Four-Unit Quadplex
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 Market246
Property Features for 11947 LEE Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
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 Glenn Chapman IV · License #0225261124
(703) 887-0895
Added: Jan 8
Changed: Sep 5
Last Checked: Sep 11 at 5:06PM
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.
This 1.37-acre property includes two structures with four grandfathered residential units and one commercial unit. The improvements feature vinyl siding, heat pump heating, ductless cooling, driveway and off-street parking, and a cottage architectural style. The property size is listed as 1,260 square feet, with a 1900 construction date.
Located at 11947 and 11951 Lee Highway in Sperryville, the property fronts the Rt 211 corridor, which sees 2 million + vehicles per year. It is near the Thornton Gap entrance to Shenandoah National Park and is zoned Highway Commercial. Listed by-right uses include short-term rentals, retail, food service, and hospitality. Utilities include electric, propane, a private well, town sewer, and high-speed internet.
Located at 11947 and 11951 Lee Highway in Sperryville, the property fronts the Rt 211 corridor, which sees 2 million + vehicles per year. It is near the Thornton Gap entrance to Shenandoah National Park and is zoned Highway Commercial. Listed by-right uses include short-term rentals, retail, food service, and hospitality. Utilities include electric, propane, a private well, town sewer, and high-speed internet.
Key Highlights
- Four grandfathered residential units plus one commercial unit across two structures
- 1.37‑acre property at 11947 and 11951 Lee Highway
- Highway Commercial zoning allows short‑term rentals, retail, food service, and hospitality
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,971
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-structure property with residential and commercial occupancy, Highway Commercial zoning, and access to town sewer and a private well.
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: Four grandfathered residential units plus one commercial unit across two structures; 1.37‑acre property at 11947 and 11951 Lee Highway; Highway Commercial zoning allows short‑term rentals, retail, food service, and hospitality
