Renovated Triplex
New
For Sale
$549,000
16 MAIN Street, Sperryville, VA 22740
Multi-Family, SPERRYVILLE, VA
Property Size2,288 SF
Lot Size0.25 Acres
Price / SF$239.95
Days on Market4
Property Features for 16 MAIN Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Dining Room
Parking features
Driveway, Off Street
Interior features
2nd Kitchen, Bathroom - Tub Shower, Combination Dining/Living, Combination Kitchen/Dining, Floor Plan - Traditional, Kitchen - Eat-In, Kitchen - Table Space, Window Treatments, Wood Floors
Appliances
Dryer, Oven/Range - Electric, Refrigerator, Washer, WaterHeater
Subdivision
SPERRYVILLE
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
2,288 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
2549
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump, Central Air
Building Details
Year built
1840
Number of units
3
Building materials
Stone, Vinyl Siding
Architectural style
National
Listing Agency:
Cheri Woodard Realty
(540) 987-8500
Listed By:
Robert Glenn Chapman IV · License #0225261124
(703) 887-0895
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 1:06PM
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.
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 = 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
$38,925
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
7.09%
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%
$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
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
$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 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%
$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.
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
