Mixed-Use Fully Leased
For Sale
$349,900
2908 Memorial Ave, Lynchburg, VA 24501
Two commercial units and four one-bedroom apartments are fully leased in this mixed-use property.
Property Size3,624 SF
Price / SF$96.55
Days on Market125
Property Features for 2908 Memorial Ave
General Information
Standard status
Active
Size
3,624 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Tenancy
Multi
Listing Agency:
Lauren Bell Real Estate, Inc.
(434) 384-1010
Listed By:
Chris Davies · License #0225234052
(434) 221-9777
Source:
Exprealty
Added: Jun 19
Changed: Oct 16
Last Checked: Oct 19 at 9:11AM
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 Lauren Bell Real Estate, Inc.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This mixed-use property is comprised of two commercial units and four one-bedroom apartments, with all units currently leased. The asset totals 3,624 square feet, providing a diversified rental mix across both storefront/commercial and residential spaces.
Located at 2908 Memorial Ave in Lynchburg, Virginia, the property is offered for sale as a fully tenanted investment opportunity. With residential and commercial tenants in place, it is designed to produce rental income from its existing occupancy.
For buyers looking for a ready-to-operate mixed-use hold, this configuration offers straightforward income diversification between the two commercial units and the four separate one-bedroom apartment units.
Located at 2908 Memorial Ave in Lynchburg, Virginia, the property is offered for sale as a fully tenanted investment opportunity. With residential and commercial tenants in place, it is designed to produce rental income from its existing occupancy.
For buyers looking for a ready-to-operate mixed-use hold, this configuration offers straightforward income diversification between the two commercial units and the four separate one-bedroom apartment units.
Key Highlights
- Mixed‑use property with 2 commercial units and 4 one‑bedroom apartments.
- All 6 units are fully leased and generating rental income.
- Provides diversified tenant mix across commercial and residential tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,770
Cap Rate
8.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$575,400
$575.4K
Cap Rate 7%
$411,000
$411.0K
Cap Rate 9%
$319,667
$319.7K
Market Conditions
NOI Build-Up for 3,624 SF
Gross rent
$58.7K $16.20/SF
− Vacancy
−$6.4K −$1.77/SF
EGI
$52.3K $14.43/SF
− OpEx
−$23.5K −$6.50/SF
NOI
$28.8K $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%
$575,400
Cap Rate 7%
$411,000
Cap Rate 9%
$319,667
Alternative Uses
Best Use
Apartment 5plus
$411.0K
$359.6K – $479.5K
NOI $28,770 @ 7.0% cap · market cap 8.22%
Second Best
Mixed Use
$392.9K
$343.8K – $458.4K
NOI $27,506 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$1.07M
$939.3K – $1.25M
NOI $75,147 @ 7.0% cap · market cap 21.48%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
668
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial units and four one-bedroom apartments are fully leased in this mixed-use property.
Where is this mixed-use property located?
The property is located at 2908 Memorial Ave Lynchburg, VA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Mixed‑use property with 2 commercial units and 4 one‑bedroom apartments.; All 6 units are fully leased and generating rental income.; Provides diversified tenant mix across commercial and residential tenants.
