Building Details

Year Built 1912

Year Renovated 2025

Buildings 1

Stories 4

Units 6

Tenancy Multi

Listing Agency: Johnson Realty Advisors

Listed By: Fitzhugh Johnson · License #0225245881 Show Phone

Source: Crexi

Added: Apr 1 Changed: Oct 6 Last Checked: Oct 16 at 6:42AM

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Investment Insights

Based on property information with market context.

This 6-unit apartment building occupies 4,062 square feet and dates to 1912. The property is zoned CD and includes six units in place within a historic building setting.

Located at 1122 Caroline Street in downtown Fredericksburg’s Historic District, the property sits within a walkable area featuring restaurants, retail businesses, and office users. Its downtown setting places the building near the city’s core amenities and established commercial activity.

Key Highlights

• Six apartment units in place
• 4,062‑square‑foot building constructed in 1912
• CD zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$42,956

Cap Rate

2.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$859,120 $859.1K

Cap Rate 7%

$613,657 $613.7K

Cap Rate 9%

$477,289 $477.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,062 SF

Gross rent

$73.1K $18.00/SF

− Vacancy

−$4.4K −$1.08/SF

EGI

$68.7K $16.92/SF

− OpEx

−$25.8K −$6.34/SF

NOI

$43.0K $10.58/SF

Area

Spotsylvania County, VA

Vacancy

6.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$859,120

Cap Rate 7%

$613,657

Cap Rate 9%

$477,289

Alternative Uses

Best Use

Mixed Use

$613.7K

$537.0K – $715.9K (±1% cap)

NOI $42,956 @ 7.0% cap · market cap 2.91%

Second Best

Apartment 5plus

$563.3K

$492.9K – $657.2K (±1% cap)

NOI $39,430 @ 7.0% cap · market cap 2.67%

Theoretical Best

Office A

$1.27M

$1.11M – $1.49M (±1% cap)

NOI $89,129 @ 7.0% cap · market cap 6.04%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

K massage spa Alternative Medicine Practice J&L Massage Alternative Medicine Practice 1122 Caroline st ... Alternative Medicine Practice

Suggested Use

Top Pick Storage Facility Locksmith (Bike/Boat/Book/etc) Store Tanning Salon Butcher Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

Location Intelligence

Trade Area within ½ mile

2,015

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Downtown apartment property in the Historic District, surrounded by restaurants, retail, and office users.

Where is this apartment building located?

The property is located at 1122 Caroline St Fredericksburg, VA.

What is the asking price?

The asking price for this property is $1,475,000.

What are key features of this property?

This property features: Six apartment units in place; 4,062‑square‑foot building constructed in 1912; CD zoning