Freestanding Auto Shop with Service
For Sale
Contact for pricing
1107 Azalea Ave E, Richmond, VA 23227
B-2 zoning accommodates automotive operations and a range of other commercial uses.
Property Size2,839 SF
Lot Size0.46 Acres
Price / SF$343.43
Days on Market153
Property Features for 1107 Azalea Ave E
General Information
Standard status
Active
Size
2,839 SF
Lot size
0.46 Acres
Property subtype
Retail
Zoning
B-2
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
2
Building Details
Year Built
1985
Buildings
1
Stories
1
Listing Agency:
Mid Atlantic Commercial
(757) 620-2932
Listed By:
Jonathan Guion · License #VA 0226007065
Source:
Crexi
Added: Mar 31
Changed: Aug 30
Last Checked: Aug 30 at 7:19AM
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 Mid Atlantic Commercial
Investment Insights
Based on property information with market context.
This freestanding commercial building contains 2,839 square feet on a 0.46-acre site and includes two service bays. Built in 1985, the property was previously occupied by Jiffy Lube and is configured for automotive use while also offering flexibility for other retail or service businesses.
The property is located at 1107 Azalea Ave E in Richmond, Virginia, with access to I-95, Brook Road, and Chamberlayne Avenue, also identified as Route 301. B-2 zoning permits a broad range of commercial uses, giving the site applicability for both owner-users and investors.
The property is located at 1107 Azalea Ave E in Richmond, Virginia, with access to I-95, Brook Road, and Chamberlayne Avenue, also identified as Route 301. B-2 zoning permits a broad range of commercial uses, giving the site applicability for both owner-users and investors.
Key Highlights
- 2,839 SF freestanding building on 0.46 acres
- Two service bays for automotive operations
- B‑2 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,985
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$619,700
$619.7K
Cap Rate 7%
$442,643
$442.6K
Cap Rate 9%
$344,278
$344.3K
Market Conditions
NOI Build-Up for 2,839 SF
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.
Gross rent
$48.4K $17.04/SF
− Vacancy
−$4.1K −$1.45/SF
EGI
$44.3K $15.59/SF
− OpEx
−$13.3K −$4.68/SF
NOI
$31.0K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$619,700
Cap Rate 7%
$442,643
Cap Rate 9%
$344,278
Alternative Uses
Best Use
Retail
$442.6K
$387.3K – $516.4K
NOI $30,985 @ 7.0% cap · market cap 3.18%
Second Best
Industrial
$257.1K
$225.0K – $300.0K
NOI $18,000 @ 7.0% cap · market cap 1.85%
Theoretical Best
Office A
$655.9K
$573.9K – $765.2K
NOI $45,913 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23227, VA
25,283
Population
13,351
Households
1.9
Avg Household Size
45
Median Age
47%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,199
Density / Sq Mi
$70,537
Median Household Income
$45,315
Median Earnings
$1,306
Median Rent
$329,700
Median Home Value
Market
Vacancy Rate% for Retail in Richmond, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Decatur's Garage — 4031 MacArthur Ave, Richmond, VA 23227
- Auto Glass Leaders — 4328 chamberlayne ave, richmond, va 23227
- Goodyear — 5302 Lakeside Ave, Richmond, VA 23228
- Seredni Tire & Auto Center — 5302 Lakeside Ave, Richmond, VA 23228
- Seredni Tire & Auto — 5302 lakeside ave, richmond, va 23228
Frequently Asked Questions
What type of property is this?
Auto shop - B-2 zoning accommodates automotive operations and a range of other commercial uses.
Where is this auto shop located?
The property is located at 1107 Azalea Ave E Richmond, VA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 2,839 SF freestanding building on 0.46 acres; Two service bays for automotive operations; B‑2 zoning
