Renovated Retail Storefront
For Sale
$375,000
833 835 & 837 Azalea Avenue East, Richmond, VA 23227
Renovated retail and office space with parking and accompanying B2 and R3 building lots.
Property Size870 SF
Days on Market193
Property Features for 833 835 & 837 Azalea Avenue East
General Information
Standard status
Active
Size
870 SF
Property subtype
Street Retail
Site & Location
Traffic Count
127,076 vehicles/day
Highway Access
Yes
Building Details
Building Size
870 SF
Listing Agency:
Blue Whale Commercial
(804) 977-6800
Listed By:
Eddie Jackson
(804) 977-6800
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 5:45AM
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 Blue Whale Commercial
Investment Insights
Based on property information with market context.
This storefront property includes renovated retail and office space along with on-site parking. The offering also includes B2 and R3 building lots, creating a combined commercial and land component at the Azalea Avenue East address.
The property is positioned just off I-95, with the interstate carrying over ±127,076 vehicles per day. It is less than 10 miles north of Downtown Richmond and surrounded by single-family homes and apartment complexes. Multiple schools are within a less-than-five-minute drive, while the surrounding area includes over ±239,000 residents and more than ±102,270 households within a 5-mile radius.
The property is positioned just off I-95, with the interstate carrying over ±127,076 vehicles per day. It is less than 10 miles north of Downtown Richmond and surrounded by single-family homes and apartment complexes. Multiple schools are within a less-than-five-minute drive, while the surrounding area includes over ±239,000 residents and more than ±102,270 households within a 5-mile radius.
Key Highlights
- Renovated retail and office space with on‑site parking
- Includes B2 and R3 building lots
- Situated just off I‑95, which sees over ±127,076 vehicles per day
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
$11,697
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
3.12%
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%
$233,940
$233.9K
Cap Rate 7%
$167,100
$167.1K
Cap Rate 9%
$129,967
$130.0K
Market Conditions
NOI Build-Up for 870 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
$18.5K $21.24/SF
− Vacancy
−$2.9K −$3.31/SF
EGI
$15.6K $17.93/SF
− OpEx
−$3.9K −$4.48/SF
NOI
$11.7K $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 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%
$233,940
Cap Rate 7%
$167,100
Cap Rate 9%
$129,967
Alternative Uses
Best Use
Office B
$167.1K
$146.2K – $195.0K
NOI $11,697 @ 7.0% cap · market cap 3.12%
Second Best
Retail
$135.6K
$118.7K – $158.3K
NOI $9,495 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$201.0K
$175.9K – $234.5K
NOI $14,070 @ 7.0% cap · market cap 3.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
127,076 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office 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?
Storefront property - Renovated retail and office space with parking and accompanying B2 and R3 building lots.
Where is this storefront property located?
The property is located at 833 835 & 837 Azalea Avenue East Richmond, VA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Renovated retail and office space with on‑site parking; Includes B2 and R3 building lots; Situated just off I‑95, which sees over ±127,076 vehicles per day
