Retail

172 East Belt Boulevard

172 east belt boulevard, richmond, VA 23224

Price

Price on request

Market rate estimate — not broker-provided

Cost-of-Business Details

Very Low Confidence

Low

$2.12/SF/mo

Mid

$2.50/SF/mo

High

$2.88/SF/mo

Tier Used

peer_city_transfer

Transferred from peer market las-vegas (similarity: 100%) with 5 comparable listings.

Peer market: las-vegas (100% similarity)

Tier Resolution Trace

Tier 1insufficient_data

Tier 2insufficient_data

Tier 3insufficient_data

Tier 4successselected

Cost Breakdown

Component	Value	Detail	Source
Base Rent	$2.50/SF/mo	—	peer_city_transfer
Utilities	—	9.6¢/kWh	OpenEI URDB
Property Tax	—	0.0% eff. rate	API Ninjas
Labor Index	—	$1556/wk	BLS QCEW

Source Provenance (1)

Source	Type	Count	Year	Freshness	Peer
Peer City Transfer	economic_similarity	5	—	real-time	las-vegas (100%)

Data sources used

peer_city_transfer

Description

2,508 SF Wendy's for Sublease The property features a freestanding building encompassing 2,508 square feet, complete with a convenient drive-thru, situated on a 0.93-acre lot. Its prime location offers close proximity to Richmond’s Manchester District, an area of the city experiencing an explosion of multi-family development (3,500+ units under construction or delivered since 2022), and Midlothian’s major retail corridors (Midlothian Turnpike and Hull Street Road). Additionally, the site boasts excellent visibility and full-access along E Belt Boulevard, capturing 19,000 vehicles per day, making it an attractive option for any business. Currently built out as a drive-thru restaurant, the property can be reused for a myriad of retail end-users.

Property description as provided by the listing source. PropZone adds independent market context, valuation estimates, and comparable listings.

Location

172 east belt boulevard, richmond, VA 23224

Leaflet © OpenStreetMap contributors

Financial Details

Lease TypeTriple Net (NNN)

Market Context

As of Q1 2026, the Richmond retail market showed average asking rents near $23.93/SF/yr, and cap rates around 5.1%. Source: multiple brokerages Q1 2026 market report.

Projected current pricing

low confidence

Projected asking rent

$23.93/SF/yr

Estimated sale value

$281–$354/SF

Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 5.1%, asking rent held flat).

View the full Richmond Retail market report →

Compare it against other retail listings for lease in Richmond, VA to benchmark pricing and space — view the full market.

Retail market FAQ

What is the typical cap rate for retail in Richmond?: About 5.1% as of Q1 2026, per multiple brokerages.

Unified Estimate

Very Low Confidence

$1.79/SF/mo-$2.41/SF/mo

Mid: $2.10/SF/mo

Rate-first confidence-weighted blend with cost-of-business adjustment.

No local comparable sales were available, so this estimate is transferred from a comparable peer market — treat it as a rough indication only. Transferred from peer market las-vegas (similarity: 100%) with 5 comparable listings.

Lease Rate & Market Trend

Market report quarterly trend fallbackFIPS 51041

Low Confidence

Avg Rent ($/SF/mo) (market data)

Market asking rent (quarterly avg)

Investment Analysis

Beta Feature: Investment Analysis is currently in beta testing. Metrics are calculated based on available financial data and market comparables. Results are for informational purposes and should not be considered financial advice. Verify all assumptions and consult with a financial advisor before making investment decisions.

Insufficient financial data for full analysis. Add more financial fields to improve metric coverage.