8-Plex Apartment
For Sale
$899,000
1664 Graves Mill Road, Lynchburg, VA 24502
MULTI_FAMILY - Lynchburg, VA
Property Size6,792 SF
Lot Size0.70 Acres
Price / SF$132.36
Days on Market120
Property Features for 1664 Graves Mill Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 9, Bedroom 2, Bedroom 3, Bedroom 7, Bedroom 5, Bedroom 1, Bedroom 12, Bedroom 8, Bedroom 10, Bathroom 1, Bathroom 2, Bedroom 6, Bedroom 11, Bedroom 4, Bathroom 6, Bathroom 3, Bathroom 5, Bathroom 4
Elementary school
Sandusky Elem
Middle school
Sandusky Midl
High school
Heritage High
Elementary school district
Lynchburg
Middle school district
Lynchburg
High school district
Lynchburg
Directions
please use GPS.
Subdivision
Lynchburg
Standard status
Active
APN
24013005
Size
6,792 SF
Lot size
0.70 Acres
Taxes and HOA fees
Tax Description
GEORGE L JONES, LOT 4 & PT LOT 5
Legal Description
GEORGE L JONES, LOT 4 & PT LOT 5
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
1970
Number of units
8
Listing Agency:
eXp Realty LLC-Stafford
(866) 825-7169
Listed By:
Jimmy L Rufus Jr. · License #0225183489
(866) 825-7169
Added: Apr 8
Changed: Aug 3
Last Checked: Aug 5 at 3:06PM
MLS# 365599
Copyright © 2026 Lynchburg Virginia 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.
Income-producing 8-plex apartment building featuring eight units totaling 16 bedrooms and 8 baths. Each unit is configured with 2 bedrooms and 1 full bath, supporting a consistent layout across the property. The building was constructed in 1970 and is served by heat pump heating and cooling.
1664 Graves Mill Road is located in Lynchburg, Virginia 24502. The property is shown by appointment only, and visitors are asked not to go to the property or approach tenants. A bank letter or proof of funds is required prior to scheduling an appointment.
With the eight-unit configuration and each unit’s two-bedroom, one-bath design, this property is set up for straightforward leasing and tenant turnover management under one ownership structure.
1664 Graves Mill Road is located in Lynchburg, Virginia 24502. The property is shown by appointment only, and visitors are asked not to go to the property or approach tenants. A bank letter or proof of funds is required prior to scheduling an appointment.
With the eight-unit configuration and each unit’s two-bedroom, one-bath design, this property is set up for straightforward leasing and tenant turnover management under one ownership structure.
Key Highlights
- 8‑plex apartment building totaling 16 bedrooms and 8 baths
- Eight units, each with 2 bedrooms and 1 full bath
- 0.7007‑acre lot and 6,792 SF building size
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $110.0k | $16.20 |
| − Vacancy | −$12.0k | −$1.77 |
| EGI | $98.0k | $14.43 |
| − OpEx | −$44.1k | −$6.50 |
| NOI | $53.9k | $7.94 |
6,792 SF · lease $16.20/SF/yr · vacancy 10.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$770.3K
$674.0K – $898.7K
NOI $53,920 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,839 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
Explore this area
Business Placement
Demographics for 24502, VA
41,058
Population
18,576
Households
2.2
Avg Household Size
36
Median Age
39%
College-Educated
92%
High-School Grad
29.9 sq mi
ZIP Area
1,373
Density / Sq Mi
$66,027
Median Household Income
$35,923
Median Earnings
$1,166
Median Rent
$214,300
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 - Income-producing 8-plex on 0.7007-acre lot with eight 2-bedroom, 1-bath units and heat pump heating and cooling.
Where is this apartment building located?
The property is located at 1664 Graves Mill Road Lynchburg, VA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 8‑plex apartment building totaling 16 bedrooms and 8 baths; Eight units, each with 2 bedrooms and 1 full bath; 0.7007‑acre lot and 6,792 SF building size
