Side-by-Side
For Sale
$205,000
Pending
1609 Shaffer St, Lynchburg, VA 24501
Both residences are occupied, and tenants cover all utility costs.
Property Size1,800 SF
Days on Market86
Property Features for 1609 Shaffer St
General Information
Standard status
Pending
Size
1,800 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
2
Listing Agency:
Heart of Virginia Realty
(434) 528-1411
Listed By:
Kandise Powell
Source:
Exprealty
Added: Jun 10
Changed: Aug 30
Last Checked: Sep 1 at 11:18PM
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 Heart of Virginia Realty
Investment Insights
Based on property information with market context.
This 1,800 SF duplex is configured with two adjoining residences, providing a straightforward multifamily layout. Each unit is currently occupied, and residents are responsible for their own utilities.
The property is located at 1609 Shaffer St in Lynchburg, Virginia, offering an existing occupied configuration for continued residential income use.
The property is located at 1609 Shaffer St in Lynchburg, Virginia, offering an existing occupied configuration for continued residential income use.
Key Highlights
- 1,800 SF duplex with two adjoining residential units
- Both units are currently occupied
- Tenants pay all utilities
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
$15,587
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
7.60%
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%
$311,740
$311.7K
Cap Rate 7%
$222,671
$222.7K
Cap Rate 9%
$173,189
$173.2K
Market Conditions
NOI Build-Up for 1,800 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
$24.8K $13.80/SF
− Vacancy
−$2.6K −$1.43/SF
EGI
$22.3K $12.37/SF
− OpEx
−$6.7K −$3.71/SF
NOI
$15.6K $8.66/SF
Area
Lynchburg County, VA
Vacancy
10.36%
Lease Rate
$13.80 /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%
$311,740
Cap Rate 7%
$222,671
Cap Rate 9%
$173,189
Alternative Uses
Best Use
Multifamily LT 5
$222.7K
$194.8K – $259.8K
NOI $15,587 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$204.1K
$178.6K – $238.2K
NOI $14,290 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$533.2K
$466.6K – $622.1K
NOI $37,325 @ 7.0% cap · market cap 18.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
Explore this area
Business Placement
Demographics for 24501, VA
27,160
Population
12,157
Households
2.2
Avg Household Size
33
Median Age
25%
College-Educated
87%
High-School Grad
36.3 sq mi
ZIP Area
748
Density / Sq Mi
$45,305
Median Household Income
$28,790
Median Earnings
$936
Median Rent
$155,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied, and tenants cover all utility costs.
Where is this duplex located?
The property is located at 1609 Shaffer St Lynchburg, VA.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 1,800 SF duplex with two adjoining residential units; Both units are currently occupied; Tenants pay all utilities
