6-Unit Apartment
For Sale
Contact for pricing
1122 Caroline St, Fredericksburg, VA 22401
Downtown apartment property in the Historic District, surrounded by restaurants, retail, and office users.
Property Size4,062 SF
Price / SF$363.12
Days on Market153
Property Features for 1122 Caroline St
General Information
Standard status
Active
Size
4,062 SF
Total Parking Spaces
11
Property subtype
Mixed Use, Multifamily, Office
Zoning
CD
Occupancy
50%
Investment Type
Value Add
Additional Details
Multifamily Units
6
Building Details
Year Built
1912
Year Renovated
2025
Buildings
1
Stories
4
Units
6
Tenancy
Multi
Listing Agency:
Johnson Realty Advisors
(540) 548-2220
Listed By:
Kingston Simmons · License #0225277236
Source:
Crexi
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 2:28PM
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 Johnson Realty Advisors
Investment Insights
Based on property information with market context.
This 6-unit apartment building occupies 4,062 square feet and dates to 1912. The property is zoned CD and includes six units in place within a historic building setting.
Located at 1122 Caroline Street in downtown Fredericksburg’s Historic District, the property sits within a walkable area featuring restaurants, retail businesses, and office users. Its downtown setting places the building near the city’s core amenities and established commercial activity.
Located at 1122 Caroline Street in downtown Fredericksburg’s Historic District, the property sits within a walkable area featuring restaurants, retail businesses, and office users. Its downtown setting places the building near the city’s core amenities and established commercial activity.
Key Highlights
- Six apartment units in place
- 4,062‑square‑foot building constructed in 1912
- CD zoning
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
$42,956
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
2.91%
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%
$859,120
$859.1K
Cap Rate 7%
$613,657
$613.7K
Cap Rate 9%
$477,289
$477.3K
Market Conditions
NOI Build-Up for 4,062 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
$73.1K $18.00/SF
− Vacancy
−$4.4K −$1.08/SF
EGI
$68.7K $16.92/SF
− OpEx
−$25.8K −$6.34/SF
NOI
$43.0K $10.58/SF
Area
Spotsylvania County, VA
Vacancy
6.00%
Lease Rate
$18.00 /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%
$859,120
Cap Rate 7%
$613,657
Cap Rate 9%
$477,289
Alternative Uses
Best Use
Mixed Use
$613.7K
$537.0K – $715.9K
NOI $42,956 @ 7.0% cap · market cap 2.91%
Second Best
Apartment 5plus
$563.3K
$492.9K – $657.2K
NOI $39,430 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,129 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 22401, VA
27,799
Population
12,270
Households
2.3
Avg Household Size
32
Median Age
47%
College-Educated
93%
High-School Grad
10.4 sq mi
ZIP Area
2,673
Density / Sq Mi
$85,432
Median Household Income
$46,891
Median Earnings
$1,518
Median Rent
$461,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Downtown apartment property in the Historic District, surrounded by restaurants, retail, and office users.
Where is this apartment building located?
The property is located at 1122 Caroline St Fredericksburg, VA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Six apartment units in place; 4,062‑square‑foot building constructed in 1912; CD zoning
