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 Market707
Property Features for 1101 Azalea Ave
General Information
Standard status
Active
Size
2,676 SF
Property subtype
RETAIL
Site & Location
Neighborhood
Gnp
Listing Agency:
CBRE | Richmond
(804) 401-4000
Listed By:
Pam Strieffler · License #0225045520
(804) 201-2036
Source:
Moodyscre
Added: Nov 19, 2024
Changed: Oct 25
Last Checked: Oct 26 at 2:47PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$34,717
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Richmond, VA
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.
