8-Unit Apartment
For Sale
$899,000
Pending
1664 Graves Mill Road, Lynchburg, VA 24502
Multi-Family, Lynchburg, VA
Property Size6,792 SF
Lot Size0.70 Acres
Days on Market183
Property Features for 1664 Graves Mill Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 7, Bathroom 5, Bedroom 6, Bedroom 9, Bathroom 1, Bedroom 11, Bedroom 2, Bedroom 8, Bedroom 3, Bathroom 6, Bedroom 12, Bedroom 4, Bedroom 10, Bedroom 5, Bathroom 4, Bathroom 3, Bathroom 2
Elementary school
Sandusky Elem
Middle school
Sandusky Midl
High school
Heritage High
Elementary school district
Lynchburg
Middle school district
Lynchburg
High school district
Lynchburg
Directions
please use GPS.
Subdivision
Lynchburg
Standard status
Pending
APN
24013005
Size
6,792 SF
Lot size
0.70 Acres
Taxes and HOA fees
Tax Description
GEORGE L JONES, LOT 4 & PT LOT 5
Legal Description
GEORGE L JONES, LOT 4 & PT LOT 5
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
1970
Number of units
8
Listing Agency:
eXp Realty LLC-Stafford
(866) 825-7169
Listed By:
Jimmy L Rufus Jr. · License #0225183489
(434) 258-6912
Added: Apr 8
Changed: Sep 15
Last Checked: Oct 7 at 4:06AM
MLS# 365599
Copyright © 2026 Lynchburg Virginia 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.
This multifamily property contains 8 apartment units within 6,792 square feet on 0.7007 acres. The unit mix is uniform, with each residence offering 2 bedrooms and 1 full bath, for a total of 16 bedrooms and 8 bathrooms. Heat pump systems provide both heating and cooling, and the building dates to 1970.
Located at 1664 Graves Mill Road in Lynchburg, the property sits near established restaurants, businesses, and everyday services. The address provides access to the expressway, airport, and local colleges. Showings are by appointment only, and prospective parties must provide a bank letter or proof of funds before an appointment is scheduled.
Located at 1664 Graves Mill Road in Lynchburg, the property sits near established restaurants, businesses, and everyday services. The address provides access to the expressway, airport, and local colleges. Showings are by appointment only, and prospective parties must provide a bank letter or proof of funds before an appointment is scheduled.
Key Highlights
- 8 apartment units with 2 bedrooms and 1 full bath per unit
- 6,792 square feet on 0.7007 acres
- 16 total bedrooms and 8 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,920
Cap Rate
6.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,078,400
$1.1M
Cap Rate 7%
$770,286
$770.3K
Cap Rate 9%
$599,111
$599.1K
Market Conditions
NOI Build-Up for 6,792 SF
Gross rent
$110.0K $16.20/SF
− Vacancy
−$12.0K −$1.77/SF
EGI
$98.0K $14.43/SF
− OpEx
−$44.1K −$6.50/SF
NOI
$53.9K $7.94/SF
Area
Lynchburg County, VA
Vacancy
10.90%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,078,400
Cap Rate 7%
$770,286
Cap Rate 9%
$599,111
Alternative Uses
Best Use
Apartment 5plus
$770.3K
$674.0K – $898.7K
NOI $53,920 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,839 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
Explore this area
Business Placement
Demographics for 24502, VA
41,058
Population
18,576
Households
2.2
Avg Household Size
36
Median Age
39%
College-Educated
92%
High-School Grad
29.9 sq mi
ZIP Area
1,373
Density / Sq Mi
$66,027
Median Household Income
$35,923
Median Earnings
$1,166
Median Rent
$214,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Eight consistent two-bedroom layouts support straightforward multifamily operations along a commercially active corridor.
Where is this apartment building located?
The property is located at 1664 Graves Mill Road Lynchburg, VA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 8 apartment units with 2 bedrooms and 1 full bath per unit; 6,792 square feet on 0.7007 acres; 16 total bedrooms and 8 bathrooms
