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    Turnkey Restaurant & Bar Building Title is generated by Realmo AI

    731 Granby Street, Norfolk, VA 23510

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    For Sale
    $1,375,000

    COMMERCIAL - Norfolk, VA

    Property size:
    4,132 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $332/SF
    Added:
    Jun 4, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 7 at 10:06 pm

    Property Features for 731 Granby Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    D-4
    Standard status
    Active
    Size
    4,132 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3286

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1916

    We can help!

    Listing Contact
    Allen Bynum

    Listing agent Allen Bynum

    Listing office BHHS RW Towne Realty 137 Mt Pleasant Road, Chesapeake, VA

    Listing date Jun 4, 2026

    MLS# 10638066

    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.

    HighLights

    • Commercial building built in 1916 with central air and heat pump (heating).
    • Renovated in 2017, including a new bar, walls, mezzanine, and light fixtures.
    • 2017 upgrades include renovated bathrooms and kitchen, plus new electrical and plumbing.
    • HVAC, roof, tables, chairs, bar stools, and floor lighting were part of the 2017 renovation scope.
    • Established tenants are currently in occupancy.

    Overview

    This for-sale restaurant and bar building was meticulously renovated in 2017, with updates throughout the improvements. The work included a brand-new bar, walls, mezzanine, lighting fixtures, bathrooms, and kitchen, along with new electrical, plumbing, and HVAC systems. Additional capital improvements reported include a new roof, updated tables, chairs, bar stools, and floor lighting, presenting a turnkey configuration for operations.

    The property is located at 731 Granby Street in Norfolk, Virginia, on a 0.07-acre lot. Zoning is listed as D-4. Public remarks also note that the Greyhound Bus station is being developed into over 200 units, which may shape the surrounding mix as the area changes.

    For buyers seeking a hospitality asset with ready-to-operate condition, this building is positioned as turnkey with established tenants already in occupancy, based on the information provided. The combination of renovated dining and bar components, updated life-safety and building systems, and a complete interior package can be beneficial for an operator or ownership group looking to move forward without coordinating the 2017 renovation scope. All specifications and features should be verified during due diligence, including tenant arrangements and any remaining items not covered in the provided description.
    Property Profile Location Intelligence

    Current Use by Public Records

    Soirée Bistro Restaurant Jhane's Sweet Lounge Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Toast — 2406 Colonial Ave, Norfolk, VA 23517
    • A W Shucks Raw Bar & Grill — 2200 Colonial Ave, Norfolk, VA 23517
    • Cogans Pizza Ghent — 1901 Colonial Ave, Norfolk, VA 23517
    • Jessy's Taco Bistro — 328 W 20th St, Norfolk, VA 23517
    • Pinot's Palette — 240 W 21st St, Norfolk, VA 23517

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2887266
    Latitude
    36.8553081

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    FAQs

    What type of property is this?
    Bar & Pub - 2017 renovated bar and restaurant building offered for sale with tenants in place and updated interior systems.
    Where is this bar & pub located?
    The property is located at 731 Granby Street Norfolk, VA.
    What is the asking price?
    The asking price for this property is $1,375,000.
    What are key features of this property?
    This property features: Commercial building built in 1916 with central air and heat pump (heating).; Renovated in 2017, including a new bar, walls, mezzanine, and light fixtures.; 2017 upgrades include renovated bathrooms and kitchen, plus new electrical and plumbing.
    (757) 690-0439
    We can help!
    Listing Contact
    Allen Bynum
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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