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    108 Kitten Lane Rural Retreat, VA 24368

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    Claim this Listing
    New
    For Sale
    $650,000

    MULTI_FAMILY - Rural Retreat, VA

    Property size:
    10,000 SF
    Lot size:
    3.68 Acres
    Price / SF:
    $65/SF
    Added:
    May 1, 2026
    Days on Market:
    2
    Last Refresh:
    May 2 at 12:06 pm

    Property Features for 108 Kitten Lane

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R
    Bedrooms
    16
    Bathrooms
    4
    Rooms
    Bedroom 4, Bedroom 7, Bedroom 2, Bedroom 6, Bedroom 13, Bedroom 15, Bathroom 4, Bedroom 16, Bedroom 9, Bathroom 2, Bedroom 11, Bedroom 5, Bedroom 3, Bedroom 12, Bedroom 10, Bathroom 3, Bedroom 8, Bathroom 1, Bedroom 1, Bedroom 14
    Window features
    Insulated Windows, Vinyl Frames
    Fencing
    Fenced
    Basement
    Crawl Space
    Appliances
    Range, Refrigerator
    Standard status
    Active
    Size
    10,000 SF
    Lot size
    3.68 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2467

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1970
    Number of units
    7
    Flooring type
    Laminate, Vinyl
    Building materials
    Brick, Vinyl Siding, Dry Wall
    Roof type
    Shingle

    We can help!

    Listing Contact
    Christopher Fox

    Listing agent Christopher Fox License #0225224934

    Listing office BHHS- Mountain Sky Properties, Wytheville 305 N 4th Street Suite B, Bland, VA

    Listing date May 1, 2026

    MLS# 109883 Listing URL

    Copyright © 2026 Southwest Virginia Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Income-Producing Multifamily Property on 3.68 Acres

    This multifamily property, situated on 3.68 acres, presents an investment opportunity with existing cash flow and potential for expansion. The property features a total of 7 income-producing units in addition to 2 tenant-owned mobile homes that provide lot rent income. The unit mix includes two duplexes, containing four 2-bedroom, 1-bath units, and three mobile homes, consisting of two 3-bedroom, 2-bath units and one 2-bedroom, 1-bath unit. Each unit is individually metered and connected to public water and sewer systems. The property is located directly on Route 11, offering accessibility, and is 3 minutes from Exit 60 off Interstate 81 and 10 minutes from Wytheville. The location and zoning (R) may allow for future development or expansion, with space for additional units or improvements. The current gross annual income is approximately $73,800 with a net operating income (NOI) of approximately $66,105. The property is located in Rural Retreat, Virginia.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Map

    City
    Rural Retreat
    County
    Wythe
    State
    Virginia
    Longitude
    -81.2941
    Latitude
    36.8797

    FAQs

    What type of property is this?
    Multifamily property - Seven units plus lot rent income near Interstate 81.
    Where is this multifamily property located?
    The property is located at 108 Kitten Lane Rural Retreat, VA.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Strong existing cash flow with an NOI of approximately $66,105 and gross annual income of approximately $73,800.; 3.86 acres of land offering tremendous opportunity for future development or expansion.; Seven income‑producing units (four 2‑bedroom, 1‑bath units; two 3‑bedroom, 2‑bath units; and one 2‑bedroom, 1‑bath unit) plus lot rent income from two tenant‑owned mobile homes.
    (276) 617-0189
    We can help!
    Listing Contact
    Christopher Fox
    Real Estate License ID: 0225224934
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    108 Kitten Lane, Rural Retreat, VA 24368

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