Townhome Development site in Richmond's Historic… — Sale in Richmond, VA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Richmond, VA 23223

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Description

515 Chimborazo Blvd offers a rare 1.01-acre infill redevelopment opportunity in Richmond's historic Church Hill. The site may support an upscale townhome or 2 Over 2 concept under new MX-5 zoning. Located in high-demand, affluent neighborhood with strong demographic growth. Flexible MX-3 zoning allows for mixed-use or residential development, and the property benefits from proximity to major employers and top educational institutions. The property is currently improved with a 14,250-square-foot retail building and 70 surface parking spaces offering near-term holding income potential and a longer-term residential redevelopment path. Investment Highlights: • The sponsor's preliminary concept contemplates a townhome community or 2 0ver 2 condo plan using a zero-lot-line configuration subject to proposed MX-5 zoning on site. $3,000,000 asking price. • Development site for upscale townhomes or 2 Over 2 condos with higher density. • Excellent location in Richmond's historic Church Hill. • Site is already improved roads, walks and all utilities to site.

Market Context

This retail in Richmond, VA is listed for sale. Compare it against other retail listings for sale in Richmond, VA — view the full market.

As of Q2 2026, the Richmond retail market showed a 3.6% vacancy rate, and average asking rents near $19.71/SF/yr. Source: Cushman & Wakefield Q2 2026 market report.

Tight vacancy keeps competition for quality space elevated.

Retail market FAQ

Is the Richmond retail market tightening or softening?
Vacancy is around 3.6% (Q2 2026).

Estimated Price per SF

$163.80/SF – $1,191/SF

Mid: $496.35/SF

About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.

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