Multi-Family Income Property with
11947 LEE Highway Sperryville, VA 22740
For Sale
$559,000
MULTI_FAMILY - Cottage - SPERRYVILLE, VA
Property Size1,260 SF
Lot Size1.37 Acres
Price / SF$443.65
Days on Market201
Property Features for 11947 LEE Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Driveway
Standard status
Active
Size
1,260 SF
Lot size
1.37 Acres
Taxes and HOA fees
Tax Annual Amount
2149
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Ductless
Building Details
Year built
1900
Number of units
4
Building materials
Vinyl Siding
Architectural style
Cottage
Listing Agency:
Cheri Woodard Realty
(540) 987-8500
Listed By:
Robert Glenn Chapman IV · License #0225261124
(703) 887-0895
Added: Jan 8
Changed: Jun 29
Last Checked: Jul 28 at 4:06AM
MLS# VARP2002446
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.
Multi-family income property offered for sale with two structures on a single parcel. The offering includes four grandfathered residential units and one commercial unit. Showings are by appointment only, and tenants must not be disturbed.
The property is located at 11947 & 11951 Lee Hwy (Rt 211) in Sperryville, Virginia, on a highly traveled corridor reported at 2 million+ vehicles per year. It is described as opportunistically near the Thornton Gap entrance to Shenandoah National Park. The property is zoned Highway Commercial.
According to the listing, utilities include electric, propane, private well, and town sewer, with high-speed internet served to the property. A P&L is available upon request.
The property is located at 11947 & 11951 Lee Hwy (Rt 211) in Sperryville, Virginia, on a highly traveled corridor reported at 2 million+ vehicles per year. It is described as opportunistically near the Thornton Gap entrance to Shenandoah National Park. The property is zoned Highway Commercial.
According to the listing, utilities include electric, propane, private well, and town sewer, with high-speed internet served to the property. A P&L is available upon request.
Key Highlights
- 11947 & 11951 Lee Hwy sold together on one parcel with two structures totaling four grandfathered residential units and one commercial unit
- Zoned Highway Commercial with by‑right uses including short‑term rentals, retail, food service, and hospitality
- Located on Rt 211 (2 million+ vehicles per year) near the Thornton Gap entrance to Shenandoah National Park
Financial Insights For Retail
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 | $63.1k | $50.04 |
| − Vacancy | −$2.8k | −$2.25 |
| EGI | $60.2k | $47.79 |
| − OpEx | −$18.1k | −$14.34 |
| NOI | $42.1k | $33.45 |
1,260 SF · lease $50.04/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$602.1K
$526.9K – $702.5K
NOI $42,149 @ 7.0% cap · market cap 7.54%
Second Best
Multifamily LT 5
$306.2K
$268.0K – $357.3K
NOI $21,436 @ 7.0% cap · market cap 3.83%
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.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Two structures totaling five grandfathered units on one parcel, including four residential and one commercial unit.
Where is this quadplex located?
The property is located at 11947 LEE Highway 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: 11947 & 11951 Lee Hwy sold together on one parcel with two structures totaling four grandfathered residential units and one commercial unit; Zoned Highway Commercial with by‑right uses including short‑term rentals, retail, food service, and hospitality; Located on Rt 211 (2 million+ vehicles per year) near the Thornton Gap entrance to Shenandoah National Park
