11947 Lee Hwy - Multi-Family FOR SALE


Sperryville, VA 22740
$559,000 USD
703-887-0895
11947 Lee Hwy, Sperryville, VA for Sale
$559,000 USD
Multi-Family - FOR SALE
1/16
null | 5.01% Cap Rate

11947 Lee Hwy
Sperryville, VA 22740


HIGHLIGHTS

  • Rare Grandfathered Multi-Family Use in a Tight Rental Market
  • Ample Upside Through Bringing Rates to Market & Finishing Unused Spaces
  • High Visibility Property w/ over 2 Million vehicles per year (VDoT)

OVERVIEW

A very rare multi-family income generating offering in Rappahannock County - 11947 & 11951 Lee Hwy, together for sale on one parcel, present an outstanding opportunity for multi-family rental income. The sale includes two structures containing FOUR grandfathered residential units, ONE commercial unit. Further upside can be realized by finishing to lease unused spaces, bringing rents to market rate and further rehabbing an old fruit stand on the property. This investment opportunity sits on the highly traveled Rt 211: a major artery seeing 2 million + vehicles per year and opportunistically near the Thornton Gap entrance to Shenandoah National Park. The property is zoned Highway Commercial, allowing for a multitude of by-right uses including short term rentals, retail, food service and hospitality. Property is served by electric, propane, private well, town sewer and high speed is internet. P&L available.

FOR SALE DETAILS

PRICE

$559,000 USD

PRICE/SF

$133 USD /SF

# OF UNITS

5

PRICE/UNIT

$111,800

CAP RATE

5.01%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Hill House & The Old Bus Repair Shop

PROPERTY TYPE

Multi-Family

ADD'L SUBTYPES

Apartments, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1900

PARKING SPACES

10

LAND DETAILS

LAND ACRES

1.37 AC

LAND SF

59,677 SF

ZONING

(HC) Highway Commercial

APN/PARCEL ID

38A-1-6B

ASK ABOUT THIS PROPERTY

Robert ChapmanCheri Woodard RealtyMore Info
703-887-0895

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Robert ChapmanCheri Woodard RealtyMore Info
703-887-0895

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.