Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1965 Wakefield Ave Petersburg, VA 23805

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Three-story commercial building with leaseback opportunity in Petersburg, VA.

    Lot size:
    1.03 Acres

    Property Features for 1965 Wakefield Ave

    General Information

    Standard status
    Active
    Lot size
    1.03 Acres

    Building Details

    Year built
    1979

    We can help!

    Listing Contact
    Steve Mcdonough
    Source: Exitrealty

    Listing Agency: McDonough Real Estate Co Listing Agent: Steve Mcdonough

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Former Bank Building For Sale

    The property is a three-story commercial building formerly occupied by Virginia Commonwealth Bank, now Blue Ridge Bank (BRB) due to a merger. The corporate offices have relocated, and the first floor is currently occupied by a BRB branch bank. The second floor is rented with 3 years remaining on the lease. The third floor is available for rent. As part of the terms of sale, BRB is committed to remaining in the area and will continue to leaseback from the new investor/owner.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Petersburg
    County
    Petersburg
    State
    Virginia
    Longitude
    -77.384318
    Latitude
    37.202355

    Nearby Similar for Sale

    • $300,000
      Pending

      Renovated Duplex in Petersburg, VA

      Fully renovated duplex with modern finishes, ideal for owner-occupants or investors.
      1342-1344 Rome St, Petersburg, VA 23803
      View Details
    • New
      $294,950
      Pending

      Historic Quad with Renovation Potential

      Historic quad in Old Towne Petersburg, ideal for rental income.
      235-237 Grove Ave, Petersburg, VA 23803
      View Details
    • New
      $219,000
      2,980 SF

      Petersburg Historic District Duplex

      Renovated brick duplex in Petersburg's Historic District.
      625 W Washington St, Petersburg, VA 23803
      View Details
    • $199,000
      Pending

      Turnkey Duplex in Petersburg, VA

      Updated duplex with steady cash flow, close to downtown.
      120 New St, Petersburg, VA 23803
      View Details
    • $218,975
      Pending

      Petersburg Super Duplex Best Buy

      Large duplex in Petersburg with potential for high rental income.
      125 Chappell St, Petersburg, VA 23803
      View Details
    • $224,000
      Pending

      Petersburg Duplex Portfolio Opportunity

      Turn-key rental portfolio featuring four duplexes in Petersburg, Virginia.
      707-709 Harding St, Petersburg, VA 23803
      View Details
    • $224,000
      Pending

      Petersburg Multifamily Portfolio Opportunity

      Turn-key multifamily portfolio featuring duplexes in Petersburg, Virginia.
      703-705 Harding St, Petersburg, VA 23803
      View Details
    • $224,000
      Pending

      Petersburg Multifamily Portfolio Opportunity

      Turn-key rental portfolio featuring four duplexes in Petersburg, Virginia.
      635-701 Harding St, Petersburg, VA 23803
      View Details
    • $224,000
      Pending

      Petersburg Duplex Portfolio Opportunity

      Turn-key multifamily portfolio in Petersburg, featuring eight doors across four duplexes.
      631-633 Harding St, Petersburg, VA 23803
      View Details
    • Contact for pricing

      Turn-Key Hotel with Ample Parking

      155-room limited service hotel with excellent highway access.
      12208 South Crater Rd, Petersburg, VA 23805
      View Details
    • Contact for pricing
      20,555 SF

      Flex/Warehouse Building on 10+ Acres

      20,555 SF flex/warehouse on 10.72 acres near I-95/I-295.
      2340-2400 E Washington St, Petersburg, VA 23803
      View Details
    • $115,000
      1,500 SF

      Commercial Condo in Petersburg, VA

      Commercial condo for sale in a growing Petersburg location.
      2018 E Washington St, Petersburg, VA 23803
      View Details

    FAQs

    What type of property is this?
    Office building - Three-story commercial building with leaseback opportunity in Petersburg, VA.
    Where is this office building located?
    The property is located at 1965 Wakefield Ave Petersburg, VA.
    What are key features of this property?
    This property features: - Existing leaseback agreement with Blue Ridge Bank (BRB) provides immediate and stable income.; - BRB branch bank occupies the first floor, ensuring consistent occupancy and traffic.; - Second floor is currently rented, offering additional income stream.
    (804) 536-3737
    Request Owner's contact information
    1965 Wakefield Ave Petersburg, VA 23805
    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.
    1965 Wakefield Ave
    Petersburg, VA 23805
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    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
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Steve Mcdonough
    Real Estate License ID: 0225060631
    (804) 536-3737
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!