Lynchburg Multifamily Investment
For Sale
$899,000
1664 Graves Mill Road, Lynchburg, VA 24502
COMMERCIAL - Lynchburg, VA
Property Size6,792 SF
Lot Size0.70 Acres
Price / SF$132.36
Days on Market132
Property Features for 1664 Graves Mill Road
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Use gps
Subdivision
Lynchburg
Standard status
Active
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
Building Details
Year built
1970
Listing Agency:
eXp Realty LLC-Stafford
(866) 825-7169
Listed By:
Jimmy L Rufus Jr. · License #0225183489
(866) 825-7169
Added: Apr 9
Changed: Aug 4
Last Checked: Aug 18 at 10:06PM
MLS# 365696
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 income-producing 8-plex features 16 bedrooms and 8 baths. It is ideally located in a high-traffic corridor on Graves Mill Road, surrounded by established restaurants, businesses, and everyday conveniences. The location offers easy access to the expressway, airport, and local colleges, making it highly desirable for tenants. Each of the eight units features 2 bedrooms and 1 full bath, offering a functional and in-demand layout. The property is situated on a lot of 0.7007 acres and has a total area of 6792 square feet. The property generates a monthly income of $7,700, presenting a solid return with room for future growth. Its strong rental history, excellent location, and consistent demand make it a great addition to any investment portfolio. This multifamily property is located in a thriving commercial area with long-term upside potential.
Key Highlights
- Income‑producing 8‑plex generating $7,700 monthly
- Prime location on Graves Mill Road with high traffic
- Each unit features a desirable 2‑bedroom, 1‑bath layout
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
$53,920
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
6.00%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing 8-plex near restaurants, businesses, and local colleges.
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: Income‑producing 8‑plex generating $7,700 monthly; Prime location on Graves Mill Road with high traffic; Each unit features a desirable 2‑bedroom, 1‑bath layout
