Multifamily Income Property with Retail
For Sale
$559,000
11947 LEE HWY, Sperryville, VA 22740
Two structures on one parcel include multiple grandfathered residential units plus one commercial unit, zoned Highway Commercial.
Property Size1,260 SF
Price / SF$443.65
Days on Market99
Property Features for 11947 LEE HWY
General Information
Standard status
Active
Size
1,260 SF
Property subtype
Multi-family
Zoning
Highway Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
4
Listing Agency:
Cheri Woodard Realty
(540) 987-8500
Listed By:
Robert Chapman IV · License #0225261124
(703) 887-0895
Source:
Keygroupmd
Added: Jul 17
Changed: Oct 18
Last Checked: Oct 23 at 6:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cheri Woodard Realty
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Investment Insights
Based on property information with market context.
This offering combines 11947 and 11951 Lee Hwy on one parcel for a multifamily income opportunity. The sale includes two structures containing FOU grandfathered residential units, along with ONE commercial unit.
The property is positioned on the highly traveled Rt 211, described as a major artery seeing 2 million+ vehicles per year, and it is opportunistically near the Thornton Gap entrance to Shenandoah National Park. Zoning is Highway Commercial, with by-right uses listed including short term rentals, retail, food service, and hospitality.
Utilities are provided via electric and propane, with a private well and town sewer, plus high speed internet service. The provided materials also note the presence of unused spaces and an old fruit stand on-site, which may be relevant to future finishing or rehabilitation plans.
The property is positioned on the highly traveled Rt 211, described as a major artery seeing 2 million+ vehicles per year, and it is opportunistically near the Thornton Gap entrance to Shenandoah National Park. Zoning is Highway Commercial, with by-right uses listed including short term rentals, retail, food service, and hospitality.
Utilities are provided via electric and propane, with a private well and town sewer, plus high speed internet service. The provided materials also note the presence of unused spaces and an old fruit stand on-site, which may be relevant to future finishing or rehabilitation plans.
Key Highlights
- Two structures at 11947 & 11951 Lee Hwy sold together on one parcel, with multiple grandfathered residential units plus one commercial unit
- Highway Commercial zoning with by‑right uses including short‑term rentals, retail, food service, and hospitality
- Located along Rt 211, a major artery with 2 million+ vehicles per year, near the Thornton Gap entrance to Shenandoah National Park
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,436
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$428,720
$428.7K
Cap Rate 7%
$306,229
$306.2K
Cap Rate 9%
$238,178
$238.2K
Market Conditions
NOI Build-Up for 1,260 SF
Gross rent
$32.5K $25.80/SF
− Vacancy
−$1.9K −$1.50/SF
EGI
$30.6K $24.30/SF
− OpEx
−$9.2K −$7.29/SF
NOI
$21.4K $17.01/SF
Area
Rappahannock County, VA
Vacancy
5.80%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$428,720
Cap Rate 7%
$306,229
Cap Rate 9%
$238,178
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$268.0K – $357.3K
NOI $21,436 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$275.9K
$241.4K – $321.9K
NOI $19,315 @ 7.0% cap · market cap 3.46%
Theoretical Best
Specialty Retail
$699.8K
$612.4K – $816.5K
NOI $48,989 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 22740, VA
1,240
Population
583
Households
2.1
Avg Household Size
53
Median Age
38%
College-Educated
98%
High-School Grad
73.5 sq mi
ZIP Area
17
Density / Sq Mi
$96,220
Median Household Income
$49,569
Median Earnings
$1,354
Median Rent
$398,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Two structures on one parcel include multiple grandfathered residential units plus one commercial unit, zoned Highway Commercial.
Where is this quadplex located?
The property is located at 11947 LEE HWY Sperryville, VA.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Two structures at 11947 & 11951 Lee Hwy sold together on one parcel, with multiple grandfathered residential units plus one commercial unit; Highway Commercial zoning with by‑right uses including short‑term rentals, retail, food service, and hospitality; Located along Rt 211, a major artery with 2 million+ vehicles per year, near the Thornton Gap entrance to Shenandoah National Park
