Infill Commercial
For Sale
$3,000,000
515 Chimborazo Blvd, Richmond, VA 23223
MX-3 zoning supports mixed-use or residential development alongside the existing retail improvements.
Property Size14,250 SF
Price / SF$210.53
Days on Market64
Property Features for 515 Chimborazo Blvd
General Information
Standard status
Active
Size
14,250 SF
Property subtype
Vacant-User
Amenities
The sponsor's preliminary concept contemplates a 20-unit townhome community using a zero-lot-line configuration subject to proposed MX-3 zoning on site
Development site for upscale townhomes ($750,000 - $1,000,000. price range proposed)
Excellent location in Richmond's historic Church Hill.
Building Details
Building Size
14,250 SF
Year Built
1973
Listing Agency:
(804) 802-6880
Listed By:
Kerry Riley · License #License(s): VA: 0225030019
(804) 802-6880
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 29
Last Checked: Aug 29 at 6:25PM
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 Kerry Riley
Investment Insights
Based on property information with market context.
This 1.01-acre commercial land parcel includes a 14,250-square-foot retail building constructed in 1973, along with surface parking. The existing improvements provide an established commercial component while the site is evaluated for future redevelopment.
Located at 515 Chimborazo Blvd in Richmond’s historic Church Hill, the property carries MX-3 zoning, which supports mixed-use or residential development. A townhome concept involving 20 units has been identified for the site, subject to applicable approvals and project execution.
Located at 515 Chimborazo Blvd in Richmond’s historic Church Hill, the property carries MX-3 zoning, which supports mixed-use or residential development. A townhome concept involving 20 units has been identified for the site, subject to applicable approvals and project execution.
Key Highlights
- 1.01‑acre infill commercial land parcel
- Existing 14,250‑square‑foot retail building
- Surface parking included with the property
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
$184,872
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
6.16%
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%
$3,697,440
$3.7M
Cap Rate 7%
$2,641,029
$2.6M
Cap Rate 9%
$2,054,133
$2.1M
Market Conditions
NOI Build-Up for 14,250 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
$265.1K $18.60/SF
− Vacancy
−$18.6K −$1.30/SF
EGI
$246.5K $17.30/SF
− OpEx
−$61.6K −$4.32/SF
NOI
$184.9K $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%
$3,697,440
Cap Rate 7%
$2,641,029
Cap Rate 9%
$2,054,133
Alternative Uses
Best Use
Specialty Retail
$2.64M
$2.31M – $3.08M
NOI $184,872 @ 7.0% cap · market cap 6.16%
Second Best
Retail
$2.22M
$1.94M – $2.59M
NOI $155,526 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,456 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Explore this area
Business Placement
Demographics for 23223, VA
51,960
Population
27,141
Households
1.9
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
16.7 sq mi
ZIP Area
3,111
Density / Sq Mi
$56,518
Median Household Income
$39,828
Median Earnings
$1,224
Median Rent
$236,300
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.
Frequently Asked Questions
What type of property is this?
Commercial land - MX-3 zoning supports mixed-use or residential development alongside the existing retail improvements.
Where is this commercial land located?
The property is located at 515 Chimborazo Blvd Richmond, VA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 1.01‑acre infill commercial land parcel; Existing 14,250‑square‑foot retail building; Surface parking included with the property
