Richmond Former Bank on
1101 Azalea Ave Richmond, VA 23227
1101 Azalea Ave, Richmond, VA, 23227
Contact for pricing
For Sale
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2,676 SF former bank building on 0.66 acres.
Property Size2,676 SF
Lot Size0.66 Acres
Price / SF$239.16
Days on Market886
Property Features for 1101 Azalea Ave
General Information
- Standard status
- Active
- Size
- 2,676 SF
- Lot size
- 0.66 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1981
Listing Agency
CBRE Richmond
(843) 352-3394
Listed by
Ian Webster · License #0225222999
Source
Crexi
Added: Feb 12, 2024 Checked: Jul 17 at 7:39 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE Richmond
Investment Insights
Based on property information with market context.
The property is a 2,676 square foot former bank situated on 0.6608 acres along Azalea Avenue north of downtown Richmond, Virginia. The site is highly visible along the corridor and from flanking lighted intersections. It features two full access points, a three-lane drive-thru, and a large unobstructed pylon sign. The location benefits from traffic of over 17,000 vehicles per day directly in front of the site. The B-2 – Business (Community Business) zoning allows for a wide range of retail and commercial uses. Highest and best uses include bank, coffee shop, quick service restaurant, or redevelopment.
Key Highlights
- High visibility location on Azalea Avenue with 17,000+ vehicles per day
- B‑2 Zoning allows for a wide range of retail/commercial uses
- Two full access points and a three‑lane drive‑thru
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.8k | $18.60 |
| − Vacancy | −$3.5k | −$1.30 |
| EGI | $46.3k | $17.30 |
| − OpEx | −$11.6k | −$4.32 |
| NOI | $34.7k | $12.97 |
2,676 SF · lease $18.60/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$496.0K
$434.0K – $578.6K
NOI $34,717 @ 7.0% cap · market cap 5.42%
Second Best
Retail
$417.2K
$365.1K – $486.8K
NOI $29,206 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$618.2K
$541.0K – $721.3K
NOI $43,277 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Banks
Similar For Sale Nearby
FAQs
What type of property is this?
Bank - 2,676 SF former bank building on 0.66 acres.
Where is this bank located?
The property is located at 1101 Azalea Ave Richmond, VA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: High visibility location on Azalea Avenue with 17,000+ vehicles per day; B‑2 Zoning allows for a wide range of retail/commercial uses; Two full access points and a three‑lane drive‑thru
