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 Market110
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 townhome community or 2 0ver 2 condo plan using a zero-lot-line configuration subject to proposed MX-5 zoning on site. $3,000,000 asking price.
Development site for upscale townhomes or 2 Over 2 condos with higher density.
Excellent location in Richmond's historic Church Hill.
Site is already improved roads, walks and all utilities to site.
Building Details
Building Size
14,250 SF
Year Built
1973
Listed By:
Kerry Riley · License #License(s): VA: 0225030019
(804) 802-6880
Source:
Marcusmillichap
Added: Jun 28
Changed: Oct 1
Last Checked: Oct 14 at 7:34PM
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 / Yr
$184,872
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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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
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
Questions? Ask Rey
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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
