Renovated Mixed-Use
For Sale
$699,900
1012 S MAIN Street, Culpeper, VA 22701
Multi-Family, CULPEPER, VA
Property Size3,200 SF
Lot Size0.22 Acres
Price / SF$218.72
Days on Market165
Property Features for 1012 S MAIN Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Parking Lot
Subdivision
TOWN OF CULPEPER
Elementary school
FARMINGTON
Middle school
FLOYD T. BINNS
High school
EASTERN VIEW
Elementary school district
CULPEPER COUNTY PUBLIC SCHOOLS
Middle school district
CULPEPER COUNTY PUBLIC SCHOOLS
High school district
CULPEPER COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
3,200 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
1425
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Amenities
shared common area
Building Details
Year built
1965
Number of units
4
Building materials
Block
Architectural style
Other
Listing Agency:
Belcher Real Estate, LLC.
(540) 300-9669
Listed By:
Alexander L Belcher · License #0225196620
(540) 841-1718
Added: Apr 1
Changed: Sep 5
Last Checked: Sep 12 at 2:06PM
MLS# VACU2013184
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.
Recently renovated mixed-use building at 1012 S MAIN Street with 3,200 square feet on a 0.2203-acre parcel. The main level contains two commercial suites, a shared common area, and a bathroom. The layout also supports conversion of the commercial level into two additional residential units, as described in the property information.
Two apartments occupy the upper level, each configured with 2 bedrooms and 1 full bathroom. One apartment is leased, while the other is vacant. Each residential unit has independent utility metering. The 1965 building has block construction, hot water heating, central air, and both on-street and parking-lot parking.
Two apartments occupy the upper level, each configured with 2 bedrooms and 1 full bathroom. One apartment is leased, while the other is vacant. Each residential unit has independent utility metering. The 1965 building has block construction, hot water heating, central air, and both on-street and parking-lot parking.
Key Highlights
- 3,200‑square‑foot mixed‑use building on a 0.2203‑acre parcel
- Two commercial suites with shared common area and bathroom
- Two upstairs apartments, each with 2 bedrooms and 1 full bathroom
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
$55,800
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
7.97%
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%
$1,116,000
$1.1M
Cap Rate 7%
$797,143
$797.1K
Cap Rate 9%
$620,000
$620.0K
Market Conditions
NOI Build-Up for 3,200 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
$96.0K $30.00/SF
− Vacancy
−$6.7K −$2.10/SF
EGI
$89.3K $27.90/SF
− OpEx
−$33.5K −$10.46/SF
NOI
$55.8K $17.44/SF
Area
Culpeper County, VA
Vacancy
7.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,116,000
Cap Rate 7%
$797,143
Cap Rate 9%
$620,000
Alternative Uses
Best Use
Retail
$1.53M
$1.34M – $1.78M
NOI $107,046 @ 7.0% cap · market cap 15.29%
Second Best
Mixed Use
$797.1K
$697.5K – $930.0K
NOI $55,800 @ 7.0% cap · market cap 7.97%
Theoretical Best
Specialty Retail
$1.78M
$1.56M – $2.07M
NOI $124,416 @ 7.0% cap · market cap 17.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Explore this area
Business Placement
Demographics for 22701, VA
37,411
Population
13,770
Households
2.7
Avg Household Size
38
Median Age
27%
College-Educated
88%
High-School Grad
172.2 sq mi
ZIP Area
217
Density / Sq Mi
$93,910
Median Household Income
$47,492
Median Earnings
$1,386
Median Rent
$376,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial suites and two upstairs apartments create a flexible mixed-use configuration with separate utility metering.
Where is this mixed-use property located?
The property is located at 1012 S MAIN Street Culpeper, VA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 3,200‑square‑foot mixed‑use building on a 0.2203‑acre parcel; Two commercial suites with shared common area and bathroom; Two upstairs apartments, each with 2 bedrooms and 1 full bathroom
