Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    505 Savannah Ave Richmond, VA 23222

    Sponsored
    For Sale
    $425,000

    High-traffic corner lot, 1,100 sqft building

    Property size:
    1,100 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    339
    This exceptional mixed-use property presents a compelling investment opportunity in Richmond, VA. Encompassing a 0.75-acre corner lot at the intersection of Savannah Avenue and the Richmond-Henrico Turnpike, this offering includes two parcels totaling 1,100 square feet of building space. The existing vacant bungalow sits on a highly visible location with approximately 120 feet of frontage on the Turnpike, benefiting from an estimated 10,000 vehicles per day passing by. Its B3 zoning allows for diverse business uses, making it ideal for redevelopment or adaptive reuse. The property's strategic location offers convenient access to major transportation arteries, placing it approximately half a mile from both the Richmond Raceway and the Amazon Robotics Center. On-site parking can be added, supplementing the existing street parking available on Savannah Avenue. The sale includes two separate lots: Edwards Park Lot Pt 36 3 7 2 A1 22 (508 Savannah Ave) and Edwards Park Lot Pt 38 39 40 41 2 A1 22 (505 Savannah Ave). The property is being sold "as is." Note that an adjacent 2.1-acre parcel at 3810 Meadowbridge Road is also available, presenting the potential for a combined 2.9-acre development (see MLS # VAHN2000668 for details). This is a rare chance to acquire a prime commercial property in a rapidly growing area.

    Property Features for 505 Savannah Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    1,100 SF
    Lot Size
    32,670 SF

    Building Details

    Year Built
    1940
    Property Profile Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.42419
    Latitude
    37.58276

    Nearby Similar for Sale

    • $1,200,000
      0.14 Acres

      Historic Richmond Office Building Auction

      Iconic office building in Richmond's Central Business District.
      819 E Main St, Richmond, VA 23219
      View Details
    • $600,000
      2,838 SF

      Richmond Duplex with Income Potential

      Duplex in Richmond with two units and income potential.
      710 Chimborazo Blvd, Richmond, VA 23223
      View Details
    • $599,950
      3,356 SF

      Modern Duplex in Richmond's Northside

      Renovated duplex with strong rental potential in thriving Richmond community.
      2111 North Ave, Richmond, VA 23222
      View Details
    • $349,900
      3,416 SF

      Richmond Duplex on Semmes Avenue

      Over/under duplex with development potential near Semmes Avenue.
      3318 Semmes Ave, Richmond, VA 23225
      View Details
    • $695,000
      Pending

      New Construction Multifamily in Richmond

      New construction duplex near downtown Richmond, completion January 2026.
      905 Bainbridge St, Richmond, VA 23224
      View Details
    • $695,000
      Pending

      New Construction Multifamily in Richmond

      New construction duplex in historic Manchester, Richmond, scheduled for completion.
      907 Bainbridge St, Richmond, VA 23224
      View Details
    • New
      $525,000
      1,810 SF

      Updated Colonial in Gated Community

      Updated 3-bed, 2-bath home in Richmond's Chatham Square.
      6161 River Rd, Richmond, VA 23226
      View Details
    • $585,000
      Pending

      Updated Duplex in West End

      Turnkey duplex in a sought-after location with modern upgrades.
      12300 Poplar Forest Dr, Richmond, VA 23238
      View Details
    • $300,000
      2,072 SF

      Historic Duplex in Oakwood-Chimborazo District

      1910 bungalow-style duplex with income potential near downtown Richmond.
      1619 Oakwood Ave, Richmond, VA 23223
      View Details
    • $625,000
      2,102 SF

      Duplex in the Heart of Fan

      Duplex with hardwood floors, laundry, yard, and off-street parking.
      2618 W Main St, Richmond, VA 23220
      View Details
    • $650,000
      0.31 Acres

      Richmond Industrial Cold-Storage Facility For Sale

      6,410 SF industrial/cold-storage facility in Richmond's Chamberlayne Industrial Center.
      1505 Brook Rd, Richmond, VA 23220
      View Details
    • $2,200,000
      8,296 SF

      Fan District Multifamily Investment Property

      Fully leased, renovated six-unit building in Richmond's Fan District.
      1012 W Franklin St, Richmond, VA 23220
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - High-traffic corner lot, 1,100 sqft building
    Where is this mixed-use property located?
    The property is located at 505 Savannah Ave Richmond, VA.
    What is the asking price?
    The asking price for this property is $425,000.
    (804) 349-5788
    Request Owner's contact information
    505 Savannah Ave Richmond, VA 23222
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    505 Savannah Ave
    Richmond, VA 23222
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    505 Savannah Ave Richmond, VA 23222
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.