Former Bank Building on
1101 Azalea Avenue Richmond, VA 23227
For Sale
$640,000
2,676 SF former bank building for sale on 0.653 AC.
Property Size2,676 SF
Lot Size0.65 Acres
Price / SF$239.16
Days on Market124
Property Features for 1101 Azalea Avenue
General Information
- Standard status
- Active
- Size
- 2,676 SF
- Lot size
- 0.65 Acres
- Property subtype
- Retail
Listing Agency:
(804) 201-2026
Listed By:
Pam Strieffler
(804) 201-2026
Source:
Cbre
Added: Mar 25
Changed: Jul 6
Last Checked: Jul 26 at 4:13AM
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 Pam Strieffler
Investment Insights
Based on property information with market context.
The property is a 2,676 square foot former bank building situated on 0.653 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. Potential highest and best uses include a bank, coffee shop, or quick service restaurant, as well as 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.
- Three existing drive‑thru lanes.
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
FAQs
What type of property is this?
Bank - 2,676 SF former bank building for sale on 0.653 AC.
Where is this bank located?
The property is located at 1101 Azalea Avenue 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.; **Three existing drive‑thru lanes.**
