Mixed-Use Building with
For Sale
$619,000
305 N MAIN ST, Bridgewater, VA 22812
The property combines an operating restaurant with a separate upstairs apartment.
Property Size3,200 SF
Price / SF$193.44
Days on Market46
Property Features for 305 N MAIN ST
General Information
Standard status
Active
Size
3,200 SF
Property subtype
CommercialSale
Listing Agency:
KLINE & CO. REAL ESTATE
(540) 946-4000
Listed By:
JONATHAN STALLARD
Source:
Raycaddellrealestate
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 28 at 7:57PM
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 KLINE & CO. REAL ESTATE
Investment Insights
Based on property information with market context.
This 3,200-square-foot mixed-use building places an operating restaurant on the main level and a separate apartment upstairs. The residential component includes three rooms and one bathroom, creating a distinct upper-level space within the property. Greedy’s Grill occupies the restaurant area.
The building is located at 305 N Main St in Bridgewater’s business district and is zoned General Business. Bridgewater College, shops, and municipal offices are nearby. The property’s combined commercial and residential layout provides an established restaurant operation alongside a separate apartment within the same building.
The building is located at 305 N Main St in Bridgewater’s business district and is zoned General Business. Bridgewater College, shops, and municipal offices are nearby. The property’s combined commercial and residential layout provides an established restaurant operation alongside a separate apartment within the same building.
Key Highlights
- 3,200‑square‑foot mixed‑use property in Bridgewater’s business district
- Main level occupied by operating restaurant Greedy’s Grill
- Separate upstairs apartment with three rooms and one bathroom
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
$49,075
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
7.93%
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%
$981,500
$981.5K
Cap Rate 7%
$701,071
$701.1K
Cap Rate 9%
$545,278
$545.3K
Market Conditions
NOI Build-Up for 3,200 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
$76.8K $24.00/SF
− Vacancy
−$11.4K −$3.55/SF
EGI
$65.4K $20.45/SF
− OpEx
−$16.4K −$5.11/SF
NOI
$49.1K $15.34/SF
Area
Rockingham County, VA
Vacancy
14.80%
Lease Rate
$24.00 /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%
$981,500
Cap Rate 7%
$701,071
Cap Rate 9%
$545,278
Alternative Uses
Best Use
Office B
$701.1K
$613.4K – $817.9K
NOI $49,075 @ 7.0% cap · market cap 7.93%
Second Best
Specialty Retail
$530.8K
$464.4K – $619.3K
NOI $37,155 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$964.4K
$843.8K – $1.13M
NOI $67,507 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 22812, VA
9,799
Population
3,570
Households
2.7
Avg Household Size
36
Median Age
40%
College-Educated
89%
High-School Grad
49.8 sq mi
ZIP Area
197
Density / Sq Mi
$83,858
Median Household Income
$33,182
Median Earnings
$1,158
Median Rent
$342,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines an operating restaurant with a separate upstairs apartment.
Where is this mixed-use property located?
The property is located at 305 N MAIN ST Bridgewater, VA.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: 3,200‑square‑foot mixed‑use property in Bridgewater’s business district; Main level occupied by operating restaurant Greedy’s Grill; Separate upstairs apartment with three rooms and one bathroom
