Renovated Two-Unit
For Sale
$325,000
2208 Memorial Avenue, Lynchburg, VA 24501
Updated interiors, separate utility meters, and efficient heat pumps support owner-occupancy or rental use.
Property Size2,604 SF
Price / SF$124.81
Days on Market183
Property Features for 2208 Memorial Avenue
General Information
Standard status
Active
Size
2,604 SF
Property subtype
Multi-Family / Multi-Family
Zoning
R-3
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$567
Amenities
Drywall
Heat Pump
Laminate
No
Comcast/Xfinity
Disclosure, Lead Based Paint
Vinyl Siding
Building Details
Year Built
1908
Buildings
1
Stories
2
Listing Agency:
Sims Realty & Mortgage Corp
Listed By:
Pete Sims · License #0225110529
(434) 845-2383
Source:
Compass
Added: Apr 20
Changed: Oct 6
Last Checked: Oct 16 at 11:34AM
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 Sims Realty & Mortgage Corp
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Investment Insights
Based on property information with market context.
This two-story duplex contains two 3-bedroom, 1-bath units within 2,604 square feet, with one residence on each level. The property has undergone extensive renovation, including new kitchen and bathroom cabinetry, modern appliances, laminate flooring, fresh interior paint, insulated windows, and Trane heat pumps. Each unit has its own utility meter, providing distinct utility management for the separate residences.
Built in 1908 and clad in vinyl siding, the property is zoned R-3. Its layout can accommodate separate households, extended-family living, or an income-producing ownership strategy. The address is near shopping, restaurants, banking services, and a hospital, providing convenient access to everyday amenities for residents.
Built in 1908 and clad in vinyl siding, the property is zoned R-3. Its layout can accommodate separate households, extended-family living, or an income-producing ownership strategy. The address is near shopping, restaurants, banking services, and a hospital, providing convenient access to everyday amenities for residents.
Key Highlights
- Two‑story duplex with one 3‑bedroom, 1‑bath unit on each level
- 2,604 square feet with renovated kitchens, baths, flooring, and paint
- Separate utility meters for both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,549
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$450,980
$451.0K
Cap Rate 7%
$322,129
$322.1K
Cap Rate 9%
$250,544
$250.5K
Market Conditions
NOI Build-Up for 2,604 SF
Gross rent
$35.9K $13.80/SF
− Vacancy
−$3.7K −$1.43/SF
EGI
$32.2K $12.37/SF
− OpEx
−$9.7K −$3.71/SF
NOI
$22.5K $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 Rate 5%
$450,980
Cap Rate 7%
$322,129
Cap Rate 9%
$250,544
Alternative Uses
Best Use
Multifamily LT 5
$322.1K
$281.9K – $375.8K
NOI $22,549 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$295.3K
$258.4K – $344.6K
NOI $20,673 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$771.4K
$675.0K – $900.0K
NOI $53,997 @ 7.0% cap · market cap 16.61%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,231
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Updated interiors, separate utility meters, and efficient heat pumps support owner-occupancy or rental use.
Where is this duplex located?
The property is located at 2208 Memorial Avenue Lynchburg, VA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑story duplex with one 3‑bedroom, 1‑bath unit on each level; 2,604 square feet with renovated kitchens, baths, flooring, and paint; Separate utility meters for both units
