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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    961 Temple Ave Colonial Heights, VA 23834-2800

    • Grocery and convenience stores
    • 2,248 SF
    • 0.75 lot acres
    OFF-MARKET
    Last Sale
    Apr 12, 2023
    $700,000
    Value Estimations
    $650,000
    Show details
    Cap Rate Potential
    4.1%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US87-1767974
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Sunoco Gas Station / Gas Station / Convenience Store
    • ATM (Uppy's Convenience Store) / Atm
    • Western Union / Money Transfer Service

    Property Details for 961 Temple Ave

    Year built
    1992
    Construction
    FRAME
    Lot size
    0.75 lot acres
    Property size
    2,248 SF
    Zone code
    B1
    Property type
    Grocery and convenience stores
    APN
    6803000007C
    APU
    6803000007C

    Description

    This exceptional investment opportunity presents a thriving 2,675 square foot convenience store and gas station, ideally situated on a 0.75-acre lot at 961 Temple Avenue in Colonial Heights, Virginia. Built in 1992, the property boasts a prime location in the heart of Colonial Heights, enjoying high visibility and convenient access. Its strategic placement directly across from Southpark Mall ensures consistent foot traffic and a strong customer base. The property is zoned B1, offering flexibility for potential future expansion or modifications within permitted uses. The existing business operations provide a proven track record of profitability, making this an attractive proposition for investors seeking a stable, income-generating asset. The asking price for this turnkey operation is $1,500,000. This well-established business offers a rare chance to acquire a profitable retail property in a high-demand area. The substantial lot size also presents opportunities for future development or expansion, adding further value to this already successful enterprise. Detailed financial records are available upon request. Don't miss this chance to own a piece of Colonial Heights' thriving retail landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $720,000
      ML approach
      $655,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $485,000
      6.5%
      $450,000
      7%
      $415,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Colonial Heights
    County
    Colonial Heights City
    State
    Virginia
    Longitude
    -77.3984
    Latitude
    37.2582
    CBSA code
    40060
    CBSA name
    RICHMOND, VA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $11,204
    $503,100
    $430,600
    $933,700
    -
    $503,100
    $430,600
    $933,700

    Comparable in this City

    • Value Estimation
      $180,000
      90 SF

      1310 Blvd Boulevard

      CONVENIENCE STORE • 90 SF
      1310 Blvd Boulevard, Colonial Heights, VA 23834-3003
      View Details
    • Value Estimation
      $3,380,000
      2,990 SF

      501 Southpark Blvd

      CONVENIENCE STORE • 2,990 SF
      501 Southpark Blvd, Colonial Heights, VA 23834-3610
      View Details
    • Value Estimation
      $255,000
      2,708 SF

      3240 Blvd Boulevard

      CONVENIENCE STORE • 2,708 SF
      3240 Blvd Boulevard, Colonial Heights, VA 23834-1456
      View Details
    • Value Estimation
      $355,000
      2,178 SF

      891 Temple Ave

      CONVENIENCE STORE • 2,178 SF
      891 Temple Ave, Colonial Heights, VA 23834-2849
      View Details
    • Value Estimation
      $315,000
      5,722 SF

      604 Blvd Boulevard

      CONVENIENCE STORE • 5,722 SF
      604 Blvd Boulevard, Colonial Heights, VA 23834-3261
      View Details
    • Value Estimation
      $245,000
      5,989 SF

      2711 Conduit Rd

      CONVENIENCE STORE • 5,989 SF
      2711 Conduit Rd, Colonial Heights, VA 23834-2944
      View Details

    Similar Nearby for Sale

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      1.15 Acres

      Prime Chesterfield County Land

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      Industrial Land For Sale

      Land available with utilities and industrial zoning in Chesterfield.
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    Similar Nearby for Lease

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      46,660 SF

      Port Walthall Shopping Center: Prime Retail Space

      High-traffic retail center, two spaces available.
      15700 Jefferson Davis Hwy, Chester, VA 23834
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      1,147 SF

      Retail Space in Colonial Heights

      Retail space available for lease in Colonial Heights, Virginia.
      1050 Temple Ave, Colonial Heights, VA 23834
      View Details
    • Contact for pricing
      4,863 SF

      Southpark Boulevard Retail Space

      Prime Colonial Heights Retail Building - 4,863 SF
      796 Southpark Blvd, Colonial Heights, VA 23834
      View Details
    • Contact for pricing
      10,000 SF

      Retail Space Near I-95

      Retail spaces available with high traffic and easy highway access.
      1829-1865 Southpark Blvd, Colonial Heights, VA 23834
      View Details
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      3,839 SF

      Retail Space in Southpark Circle

      Retail spaces available in the heart of Southpark shopping district.
      Southpark Cir, Colonial Heights, VA 23834
      View Details
    • Contact for pricing
      77,315 SF

      Colonial Heights Retail Space

      1,200 SF Available in VA
      1 Dunlop Vlg, Colonial Heights, VA 23834
      View Details
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    Colonial Heights, VA 23834-2800
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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