Chamberlayne Avenue Redevelopment
For Sale
$495,000
2007 -2009 Chamberlayne Ave, Richmond, VA 23222
Redevelopment opportunity near Virginia Union University.
Property Size6,379 SF
Days on Market223
Property Features for 2007 -2009 Chamberlayne Ave
General Information
Standard status
Active
Size
6,379 SF
Property subtype
Industrial
Building Details
Building Size
6,379 SF
Listing Agency:
S.L. Nusbaum Realty Co - Corporate
Listed By:
Claiborne "Clay" Brown
(757) 403-1629
Source:
Slnusbaum
Added: Mar 6
Changed: Oct 10
Last Checked: Oct 14 at 9:16PM
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.
Located on Chamberlayne Avenue, this property presents an opportunity for owner-occupancy or redevelopment. Situated next to a McDonald's and across the street from Auto Paint Supply, it is also near a Shell gas station and Food Mart, and down the street from Sugar's Crab Shack. Currently, a glass installation, replacement, and repair operator is in place. The property includes one existing bathroom, one drive-thru bay, and three additional one-way access bays. The second floor is ready for build-out of offices and/or storage. On-street parking is permitted in front of the building on Chamberlayne Avenue until 4 PM, with off-street parking available in the rear. Two income-generating billboards are located on the site. The property is less than one mile from Virginia Union University and Virginia Commonwealth University, and less than two miles from the Diamond District.
Key Highlights
- Two income‑generating billboards on site
- Drive‑thru bay and three additional one‑way access bays
- Second floor ready for build out of offices and/or storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,445
Cap Rate
8.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$808,900
$808.9K
Cap Rate 7%
$577,786
$577.8K
Cap Rate 9%
$449,389
$449.4K
Market Conditions
NOI Build-Up for 6,379 SF
Gross rent
$63.5K $9.96/SF
− Vacancy
−$5.8K −$0.90/SF
EGI
$57.8K $9.06/SF
− OpEx
−$17.3K −$2.72/SF
NOI
$40.4K $6.34/SF
Area
Richmond, VA
Vacancy
9.06%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$808,900
Cap Rate 7%
$577,786
Cap Rate 9%
$449,389
Alternative Uses
Best Use
Retail
$994.6K
$870.3K – $1.16M
NOI $69,621 @ 7.0% cap · market cap 14.06%
Second Best
Industrial
$577.8K
$505.6K – $674.1K
NOI $40,445 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,163 @ 7.0% cap · market cap 20.84%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23222, VA
24,337
Population
11,762
Households
2.1
Avg Household Size
37
Median Age
32%
College-Educated
90%
High-School Grad
8.2 sq mi
ZIP Area
2,968
Density / Sq Mi
$58,105
Median Household Income
$37,137
Median Earnings
$1,181
Median Rent
$252,000
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?
Auto shop - Redevelopment opportunity near Virginia Union University.
Where is this auto shop located?
The property is located at 2007 -2009 Chamberlayne Ave Richmond, VA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two income‑generating billboards on site; Drive‑thru bay and three additional one‑way access bays; Second floor ready for build out of offices and/or storage
