1965 Wakefield AvePetersburg, VA 23805

Property Details for 1965 Wakefield Ave

Year built

1979

Lot size

1.03 AC

Property size (Sq ft)

14,553 SF

Zone code

B-2

Property type

Banks

APN

55210001

APU

55210001

Description

This exceptional commercial property, located at 1965 Wakefield Avenue in Petersburg, Virginia, presents a unique investment opportunity. The building, formerly the main office of Virginia Commonwealth Bank and now occupied by Blue Ridge Bank following a merger, boasts a substantial 14,553 square feet of space situated on a 1.03-acre lot. Currently, Blue Ridge Bank occupies the first floor as a branch location and has committed to a leaseback agreement with the new owner, ensuring a consistent income stream. The second floor is currently leased with a three-year lease term in place. The third floor is available for lease, offering significant potential for additional rental income. This presents a compelling opportunity for an investor to acquire a well-located, established commercial property with existing tenants and immediate rental income. The building's prominent location in Petersburg offers excellent visibility and accessibility. The leaseback agreement with Blue Ridge Bank provides a secure investment, minimizing vacancy risk and ensuring a steady return on investment. The potential for increased rental income from the available third-floor space further enhances the property's value and profitability. This is an ideal investment for those seeking a stable, income-generating asset in a growing market. The sale includes the terms of the leaseback agreement with Blue Ridge Bank.

• CAP approach

  CAP return

  Valuation

  6%

  $3,969,110

  6.5%

  $3,663,794

  7%

  $3,402,094

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,115,908

  Geo Method

  $6,124,852

• Alternative Use

  Use

  Valuation

  Residential

  $3,090,548

  Hospitality

  $2,830,925

  Educational

  $2,355,296

  Medical

  $2,436,298

  Retail

  $3,663,794

Location Insight

City

Petersburg

County

Petersburg City

State

Virginia

Latitude

37.2023

Longitude

-77.3837

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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