Two-Unit Multifamily
New
For Sale
$549,000
16 MAIN STREET, Sperryville, VA 22740
Renovated village property with two apartments, flexible first-floor layout, and established occupancy.
Property Size2,288 SF
Price / SF$239.95
Days on Market4
Property Features for 16 MAIN STREET
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
1 x 1BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$549,000
Utilities to Site
Yes
Building Details
Year Built
1840
Year Renovated
2001
Buildings
1
Listing Agency:
Cheri Woodard Realty
(540) 987-8500
Listed By:
Robert Glenn Chapman IV · License #0225261124
(703) 887-0895
Source:
Cummingsrealtors
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 24 at 10:00AM
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 Cheri Woodard Realty
Investment Insights
Based on property information with market context.
This 2,288-square-foot multifamily property contains two residential apartments. The main-level unit has one bedroom, two full bathrooms, a kitchen, and adaptable living or work space. The upper apartment includes two bedrooms, a kitchen, and one full bathroom. The first floor may also be reconfigured into separate commercial office and efficiency apartment areas, subject to applicable requirements.
The building was extensively renovated around 2001, with electrical and plumbing updates. Central HVAC systems were replaced in approximately 2018 and 2021. The property also includes a private well, town sewer, metal roofing, and straightforward grounds. It is currently fully leased with extremely low or no vacancy.
Located at 16 Main Street in Sperryville, the property is within a flexible zoning district supporting by-right uses including short-term rentals, hospitality, dining, retail, and offices. Restaurants, galleries, shops, breweries, and the entrance to Shenandoah National Park are identified in the surrounding village context. The building dates to 1840.
The building was extensively renovated around 2001, with electrical and plumbing updates. Central HVAC systems were replaced in approximately 2018 and 2021. The property also includes a private well, town sewer, metal roofing, and straightforward grounds. It is currently fully leased with extremely low or no vacancy.
Located at 16 Main Street in Sperryville, the property is within a flexible zoning district supporting by-right uses including short-term rentals, hospitality, dining, retail, and offices. Restaurants, galleries, shops, breweries, and the entrance to Shenandoah National Park are identified in the surrounding village context. The building dates to 1840.
Key Highlights
- 2,288‑square‑foot multifamily building with two residential units
- Main‑level one‑bedroom apartment with two full bathrooms
- Upper‑level two‑bedroom apartment with kitchen and full bathroom
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
$35,073
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
6.39%
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%
$701,460
$701.5K
Cap Rate 7%
$501,043
$501.0K
Cap Rate 9%
$389,700
$389.7K
Market Conditions
NOI Build-Up for 2,288 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
$67.3K $29.40/SF
− Vacancy
−$3.5K −$1.53/SF
EGI
$63.8K $27.87/SF
− OpEx
−$28.7K −$12.54/SF
NOI
$35.1K $15.33/SF
Area
Rappahannock County, VA
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$701,460
Cap Rate 7%
$501,043
Cap Rate 9%
$389,700
Alternative Uses
Best Use
Apartment 5plus
$501.0K
$438.4K – $584.6K
NOI $35,073 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $88,957 @ 7.0% cap · market cap 16.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Renovated village property with two apartments, flexible first-floor layout, and established occupancy.
Where is this multifamily property located?
The property is located at 16 MAIN STREET Sperryville, VA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 2,288‑square‑foot multifamily building with two residential units; Main‑level one‑bedroom apartment with two full bathrooms; Upper‑level two‑bedroom apartment with kitchen and full bathroom
