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$1 Auction – Former SunTrust Bank | 18K VPD 1101 Azalea Ave 2,869 SF Retail Building Richmond, VA 23227 $175,000 ($61.00/SF)
Investment Highlights
- Former Bank with Three Drive-Thru Lanes - ±2,869-SF branch combines a canopy, pylon sign, and functional stacking for efficient reuse.
- Broad B-2 Commercial Reuse Potential - By-right categories include office, medical, restaurant, convenience, service, and veterinary.
- I-95 Access Amid Daily-Needs Retail - Walmart, Food Lion, Dollar Tree, Subway, Walgreens, and fuel stations generate steady visits.
- High-Visibility Azalea Avenue Position - Frontage captures ±17,931 VPD, with nearby corridor counts reaching ±20,570 vehicles daily.
- Parking-Rich Corner Site on ±0.65 Acres - 35 striped spaces and multiple curb cuts supporting easy customer circulation.
- Dense Richmond Trade Area Fundamentals - Five-mile demographics total ±240,828 residents with average household income of ±$100,151.
Executive Summary
Brokered by Marcus & Millichap, 1101 Azalea Avenue in Richmond, Virginia is a vacant, ±2,869-square-foot former bank positioned for lease-up, adaptive reuse, or owner-user occupancy. Built in 1981 on a ±0.653-acre dual corner parcel, the freestanding building includes three drive-thru lanes with canopy, a prominent pylon sign, 35 striped parking spaces, and multiple access points supporting efficient ingress/egress. The Property fronts Azalea Avenue, which carries ±17,931 vehicles per day, with nearby corridor volumes reaching ±20,570 VPD, and offers convenient connectivity to I-95, US-301/Chamberlayne Road, and US-1/Brook Road. B-2 Community Business zoning supports a broad mix of potential uses, including financial services, office and medical, convenience retail, restaurant, personal service, and veterinary concepts, subject to applicable approvals. Nearby demand drivers include Walmart Neighborhood Market, Food Lion-anchored Brookhill Azalea Shopping Center, Walgreens, Dollar Tree, Subway, fuel stations, Henrico High School, and Richmond Raceway. Within five miles, the property reaches ±240,828 residents with average household income of ±$100,151. CoStar estimates local retail rents at $17-$21 per square foot, reinforcing the value-add opportunity for investors and owner-users seeking a parking-rich, drive-thru-equipped Richmond asset.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Bank
Building Size
2,869 SF
Building Class
C
Year Built
1981
Price
$175,000
Price Per SF
$61.00
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
0.65 AC
Zoning
B-2 - B-2(Community Business) zoning allows for a wide range of retail/commercial uses
Parking
35 Spaces (12.2 Spaces per 1,000 SF Leased)
Frontage
141’ on Azalea Ave
Amenities
- Banking
- Bus Line
- Corner Lot
- Pylon Sign
- Signage
- Drive Thru
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | N017-0079-027 | Improvements Assessment | $312,000 |
| Land Assessment | $425,000 | Total Assessment | $737,000 |
Property Taxes
Parcel Number
N017-0079-027
Land Assessment
$425,000
Improvements Assessment
$312,000
Total Assessment
$737,000
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