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    Restaurant, Bar and Event Center Title is generated by Realmo AI

    8059 Florence Avenue, Virgilina, VA 24598

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    For Sale
    $150,000

    COMMERCIAL - Virgilina, VA

    Property size:
    3,108 SF
    Lot size:
    0.84 Acres
    Price / SF:
    $48/SF
    Added:
    Aug 22, 2023
    Days on Market:
    1005
    Last Refresh:
    May 22 at 8:06 am

    Property Features for 8059 Florence Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    3,108 SF
    Lot size
    0.84 Acres

    Building Details

    Year built
    1985

    We can help!

    Listing Contact
    J.C. Eldreth

    Listing agent J.C. Eldreth License #250526

    Listing office The Pointe Realty Group (Littleton) 2105 Eaton Ferry Road, Littleton, VA

    Listing date Aug 22, 2023

    MLS# 133286

    Copyright © 2026 Roanoke Valley Lake Gaston Board 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.

    HighLights

    • Large dining area with seating for over 100 guests.
    • Outdoor event center featuring a 45'x30' party deck and two stages (indoor and outdoor).
    • Flexible zoning allows for a wide range of business uses (grill, sales, repair, etc.).
    • 1200 Sq. Ft. bonus area, currently a fitness studio, with movable walls for expansion.
    • Ample parking, including street parking and a grass overflow area.
    • 840 Sq. Ft. storage basement and emergency generator hookup.

    Overview

    This commercial property in Virgilina, VA, features a restaurant, bar, and outdoor event center. The dining area can accommodate over 100 guests. Additionally, there is a 1200 square foot bonus area, currently used as a fitness studio, with movable walls for flexible space configuration. An 840 square foot storage basement is also included. The property is equipped with an emergency generator that can be hard wired to the breaker panel. Ample parking is available on the street, with an overflow area on the side street. The outdoor space includes a 45'x30' party deck with two stages, one indoor and one outdoor. The zoning allows for various uses, including a grill, landscaping sales, small engine repair, storage building and carport sales, used car sales and repairs, and farm equipment sales. The property is situated on a 0.843-acre lot. The building size is 3108 square feet. A vacant lot to the left of the property, measuring 57'x120' (0.157 acres), is also available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Gatrell's Inc Bar & Pub Hunt Brothers Pizza Restaurant Town of Virgilina City Government Office

    Suggested Use

    Restaurant Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Kitchen & Bath Showroom Bar & Pub (Bike/Boat/Book/etc) Store Wine and Liquor Store Plumbing Service

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

    Similar Places Nearby

    • Gatrell's Inc — 8059 Florence Ave, Virgilina, VA 24598

    Location Insight

    • Map
    • Local Demand
    City
    Virgilina
    County
    Halifax
    State
    Virginia
    Longitude
    -78.774532
    Latitude
    36.544372

    FAQs

    What type of property is this?
    Bar & Pub - Established restaurant, bar, and event center with outdoor space.
    Where is this bar & pub located?
    The property is located at 8059 Florence Avenue Virgilina, VA.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: Large dining area with seating for over 100 guests.; Outdoor event center featuring a 45'x30' party deck and two stages (indoor and outdoor).; Flexible zoning allows for a wide range of business uses (grill, sales, repair, etc.).
    (434) 579-7789
    We can help!
    Listing Contact
    J.C. Eldreth
    Real Estate License ID: 250526
    Learn More
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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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