Norfolk, Virginia, is an ideal location for a restaurant, offering a unique blend of history, culture, and entertainment. With a population of around 240,000, Norfolk provides a diverse customer base for restaurants. The city's strategic position along the Elizabeth River and Chesapeake Bay has historically made it a vital military and transportation point, attracting visitors and locals alike. The presence of institutions like Old Dominion University, Eastern Virginia Medical School, and Norfolk State University ensures a steady flow of students, faculty, and staff seeking dining options. Additionally, the city's thriving arts scene, featuring events like the Virginia Arts Festival and the Norfolk Jazz Festival, draws visitors from across the region. With 4 restaurants for lease in Norfolk, entrepreneurs and investors can find the perfect location to establish a successful dining establishment.
Norfolk's restaurants benefit from the city's diverse economy, which includes maritime activities, defense contracting, cargo ports, and tourism. The city's infrastructure, including water and sewer services, electricity, and natural gas distribution, supports the needs of restaurants. Furthermore, Norfolk's transportation facilities, such as the Norfolk International Airport, Amtrak station, and central bus terminal, provide easy access for customers. In addition to restaurants, Norfolk offers a range of commercial properties, including retail space, commercial real estate, and flex space, providing opportunities for entrepreneurs to establish a diverse range of businesses. With average annual rent per square foot of $13 USD, and spaces ranging from 7,242 to 7,242 square feet, Norfolk's restaurants for lease offer a competitive advantage in the market.
In Norfolk, restaurant leases are typically structured with an average annual rent of $13 USD per square foot, with spaces ranging from 7,242 square feet to 7,242 square feet. The lease terms often include a base rent, plus additional costs such as common area maintenance, property taxes, and insurance, with the option to renew or terminate the lease after a specified period, usually 5-10 years.
When searching for restaurants for lease in Norfolk, with 4 available listings, you'll often find that kitchen equipment is included in the lease agreement. Typically, this equipment includes commercial-grade appliances such as ovens, stoves, refrigerators, dishwashers, and ventilation systems, which are essential for operating a successful restaurant in a city like Norfolk, where the average annual rent per square foot is $13 USD and the average restaurant size is around 7,242 square feet.