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 Market193
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: Oct 10
Last Checked: Oct 19 at 3:20AM
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
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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 / Yr
$238,634
Cap Rate
8.09%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,254
Businesses Nearby
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Richmond, VA
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
