Lynchburg Multifamily Investment
For Sale
$899,000
1664 Graves Mill Road, Lynchburg, VA 24502
COMMERCIAL - Lynchburg, VA
Property Size6,792 SF
Lot Size0.70 Acres
Price / SF$132.36
Days on Market119
Property Features for 1664 Graves Mill Road
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Use gps
Subdivision
Lynchburg
Standard status
Active
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
Building Details
Year built
1970
Listing Agency:
eXp Realty LLC-Stafford
(866) 825-7169
Listed By:
Jimmy L Rufus Jr. · License #0225183489
(866) 825-7169
Added: Apr 9
Changed: Aug 4
Last Checked: Aug 5 at 4:06PM
MLS# 365696
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.
This income-producing 8-plex features 16 bedrooms and 8 baths. It is ideally located in a high-traffic corridor on Graves Mill Road, surrounded by established restaurants, businesses, and everyday conveniences. The location offers easy access to the expressway, airport, and local colleges, making it highly desirable for tenants. Each of the eight units features 2 bedrooms and 1 full bath, offering a functional and in-demand layout. The property is situated on a lot of 0.7007 acres and has a total area of 6792 square feet. The property generates a monthly income of $7,700, presenting a solid return with room for future growth. Its strong rental history, excellent location, and consistent demand make it a great addition to any investment portfolio. This multifamily property is located in a thriving commercial area with long-term upside potential.
Key Highlights
- Income‑producing 8‑plex generating $7,700 monthly
- Prime location on Graves Mill Road with high traffic
- Each unit features a desirable 2‑bedroom, 1‑bath layout
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 near restaurants, businesses, and local colleges.
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: Income‑producing 8‑plex generating $7,700 monthly; Prime location on Graves Mill Road with high traffic; Each unit features a desirable 2‑bedroom, 1‑bath layout
