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505 Savannah Ave
Richmond, VA 23222

Land For Sale · 0.46 AC

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Investment Highlights

Visibility on High-Traffic Road.
Business Use.

Redevelop or Build New.

Executive Summary

.462 Acre corner lot zoned B3 for business use with apr. 120' fronting Richmond-Henrico Turnpike at Savannah Ave, apr. a half mile from Richmond Raceway and Amazon Robotics Center, and with apr. 10,000 vpd passing. This offering consists of 505 and 508 Savannah Ave., with an 1100sf vacant bungalow on 508. There is opportunity to redevelop the existing building for business use and add onsite parking. Street parking is also available on Savannah Ave. This corridor connects significant residential and retail development nearby, as well as the $22.5 million enhancement project from Richmond-Henrico Turnpike and Laburnum Ave south, with plans for 6 lanes, sidewalks, bike lanes, landscaping, and new water main.

PROPERTY FACTS

Sale Type	Investment or Owner User	Proposed Use	Retail Office Convenience Store Fast Food Restaurant
No. Lots	1	Total Lot Size	0.46 AC
Property Type	Land	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Property Subtype	Commercial

Sale Type	Investment or Owner User
No. Lots	1
Property Type	Land
Property Subtype	Commercial
Proposed Use	Retail Office Convenience Store Fast Food Restaurant
Total Lot Size	0.46 AC
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

1 Lot Available

Lot 505 & 508

Price	£332,541	Lot Size	0.46 AC
Price Per AC	£722,916

Price	£332,541
Price Per AC	£722,916
Lot Size	0.46 AC

(This sale includes 2 lots at: 508 Savannah Ave: EDWARDS PARK LT PT 36 37 2 A1 22, 794-737-6554 and 505 Savannah Ave: EDWARDS PARK LT PT 38 39 40 41 2 A1 22, 794-737-5854, sold 'As Is")

Description

PROPERTY TAXES

Parcel Number	794-737-5854	Improvements Assessment	£0
Land Assessment	£23,474	Total Assessment	£23,474

PROPERTY TAXES

Parcel Number

794-737-5854

Land Assessment

£23,474

Improvements Assessment

£0

Total Assessment

£23,474

zoning

Zoning Code	B3 (Allowed uses include offices, retail uses, drive-thru and specialty restaurants, automotive filling stations, and live/work dwellings.)
B3 (Allowed uses include offices, retail uses, drive-thru and specialty restaurants, automotive filling stations, and live/work dwellings.)

Listing ID: 31392614
Date on Market: 02/04/2024
Last Updated:
Address: 505 Savannah Ave, Richmond, VA 23222

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