Income-Producing 8-Plex Apartment
For Sale
$899,000
1664 Graves Mill Rd, Lynchburg, VA 24502
Eight residential units generate monthly income with consistent 2-bedroom, 1-bath layouts for tenant-ready living.
Property Size6,792 SF
Price / SF$132.36
Days on Market119
Property Features for 1664 Graves Mill Rd
General Information
Standard status
Active
Size
6,792 SF
Additional Details
Multifamily Units
8
Listing Agency:
eXp Realty LLC-Stafford
(866) 825-7169
Listed By:
Jim L Rufus
Source:
Exprealty
Added: Apr 9
Changed: Jul 10
Last Checked: Jul 31 at 5:09PM
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 eXp Realty LLC-Stafford
Investment Insights
Based on property information with market context.
This income-producing 8-plex contains eight residential units totaling 16 bedrooms and eight full baths. The property is configured as eight separate 2-bedroom, 1-bath homes, each designed for straightforward occupancy and day-to-day usability. The listing notes that appointments are required, and prospective buyers must provide a bank letter or proof of funds prior to scheduling a showing.
Located on Graves Mill Road in a high-traffic corridor, the property is described as surrounded by established restaurants, businesses, and everyday conveniences. The remarks also cite convenient access to the expressway, the airport, and local colleges, supporting a tenant base drawn from routine commuting and nearby employment and education.
For investors or owner-operators seeking a residential income property with multiple independent units under one roof, this 8-plex provides a repeatable unit mix across all eight homes. The listing also provides a stated monthly income of $7,700, offering a baseline for underwriting and review. If you are considering a multifamily acquisition in an active commercial area, this structure may align well with buyers looking for a manageable apartment-building format and a straightforward tenant layout profile.
Located on Graves Mill Road in a high-traffic corridor, the property is described as surrounded by established restaurants, businesses, and everyday conveniences. The remarks also cite convenient access to the expressway, the airport, and local colleges, supporting a tenant base drawn from routine commuting and nearby employment and education.
For investors or owner-operators seeking a residential income property with multiple independent units under one roof, this 8-plex provides a repeatable unit mix across all eight homes. The listing also provides a stated monthly income of $7,700, offering a baseline for underwriting and review. If you are considering a multifamily acquisition in an active commercial area, this structure may align well with buyers looking for a manageable apartment-building format and a straightforward tenant layout profile.
Key Highlights
- Income‑producing 8‑plex with 8 residential units (16 bedrooms, 8 baths)
- All units have consistent layouts: 2 bedrooms and 1 full bath each
- Monthly income reported as $7,700
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $110.0k | $16.20 |
| − Vacancy | −$12.0k | −$1.77 |
| EGI | $98.0k | $14.43 |
| − OpEx | −$44.1k | −$6.50 |
| NOI | $53.9k | $7.94 |
6,792 SF · lease $16.20/SF/yr · vacancy 10.90% · expense 45.00%
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
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 - Eight residential units generate monthly income with consistent 2-bedroom, 1-bath layouts for tenant-ready living.
Where is this apartment building located?
The property is located at 1664 Graves Mill Rd 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 with 8 residential units (16 bedrooms, 8 baths); All units have consistent layouts: 2 bedrooms and 1 full bath each; Monthly income reported as $7,700
