Building Details

Building Size 6,400 SF

Year Built 1905

Buildings 1

Listing Agency: Atlantic Sothebys Int'l Realty k***@krisweaver.com Show Phone

Listed By: Kris Weaver Show Phone

Source: Hoggerealestate

Added: Oct 23 Changed: Oct 25 Last Checked: Oct 26 at 4:03AM

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Investment Insights

Based on property information with market context.

The commercial condominium comprises 6,400 square feet across the building’s first two floors, with a restaurant and bar plus a mezzanine. An extensive tap system is part of the space. The building dates to 1905, and the property is zoned D-3.

The space is in downtown Norfolk’s historic district on Granby Street. A long-term tenant is in place.

Key Highlights

• 6,400‑square‑foot commercial condominium space
• Restaurant and bar spanning two floors, with an additional mezzanine
• Long‑term tenant in place

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

Is this asking price fair?

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 (±1% cap)

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 (±1% cap)

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

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Current Use

Conventional restaurants

Suggested Use

Top Pick Electrical Service Plumbing Service Kitchen & Bath Showroom Home Appliance Store Veterinary Clinic Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7.9% 2019

9.3% 2020

8.7% 2021

7.9% 2022

6.9% 2023

6.6% 2024

6.6% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - The two-level commercial condominium space is occupied by a long-term restaurant tenant.

Where is this conventional restaurant located?

The property is located at 241 Granby St #10 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 space; Restaurant and bar spanning two floors, with an additional mezzanine; Long‑term tenant in place