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    1101 Azalea Ave Richmond, VA 23227

    For Sale
    $750,000

    Former bank, 3 drive-thrus, high visibility

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    360
    This exceptional 2,767 sq ft former bank building in Richmond, VA, presents a unique redevelopment opportunity. Situated on a 0.66-acre lot at 1101 Azalea Ave (zip code 23227), this single-story, 1981-built property boasts three drive-thru lanes, two full access points from Azalea Ave, and a prominent pylon sign. The B-2 zoning allows for diverse commercial uses, including bank, coffee shop, or quick-service restaurant. With over 17,000 vehicles passing daily, this location offers unparalleled visibility and accessibility. The property features 35 parking spaces per 1,000 sq ft and is offered as a fee-simple ownership with NNN lease options and a ground lease available. The asking price is $750,000. This vacant building presents a compelling investment for adaptive reuse or new construction, capitalizing on its prime location and existing infrastructure. The APN is N0170079027.

    Property Features for 1101 Azalea Ave

    General Information

    Property type
    Restaurants
    Lot Size
    28,750 SF

    Building Details

    Year Built
    1981
    Buildings
    1
    Stories
    1
    Units
    1

    HighLights

    • 0.66‑acre site.
    • 2,676 SF existing bank building.
    • Dual access points on Azalea Avenue.
    • Three drive‑thru lanes.
    • High traffic count: 17,000+ vehicles daily.
    • B‑2 zoning allows diverse retail/commercial uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Banks

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.451939334696
    Latitude
    37.601626448933

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    FAQs

    What type of property is this?
    Restaurant - Former bank, 3 drive-thrus, high visibility
    Where is this restaurant located?
    The property is located at 1101 Azalea Ave Richmond, VA.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: 0.66-acre site.; 2,676 SF existing bank building.; Dual access points on Azalea Avenue.
    Request Owner's contact information
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    Richmond, VA 23227
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1101 Azalea Ave Richmond, VA 23227
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