Former Bank with
For Sale
Contact for pricing
1101 Azalea Ave, Richmond, VA 23227
Former bank building on a full city block with two access points and three drive-thru lanes.
Property Size2,676 SF
Price / SF$239.16
Days on Market662
Property Features for 1101 Azalea Ave
General Information
Standard status
Active
Size
2,676 SF
Property subtype
RETAIL
Listing Agency:
CBRE | Richmond
(804) 401-4000
Listed By:
Pam Strieffler · License #0225045520
(804) 201-2036
Source:
Moodyscre
Added: Nov 19, 2024
Changed: Sep 6
Last Checked: Sep 12 at 8:08AM
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 located on an entire city block. The site includes two full access points along Azalea Avenue, a three-lane drive-thru, and a large unobstructed pylon sign.
The location provides strong visibility from the corridor and flanking lighted intersections. The remarks also note 17,000+ vehicles per day directly in front of the site.
Zoned B-2 (Business, Community Business), the site supports a wide range of retail and commercial uses, with listed highest and best uses including a bank, coffee, QSR (quick service restaurant), and redevelopment.
The location provides strong visibility from the corridor and flanking lighted intersections. The remarks also note 17,000+ vehicles per day directly in front of the site.
Zoned B-2 (Business, Community Business), the site supports a wide range of retail and commercial uses, with listed highest and best uses including a bank, coffee, QSR (quick service restaurant), and redevelopment.
Key Highlights
- 2,676 SF former bank building on an entire city block on Azalea Avenue (0.6608 AC).
- Two full access points along Azalea Avenue plus three existing drive‑thru lanes.
- Large unobstructed pylon sign and highly visible from flanking lighted intersections.
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
$34,717
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
5.42%
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%
$694,340
$694.3K
Cap Rate 7%
$495,957
$496.0K
Cap Rate 9%
$385,744
$385.7K
Market Conditions
NOI Build-Up for 2,676 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
$49.8K $18.60/SF
− Vacancy
−$3.5K −$1.30/SF
EGI
$46.3K $17.30/SF
− OpEx
−$11.6K −$4.32/SF
NOI
$34.7K $12.97/SF
Area
Richmond, VA
Vacancy
7.00%
Lease Rate
$18.60 /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%
$694,340
Cap Rate 7%
$495,957
Cap Rate 9%
$385,744
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 authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Richmond, VA
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Frequently Asked Questions
What type of property is this?
Bank - Former bank building on a full city block with two access points and three drive-thru lanes.
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: 2,676 SF former bank building on an entire city block on Azalea Avenue (0.6608 AC).; Two full access points along Azalea Avenue plus three existing drive‑thru lanes.; Large unobstructed pylon sign and highly visible from flanking lighted intersections.
