Historic Restaurant With Event
For Sale
$1,495,000
403 N MAIN ST, Bridgewater, VA 22812
COMMERCIAL - BRIDGEWATER, VA
Property Size4,424 SF
Lot Size0.71 Acres
Price / SF$337.93
Days on Market316
Property Features for 403 N MAIN ST
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Town
Directions
Use GPS. Main St in Bridgewater. Just across from Generations Park.
Subdivision
Rockingham
Standard status
Active
APN
122/ A2 A/ / 40/
Size
4,424 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Electric (Heating)
Cooling system
Zoned, Ductless
Amenities
multiple dining rooms
bar
double porches
flexible upstairs rooms
outbuildings
Building Details
Year built
1825
Listing Agency:
Connexa Real Estate
(540) 534-0676
Listed By:
Brad Cohen · License #0225217866
(540) 830-7239
Added: Oct 6, 2025
Changed: Aug 4
Last Checked: Aug 17 at 3:06AM
MLS# 669760
Copyright © 2026 Harrisonburg-Rockingham Association of Realtors. 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.
This restaurant property combines an 1825 structure with food-service renovations completed in 2015. The 4,424-square-foot building includes several dining rooms, a bar, double porches, and upstairs rooms suited to private functions or office use. A commercial kitchen is equipped with a hood and ANSUL system, while back-of-house areas provide preparation and storage space. The property also includes a walk-in cooler and freezer, outbuildings, and utility improvements.
Located at 403 N Main St in Bridgewater, Virginia, the property occupies 0.71 acres within the Bridgewater Historic District and is zoned Town. A covered patio accommodates 100 people, with on-site parking supplemented by nearby public parking. The offering combines the real estate with the operating restaurant business, and the stated zoning and permitted uses support continued restaurant, retail, and hospitality operations, subject to buyer verification.
Located at 403 N Main St in Bridgewater, Virginia, the property occupies 0.71 acres within the Bridgewater Historic District and is zoned Town. A covered patio accommodates 100 people, with on-site parking supplemented by nearby public parking. The offering combines the real estate with the operating restaurant business, and the stated zoning and permitted uses support continued restaurant, retail, and hospitality operations, subject to buyer verification.
Key Highlights
- 4,424‑square‑foot restaurant building constructed in 1825
- Food‑service renovation completed in 2015
- 0.71‑acre property within the Bridgewater Historic District
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
$51,367
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
3.44%
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%
$1,027,340
$1.0M
Cap Rate 7%
$733,814
$733.8K
Cap Rate 9%
$570,744
$570.7K
Market Conditions
NOI Build-Up for 4,424 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
$70.6K $15.96/SF
− Vacancy
−$2.1K −$0.48/SF
EGI
$68.5K $15.48/SF
− OpEx
−$17.1K −$3.87/SF
NOI
$51.4K $11.61/SF
Area
Rockingham County, VA
Vacancy
3.00%
Lease Rate
$15.96 /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%
$1,027,340
Cap Rate 7%
$733,814
Cap Rate 9%
$570,744
Alternative Uses
Best Use
Specialty Retail
$733.8K
$642.1K – $856.1K
NOI $51,367 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.17M – $1.56M
NOI $93,329 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
67k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 48%
McDonald's
Dining
17,529 visits/mo
0.2 miles
7-Eleven
Shops & Services
17,265 visits/mo
0.2 miles
El Charro
Dining
10,091 visits/mo
0.2 miles
Family Dollar
Shops & Services
9,175 visits/mo
0.3 miles
SUBWAY
Dining
4,139 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant property with period character, updated food-service improvements, dining areas, and flexible upstairs rooms.
Where is this conventional restaurant located?
The property is located at 403 N MAIN ST Bridgewater, VA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 4,424‑square‑foot restaurant building constructed in 1825; Food‑service renovation completed in 2015; 0.71‑acre property within the Bridgewater Historic District
