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    1965 Wakefield Ave Petersburg, VA 23805

    For Sale
    $1,200,000

    Bank Building, 14,553 SF, 1.03 Acres

    Property size:
    14,553 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    316
    This exceptional commercial property, located at 1965 Wakefield Avenue in Petersburg, Virginia, presents a unique investment opportunity. The building, formerly the main office of Virginia Commonwealth Bank and now occupied by Blue Ridge Bank following a merger, boasts a substantial 14,553 square feet of space situated on a 1.03-acre lot. Currently, Blue Ridge Bank occupies the first floor as a branch location and has committed to a leaseback agreement with the new owner, ensuring a consistent income stream. The second floor is currently leased with a three-year lease term in place. The third floor is available for lease, offering significant potential for additional rental income. This presents a compelling opportunity for an investor to acquire a well-located, established commercial property with existing tenants and immediate rental income. The building's prominent location in Petersburg offers excellent visibility and accessibility. The leaseback agreement with Blue Ridge Bank provides a secure investment, minimizing vacancy risk and ensuring a steady return on investment. The potential for increased rental income from the available third-floor space further enhances the property's value and profitability. This is an ideal investment for those seeking a stable, income-generating asset in a growing market. The sale includes the terms of the leaseback agreement with Blue Ridge Bank.

    Property Features for 1965 Wakefield Ave

    General Information

    Property type
    Other commercial real estate
    Square Feet
    14,553 SF
    Lot Size
    44,867 SF

    Building Details

    Year Built
    1979
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Petersburg
    County
    Petersburg
    State
    Virginia
    Longitude
    -77.38373
    Latitude
    37.20206

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    FAQs

    What type of property is this?
    Commercial real estate - Bank Building, 14,553 SF, 1.03 Acres
    Where is this commercial real estate located?
    The property is located at 1965 Wakefield Ave Petersburg, VA.
    What is the asking price?
    The asking price for this property is $1,200,000.
    (804) 536-3737
    Request Owner's contact information
    1965 Wakefield Ave Petersburg, VA 23805
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    Petersburg, VA 23805
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    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
    1965 Wakefield Ave Petersburg, VA 23805
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