.48 Ac Opportunity Zone Land

$415,000

505 and %08 Savannah Ave, Richmond, VA 23222

For Sale

Land

Active

Last Updated: 07/14/2025

Details:

Lot Area: 0.48 acres

Offered by

Susan Haas

Broker/Owner

Haas Realty Group

#0225083094

Request Info to Unlock

Highlights:

.48 Ac. Zoned B3
Strategic location in Northside area
Ideal for office or commercial development

Description:

505 and 508 Savannah Ave .48Ac with additional land available, up to 3 Acres, located in an Opportunity Zone in Eastern Henrico County, zoned B3 for uses, including Office, Retail, Drive-Thru, Automotive Filling Station, Live/Work Dwellings. 505 Savannah Ave is a vacant corner lot with 120' fronting Richmond-Henrico Turnpike at Savannah Ave, apr. a half mile from Richmond Raceway and Amazon Robotics Center, and 508 is a contiguous lot with an 1100sf Bungalow. Approximately 10,000 vehicles pass per day. a half mile from Richmond Raceway and Amazon Robotics Center, with ingress and egress on both heavily traveled corridors. This location is experiencing growth with nearby development of homes and businesses, in addition to a major roadway enhancement project on Azalea, across Laburnum from this location, including bike lanes, streetlights and a new water main. The B-3 district is intended to provide a mix of commercial, automotive, and recreational activities, typically located along arterial roadways. Amazon Robotics Center, Richmond International Raceway, Memorial Regional Medical Center and Laburnum Medical Centers are located nearby. 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.

North Richmond's B-3 district is intended to provide a mix of commercial, automotive, and recreational activities. Possible uses, include most Retail Uses, Drive-Thru, Office, Automotive Filling Station, Live/Work Dwellings. The site allows for visibility on Richmond-Henrico Turnpike with access from Meadowridge Rd, in an Opportunity Zones, with ederal incentives for investors and developers aiming to revitalize underserved areas, such as: Capital Gains Deferral, Tax Reduction, Tax-Free Growth.

Flat corner lot with existing 1,100 sf vacant bungalow.