Triplex Income Property with
For Sale
$800,000
1318 DANDRIDGE Street, Fredericksburg, VA 22401
Multi-Family, FREDERICKSBURG, VA
Property Size4,723 SF
Lot Size0.01 Acres
Price / SF$169.38
Days on Market92
Property Features for 1318 DANDRIDGE Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
Driveway
Pool private
1
Subdivision
COLLEGE HEIGHTS
Elementary school district
FREDERICKSBURG CITY PUBLIC SCHOOLS
Middle school district
FREDERICKSBURG CITY PUBLIC SCHOOLS
High school district
FREDERICKSBURG CITY PUBLIC SCHOOLS
Standard status
Active
Size
4,723 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Annual Amount
4653
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1949
Number of units
2
Building materials
Brick, Vinyl Siding
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(703) 691-7653
Listed By:
Amit Lall · License #0225220664
(571) 201-5909
Added: May 29
Changed: Aug 19
Last Checked: Aug 28 at 10:06PM
MLS# VAFB2010398
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 multifamily property is currently configured as a triplex with three distinct living areas: a main house with 2 bedrooms and 1 bathroom, an upstairs unit with 1 bedroom and 1 bathroom, and a basement unit that includes (2) separate 1-bedroom and 1-bathroom arrangements. There is also a rear building with 2 bedrooms and 1 bathroom. The seller notes potential for up to five rental units depending on the buyer’s investment strategy and occupancy plan.
Recent improvements include three new HVAC systems, a new water heater, all-new luxury vinyl plank flooring throughout, and updated drywall replacing original wood paneling. Electrical upgrades have been started with a new service panel installation, but the work was not completed and will require permits and completion by the new owner.
Located in Fredericksburg, the property is described as being in close proximity to the University of Mary Washington and Mary Washington Hospital, along with nearby shopping and the Cowan Boulevard retail corridor. The property is offered strictly AS IS, and the buyer is responsible for due diligence regarding unit count, permits, zoning, and intended use.
Recent improvements include three new HVAC systems, a new water heater, all-new luxury vinyl plank flooring throughout, and updated drywall replacing original wood paneling. Electrical upgrades have been started with a new service panel installation, but the work was not completed and will require permits and completion by the new owner.
Located in Fredericksburg, the property is described as being in close proximity to the University of Mary Washington and Mary Washington Hospital, along with nearby shopping and the Cowan Boulevard retail corridor. The property is offered strictly AS IS, and the buyer is responsible for due diligence regarding unit count, permits, zoning, and intended use.
Key Highlights
- Triplex in Fredericksburg configured as a main house plus upstairs, basement, and rear building rental spaces
- Up to five rental units possible depending on investment strategy and occupancy plan (current triplex configuration)
- Recent improvements: three new HVAC systems, new water heater, all‑new luxury vinyl plank flooring, and updated drywall
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
$49,745
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
6.22%
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%
$994,900
$994.9K
Cap Rate 7%
$710,643
$710.6K
Cap Rate 9%
$552,722
$552.7K
Market Conditions
NOI Build-Up for 4,723 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
$76.5K $16.20/SF
− Vacancy
−$5.4K −$1.15/SF
EGI
$71.1K $15.05/SF
− OpEx
−$21.3K −$4.51/SF
NOI
$49.7K $10.53/SF
Area
Spotsylvania County, VA
Vacancy
7.12%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$994,900
Cap Rate 7%
$710,643
Cap Rate 9%
$552,722
Alternative Uses
Best Use
Multifamily LT 5
$710.6K
$621.8K – $829.1K
NOI $49,745 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$654.9K
$573.1K – $764.1K
NOI $45,846 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,633 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 22401, VA
27,799
Population
12,270
Households
2.3
Avg Household Size
32
Median Age
47%
College-Educated
93%
High-School Grad
10.4 sq mi
ZIP Area
2,673
Density / Sq Mi
$85,432
Median Household Income
$46,891
Median Earnings
$1,518
Median Rent
$461,600
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?
Triplex - Triplex currently configured for multiple 1- and 2-bedroom units with recent HVAC, flooring, and water heater updates.
Where is this triplex located?
The property is located at 1318 DANDRIDGE Street Fredericksburg, VA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Triplex in Fredericksburg configured as a main house plus upstairs, basement, and rear building rental spaces; Up to five rental units possible depending on investment strategy and occupancy plan (current triplex configuration); Recent improvements: three new HVAC systems, new water heater, all‑new luxury vinyl plank flooring, and updated drywall
