Five-Unit Mixed-Use
For Sale
$559,000
11947 LEE Highway, Sperryville, VA 22740
Multi-Family, SPERRYVILLE, VA
Property Size1,260 SF
Lot Size1.37 Acres
Price / SF$443.65
Days on Market293
Property Features for 11947 LEE Highway
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
Driveway, Off Street
Elementary school district
RAPPAHANNOCK COUNTY PUBLIC SCHOOLS
Middle school district
RAPPAHANNOCK COUNTY PUBLIC SCHOOLS
High school district
RAPPAHANNOCK COUNTY PUBLIC SCHOOLS
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 Chapman IV · License #0225261124
(703) 887-0895
Added: Jan 8
Changed: Oct 9
Last Checked: Oct 28 at 8:06AM
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.
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Investment Insights
Based on property information with market context.
At 11947 and 11951 Lee Highway, two structures on one parcel contain four grandfathered residential units and one commercial unit. The property is zoned Highway Commercial. Electric, propane, a private well, town sewer and high-speed internet serve the site. Building features include vinyl siding, heat-pump heating and ductless cooling, with off-street parking and a driveway.
The 1.37-acre property fronts Route 211, which is reported to carry more than 2 million vehicles annually. It is near the Thornton Gap entrance to Shenandoah National Park.
The 1.37-acre property fronts Route 211, which is reported to carry more than 2 million vehicles annually. It is near the Thornton Gap entrance to Shenandoah National Park.
Key Highlights
- Two structures on one parcel at 11947 and 11951 Lee Highway
- Four grandfathered residential units and one commercial unit
- 1.37‑acre site along Route 211, with more than 2 million vehicles reported annually
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,971
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$439,420
$439.4K
Cap Rate 7%
$313,871
$313.9K
Cap Rate 9%
$244,122
$244.1K
Market Conditions
NOI Build-Up for 1,260 SF
Gross rent
$37.8K $30.00/SF
− Vacancy
−$2.6K −$2.10/SF
EGI
$35.2K $27.90/SF
− OpEx
−$13.2K −$10.46/SF
NOI
$22.0K $17.44/SF
Area
Rappahannock County, VA
Vacancy
7.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$439,420
Cap Rate 7%
$313,871
Cap Rate 9%
$244,122
Alternative Uses
Best Use
Mixed Use
$313.9K
$274.6K – $366.2K
NOI $21,971 @ 7.0% cap · market cap 3.93%
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.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
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Current Use
Lease Details
4
Residential units
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine residential units with commercial space under Highway Commercial zoning.
Where is this mixed-use property 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: Two structures on one parcel at 11947 and 11951 Lee Highway; Four grandfathered residential units and one commercial unit; 1.37‑acre site along Route 211, with more than 2 million vehicles reported annually
