Norfolk, Virginia, offers a unique opportunity for investors to capitalize on the city's diverse economy and strategic location. With 5 restaurants for sale, Norfolk presents an attractive option for those looking to invest in the food industry. Restaurants in Norfolk can represent a range of investments, from casual eateries to fine dining establishments, and from family-owned businesses to national chains. Whatever the type, restaurants in Norfolk benefit from the city's strong tourism industry, driven by its rich history, cultural attractions, and proximity to the Port of Virginia. The city's amenities, including Sentara Norfolk General Hospital, the Norfolk Botanical Garden, and the Virginia Zoo, also contribute to its appeal. Additionally, Norfolk's educational institutions, such as Old Dominion University and Norfolk State University, provide a steady stream of customers for restaurants. The city's geography, with its extensive riverfront property and bayfront resort property, also makes it an attractive location for restaurants with waterfront views. Overall, Norfolk's unique blend of history, culture, and economy makes it an excellent place to invest in a restaurant.
Norfolk's restaurants are just one part of the city's diverse commercial landscape. In addition to restaurants, investors can also explore opportunities in apartment buildings, shopping centers, specialty properties, and hotels. Apartment buildings in Norfolk offer a steady stream of rental income, while shopping centers provide a hub for local commerce. Specialty properties, such as office buildings and warehouses, can be tailored to meet the needs of specific businesses. Hotels in Norfolk, meanwhile, cater to the city's many tourists and business travelers. Whatever the type of property, Norfolk's strong economy and strategic location make it an attractive option for investors. With its rich history, cultural attractions, and proximity to the Port of Virginia, Norfolk is an excellent place to invest in commercial real estate.
What is the average cost per square foot for a restaurant in Norfolk?
The average cost per square foot for a restaurant in Norfolk is $700 USD per square feet, with an average size of 2,691 square feet and a largest size of 3,524 square feet, among the 5 available listings of restaurants for sale in the area.
What factors determine the value of a restaurant for sale in Norfolk?
When evaluating the value of a restaurant for sale in Norfolk, several key factors come into play, including:
- Average price per square foot, which currently stands at $700 USD, and the average size of restaurants for sale, which is approximately 2,691 square feet.
- The restaurant's location, with proximity to major attractions, transportation hubs, and population centers, such as the Norfolk International Airport, Naval Station Norfolk, and the Port of Virginia, playing a significant role in determining value.
- The restaurant's financial performance, including its average cap rate, which is currently at 5.91%, as well as its revenue streams, profitability, and growth potential.
