Renovated Triplex
16 MAIN Street, Sperryville, VA 22740
For Sale
$549,000
Multi-Family, SPERRYVILLE, VA
Property Size2,288 SF
Lot Size0.25 Acres
Price / SF$239.95
Days on Market50
Property Features for 16 MAIN Street
General Information
Property type
Property subtype
Rooms
Parking features
Interior features
Appliances
Subdivision
Elementary school district
Middle school district
High school district
Standard status
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Number of units
Building materials
Architectural style
Listing Agency:
Cheri Woodard Realty
(540) 987-8500
Listed By:
Robert Chapman IV · License #0225261124
(703) 887-0895
Added: Sep 21
Changed: Oct 19
Last Checked: Nov 9 at 4:06AM
MLS# VARP2002858
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.
Located at 16 Main Street in Sperryville, this 2,288-square-foot property is currently arranged as two residential apartments. The main level includes a one-bedroom unit with two full baths, kitchen, and combined living/work areas; the upper level contains a separate two-bedroom apartment with its own kitchen and full bath. The first floor may also be reconfigured into an office and efficiency apartment, creating a potential three-unit mixed-use arrangement.
The building dates to 1840 and received an extensive renovation around 2001, including electrical and plumbing updates. Two central HVAC systems were replaced in approximately 2018 and 2021. Additional features include a private well, town sewer, metal roofing, wood floors, off-street parking, and driveway access. Flexible zoning allows several by-right uses, including short-term rentals, hospitality, dining, retail, and offices. The property is currently fully leased and has an established rental history.
The building dates to 1840 and received an extensive renovation around 2001, including electrical and plumbing updates. Two central HVAC systems were replaced in approximately 2018 and 2021. Additional features include a private well, town sewer, metal roofing, wood floors, off-street parking, and driveway access. Flexible zoning allows several by-right uses, including short-term rentals, hospitality, dining, retail, and offices. The property is currently fully leased and has an established rental history.
Key Highlights
- 2,288‑square‑foot building on 0.2502 acres
- Two existing residential units with potential for a three‑unit mixed‑use configuration
- Main‑level one‑bedroom apartment includes two full baths and flexible living/work space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,925
Cap Rate
7.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$778,500
$778.5K
Cap Rate 7%
$556,071
$556.1K
Cap Rate 9%
$432,500
$432.5K
Market Conditions
NOI Build-Up for 2,288 SF
Gross rent
$59.0K $25.80/SF
− Vacancy
−$3.4K −$1.50/SF
EGI
$55.6K $24.30/SF
− OpEx
−$16.7K −$7.29/SF
NOI
$38.9K $17.01/SF
Area
Rappahannock County, VA
Vacancy
5.80%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$778,500
Cap Rate 7%
$556,071
Cap Rate 9%
$432,500
Alternative Uses
Best Use
Multifamily LT 5
$556.1K
$486.6K – $648.8K
NOI $38,925 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$501.0K
$438.4K – $584.6K
NOI $35,073 @ 7.0% cap · market cap 6.39%
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.
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Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Triplex - Flexible village property with two apartments, established rental history, and by-right potential for residential, office, hospitality, dining, and retail uses.
Where is this triplex 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 building on 0.2502 acres; Two existing residential units with potential for a three‑unit mixed‑use configuration; Main‑level one‑bedroom apartment includes two full baths and flexible living/work space
