Renovated 7-Unit Apartment
For Sale
$750,000
1308 Clay St, Lynchburg, VA 24504
Historic brick construction pairs with updated kitchens, bathrooms, and appliances in a multi-unit residential property.
Property Size3,730 SF
Price / SF$201.07
Days on Market18
Property Features for 1308 Clay St
General Information
Standard status
Active
Size
3,730 SF
Property subtype
Residential Income
Amenities
large front porch
original-style hardwood flooring
private balconies
Building Details
Construction
brick
Listing Agency:
Realty ONE Group Leading Edge
(434) 544-0100
Listed By:
Christine Avery
(434) 316-6100
Source:
Exprealty
Added: Oct 3
Changed: Oct 19
Last Checked: Oct 19 at 2:36PM
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 Realty ONE Group Leading Edge
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Investment Insights
Based on property information with market context.
This 7-unit apartment building at 1308 Clay Street has 3,730 square feet and a brick exterior. Renovations include refreshed kitchens and bathrooms, along with new appliances. Most apartments have hardwood flooring designed to reflect the building’s original character; select units include private balconies. A large front porch adds shared outdoor space.
The property is in Downtown Lynchburg, near restaurants, shops, entertainment, amenities, and bus routes.
The property is in Downtown Lynchburg, near restaurants, shops, entertainment, amenities, and bus routes.
Key Highlights
- 7‑unit historic apartment building
- 3,730 square feet of building area
- Renovated kitchens and bathrooms with new appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,612
Cap Rate
3.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$592,240
$592.2K
Cap Rate 7%
$423,029
$423.0K
Cap Rate 9%
$329,022
$329.0K
Market Conditions
NOI Build-Up for 3,730 SF
Gross rent
$60.4K $16.20/SF
− Vacancy
−$6.6K −$1.77/SF
EGI
$53.8K $14.43/SF
− OpEx
−$24.2K −$6.50/SF
NOI
$29.6K $7.94/SF
Area
Lynchburg County, VA
Vacancy
10.90%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$592,240
Cap Rate 7%
$423,029
Cap Rate 9%
$329,022
Alternative Uses
Best Use
Apartment 5plus
$423.0K
$370.2K – $493.5K
NOI $29,612 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$966.8K – $1.29M
NOI $77,345 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,304
Businesses Nearby
Explore this area
Business Placement
Demographics for 24504, VA
9,585
Population
5,206
Households
1.8
Avg Household Size
37
Median Age
24%
College-Educated
88%
High-School Grad
37.5 sq mi
ZIP Area
256
Density / Sq Mi
$50,739
Median Household Income
$34,265
Median Earnings
$998
Median Rent
$183,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Historic brick construction pairs with updated kitchens, bathrooms, and appliances in a multi-unit residential property.
Where is this apartment building located?
The property is located at 1308 Clay St Lynchburg, VA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 7‑unit historic apartment building; 3,730 square feet of building area; Renovated kitchens and bathrooms with new appliances
