Multifamily Income Property with Retail
11947 Lee Hwy Sperryville, VA 22740
For Sale
$559,000
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 Market232
Property Features for 11947 Lee Hwy
General Information
- Standard status
- Active
- Size
- 1,260 SF
- Property subtype
- Fourplex
Building Details
- Year Built
- 1900
Listing Agency:
Cheri Woodard Realty
(540) 987-8500
Listed By:
Robert Chapman · License #0225261124
(703) 887-0895
Source:
Xome
Added: Dec 3, 2025
Changed: Jul 23
Last Checked: Jul 23 at 11:56AM
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
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 For Multifamily LT 5
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 | $32.5k | $25.80 |
| − Vacancy | −$1.9k | −$1.50 |
| EGI | $30.6k | $24.30 |
| − OpEx | −$9.2k | −$7.29 |
| NOI | $21.4k | $17.01 |
1,260 SF · lease $25.80/SF/yr · vacancy 5.80% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
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
