172 East Belt Boulevard — Lease in Richmond, VA

  • Price: Contact for price
  • Listing type: For lease
  • Asset type: Retail Business
  • Location: Richmond, VA 23224

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.

Market Context

This retail in Richmond, VA is listed for lease. It has been on the market for 195 days. Compare it against other retail listings for lease in Richmond, VA — view the full market.

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 brokerage reports, Q1 2026.

Retail market FAQ

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

Estimated Market Rate

$4.18/SF/mo – $5.65/SF/mo

Mid: $4.91/SF/mo

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

Based on comparable properties in similar markets rather than local sales.

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