Office and Bank Building with
For Sale
$2,950,000
1650 Willow Lawn Dr, Richmond, VA 23230
Two-story office building with a ground-floor bank drive-thru and ATM setup, brick corner presence, and 60 parking spaces.
Property Size17,749 SF
Price / SF$166.21
Days on Market163
Property Features for 1650 Willow Lawn Dr
General Information
Standard status
Active
Size
17,749 SF
Class
B
Total Parking Spaces
60
Property subtype
Office
Building Details
Building Size
17,749 SF
Year Built
1989
Stories
3
Listing Agency:
S.L. Nusbaum Realty Co - Corporate
Listed By:
Andrew Brodie
(804) 759-5970
Source:
Slnusbaum
Added: Apr 11
Changed: Sep 18
Last Checked: Sep 19 at 6:33AM
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 S.L. Nusbaum Realty Co - Corporate
Investment Insights
Based on property information with market context.
1650 Willow Lawn Drive offers a brick commercial building with two floors of office space plus a ground-floor bank component. The bank area includes a drive-thru and an ATM setup, and it is supported by a covered mall area of 713 sq ft.
The property sits on a corner and provides street presence in Richmond’s commercial district. The building includes 13,951 sq ft of office space and 3,085 sq ft previously used as Village Bank. A total of 60 parking spaces are available for the building.
This configuration supports a variety of day-to-day uses consistent with office operations and the included drive-thru/ATM bank layout, with the ground-floor and covered mall area contributing flexibility within the overall building footprint.
The property sits on a corner and provides street presence in Richmond’s commercial district. The building includes 13,951 sq ft of office space and 3,085 sq ft previously used as Village Bank. A total of 60 parking spaces are available for the building.
This configuration supports a variety of day-to-day uses consistent with office operations and the included drive-thru/ATM bank layout, with the ground-floor and covered mall area contributing flexibility within the overall building footprint.
Key Highlights
- Two‑story office building with ground‑floor bank space at 1650 Willow Lawn Drive
- Ground‑floor bank space includes a drive‑thru and ATM setup; 3,085 sq ft
- Office space totals 13,951 sq ft across 2 floors
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
$238,634
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
8.09%
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%
$4,772,680
$4.8M
Cap Rate 7%
$3,409,057
$3.4M
Cap Rate 9%
$2,651,489
$2.7M
Market Conditions
NOI Build-Up for 17,749 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
$377.0K $21.24/SF
− Vacancy
−$58.8K −$3.31/SF
EGI
$318.2K $17.93/SF
− OpEx
−$79.5K −$4.48/SF
NOI
$238.6K $13.44/SF
Area
Richmond, VA
Vacancy
15.60%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
25.00%
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%
$4,772,680
Cap Rate 7%
$3,409,057
Cap Rate 9%
$2,651,489
Alternative Uses
Best Use
Office B
$3.41M
$2.98M – $3.98M
NOI $238,634 @ 7.0% cap · market cap 8.09%
Second Best
Specialty Retail
$3.29M
$2.88M – $3.84M
NOI $230,267 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$4.10M
$3.59M – $4.78M
NOI $287,043 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,254
Businesses Nearby
Explore this area
Business Placement
Demographics for 23230, VA
8,263
Population
5,066
Households
1.6
Avg Household Size
35
Median Age
52%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
1,922
Density / Sq Mi
$71,189
Median Household Income
$55,121
Median Earnings
$1,608
Median Rent
$343,500
Median Home Value
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Market
Vacancy Rate% for Office in Richmond, VA
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with a ground-floor bank drive-thru and ATM setup, brick corner presence, and 60 parking spaces.
Where is this office building located?
The property is located at 1650 Willow Lawn Dr Richmond, VA.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Two‑story office building with ground‑floor bank space at 1650 Willow Lawn Drive; Ground‑floor bank space includes a drive‑thru and ATM setup; 3,085 sq ft; Office space totals 13,951 sq ft across 2 floors
