Two-Story Restaurant with
For Sale
$1,400,000
241 Granby Street, Norfolk, VA 23510
COMMERCIAL - Norfolk, VA
Property Size6,400 SF
Lot Size0.03 Acres
Price / SF$218.75
Days on Market125
Property Features for 241 Granby Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
D-3
Subdivision
DOWNTOWN AREA
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 · Sotheby's International Realty
(757) 777-9870
Listed By:
Kris Weaver
(757) 340-5555
Added: Apr 9
Changed: Aug 4
Last Checked: Aug 11 at 11:06PM
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.
Investment Insights
Based on property information with market context.
The offering comprises the commercial portion of the condominium at 241 Granby Street, occupying the first two floors of the Historic Portlock Building. The 6,400-square-foot property is configured as a two-story restaurant and bar with an additional mezzanine level, along with an extensive tap system. Built in 1905, the building has forced-air heating and central air conditioning, and the property is zoned D-3.
The property is in downtown Norfolk’s historic district and includes a long-term tenant already in place. Its address places the asset on Granby Street in Norfolk, Virginia, within the 23510 postal area. The restaurant and bar configuration, mezzanine, and existing tap infrastructure define the current commercial layout.
The property is in downtown Norfolk’s historic district and includes a long-term tenant already in place. Its address places the asset on Granby Street in Norfolk, Virginia, within the 23510 postal area. The restaurant and bar configuration, mezzanine, and existing tap infrastructure define the current commercial layout.
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 = 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
$79,762
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
5.70%
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%
$1,595,240
$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
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
$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 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%
$1,595,240
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,516
Businesses Nearby
39k
Monthly Visits Nearby
Under-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
Market
Vacancy Rate% for Retail in Norfolk, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercial condominium component with restaurant, bar, and mezzanine spaces.
Where is this conventional restaurant located?
The property is located at 241 Granby Street Norfolk, VA.
What is the asking price?
The asking price for this property is $1,400,000.
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
