$106.3K $16.62/SF
− OpEx
−$26.6K −$4.15/SF
NOI
$79.8K $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 Rate 5%
$1,595,240
Cap Rate 7%
$1,139,457
Cap Rate 9%
$886,244
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 authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,516
Businesses Nearby
39k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 52%
Dining 48%
Sheraton Norfolk Waterside Hotel
Hotels & Casinos
9,534 visits/mo
0.4 miles
Popeyes Louisiana Kitchen
Dining
8,386 visits/mo
0.4 miles
Courtyard Norfolk Downtown
Hotels & Casinos
7,811 visits/mo
0.2 miles
BonChon Chicken
Dining
7,492 visits/mo
0.1 miles
Residence Inn by Marriott Norfolk Downtown
Hotels & Casinos
2,849 visits/mo
0.3 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
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Market
Vacancy Rate% for Retail in Norfolk, VA
Similar Off Market Nearby
- Waterside District — 333 Waterside Dr, Norfolk, VA 23510
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- Miracle at Waterside District — 333 Waterside Dr, Norfolk, VA 23510
- The Harbor Club — 333 Waterside Dr Suite 200, Norfolk, VA 23510
Frequently Asked Questions
What type of property is this?
Bar & Pub - Commercial condominium space features a mezzanine, restaurant buildout, and a long-term tenant in place.
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: 6,400‑square‑foot commercial condominium component; Two‑story restaurant and bar with an additional mezzanine; Extensive tap system included
