6-Unit Townhouse Apartment
For Sale
$990,000
1206 MASSANUTTEN Avenue, Front Royal, VA 22630
Multi-Family, FRONT ROYAL, VA
Property Size4,896 SF
Lot Size0.45 Acres
Price / SF$202.21
Days on Market76
Property Features for 1206 MASSANUTTEN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Parking Lot, Driveway
Subdivision
ROYAL VILLAGE
Elementary school district
WARREN COUNTY PUBLIC SCHOOLS
Middle school district
WARREN COUNTY PUBLIC SCHOOLS
High school district
WARREN COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
4,896 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Annual Amount
6311
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1960
Number of units
4
Building materials
Aluminum Siding
Architectural style
Colonial
Listing Agency:
Coldwell Banker Premier · Coldwell Banker Real Estate
(540) 636-7700
Listed By:
Sharon L Daniels · License #0225048938
(540) 683-7550
Added: Jun 19
Changed: Aug 19
Last Checked: Sep 2 at 1:06PM
MLS# VAWR2014708
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6-unit apartment property comprises six two-bedroom, one-bathroom townhomes within a 4,896-square-foot residential income asset. The buildings feature Colonial architecture, aluminum siding, electric baseboard heating, and parking provided through a lot and driveway areas. Construction dates to 1960, with the age noted as approximate. The property is being sold as-is.
The offering includes units at 1206, 1208, 1210, 1212, 1214, and 1216 Massanutten Avenue, together with five associated parcels in Royal Village identified as Lots 31, 32, 33, 34, and 35. The site encompasses 0.45 acres in Front Royal, with access to Downtown Front Royal, Main Street, I-66, Route 340, and Skyline Drive.
The offering includes units at 1206, 1208, 1210, 1212, 1214, and 1216 Massanutten Avenue, together with five associated parcels in Royal Village identified as Lots 31, 32, 33, 34, and 35. The site encompasses 0.45 acres in Front Royal, with access to Downtown Front Royal, Main Street, I-66, Route 340, and Skyline Drive.
Key Highlights
- Six 2‑bedroom, 1‑bathroom townhomes across a 4,896‑square‑foot apartment property
- Six units at 1206–1216 Massanutten Avenue included in the sale
- Five associated Royal Village parcels: Lots 31, 32, 33, 34 and 35
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$75,052
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,501,040
$1.5M
Cap Rate 7%
$1,072,171
$1.1M
Cap Rate 9%
$833,911
$833.9K
Market Conditions
NOI Build-Up for 4,896 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$143.9K $29.40/SF
− Vacancy
−$7.5K −$1.53/SF
EGI
$136.5K $27.87/SF
− OpEx
−$61.4K −$12.54/SF
NOI
$75.1K $15.33/SF
Area
Warren County, VA
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,501,040
Cap Rate 7%
$1,072,171
Cap Rate 9%
$833,911
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$938.2K – $1.25M
NOI $75,052 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.72M
$2.38M – $3.17M
NOI $190,356 @ 7.0% cap · market cap 19.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Explore this area
Business Placement
Demographics for 22630, VA
33,829
Population
14,465
Households
2.3
Avg Household Size
42
Median Age
26%
College-Educated
89%
High-School Grad
121.9 sq mi
ZIP Area
278
Density / Sq Mi
$84,513
Median Household Income
$44,771
Median Earnings
$1,183
Median Rent
$329,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six two-bedroom townhomes offer individual front-door parking and convenient access to Downtown Front Royal and major routes.
Where is this apartment building located?
The property is located at 1206 MASSANUTTEN Avenue Front Royal, VA.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Six 2‑bedroom, 1‑bathroom townhomes across a 4,896‑square‑foot apartment property; Six units at 1206–1216 Massanutten Avenue included in the sale; Five associated Royal Village parcels: Lots 31, 32, 33, 34 and 35
