Residential Income Property with Historic
309 PRINCE EDWARD Street Fredericksburg, VA 22401
For Sale
$900,000
MULTI_FAMILY - Colonial - FREDERICKSBURG, VA
Property Size2,550 SF
Lot Size0.25 Acres
Price / SF$352.94
Days on Market339
Property Features for 309 PRINCE EDWARD Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Alley, Driveway
Standard status
Active
Size
2,550 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
770
Building Details
Year built
1909
Number of units
3
Building materials
Mixed
Architectural style
Colonial
Listing Agency:
Aquia Realty, Inc.
(540) 659-2192
Listed By:
Matthew P Revell · License #0225081451
(703) 909-4544
Added: Aug 25, 2025
Changed: Jul 13
Last Checked: Jul 29 at 2:06PM
MLS# VAFB2008852
Copyright © 2026 Bright 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 offering includes three adjacent single-family home lots, including two existing homes located within the Fredericksburg Historic District. The sale is for 307, 309, and 311 Prince Edward Street, even though the listing is shown under 309 Prince Edward.
The property also includes a set of proposed plans showing development of three two-car garages with off-street parking, with one 2-car garage associated with each lot. The plans further indicate options for ADUs in each lot upon approval. A variance has been granted by the Board of Zoning Appeals to allow building up to the side lot lines between 307 and 309 and between 309 and 311, to allow an accessory structure on 309 Prince Edward where no principal residence currently exists, and to exceed height limitations by an additional 2 feet.
Plans contemplate honoring all building lines between the applicant’s property and neighboring properties, including side and rear lot lines, as reflected in the variance terms.
The property also includes a set of proposed plans showing development of three two-car garages with off-street parking, with one 2-car garage associated with each lot. The plans further indicate options for ADUs in each lot upon approval. A variance has been granted by the Board of Zoning Appeals to allow building up to the side lot lines between 307 and 309 and between 309 and 311, to allow an accessory structure on 309 Prince Edward where no principal residence currently exists, and to exceed height limitations by an additional 2 feet.
Plans contemplate honoring all building lines between the applicant’s property and neighboring properties, including side and rear lot lines, as reflected in the variance terms.
Key Highlights
- Three adjacent single‑family home lots in Fredericksburg Historic District, including two existing historic homes.
- Development opportunity for all three lots simultaneously to reduce costs.
- Variance granted to build up to the side lot line and exceed height limitations for accessory structure on 309 Prince Edward.
Financial Insights For Multifamily LT 5
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 | $41.3k | $16.20 |
| − Vacancy | −$2.9k | −$1.15 |
| EGI | $38.4k | $15.05 |
| − OpEx | −$11.5k | −$4.51 |
| NOI | $26.9k | $10.53 |
2,550 SF · lease $16.20/SF/yr · vacancy 7.12% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$383.7K
$335.7K – $447.6K
NOI $26,858 @ 7.0% cap · market cap 2.98%
Second Best
Apartment 5plus
$353.6K
$309.4K – $412.6K
NOI $24,753 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$799.3K
$699.4K – $932.5K
NOI $55,952 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Sale includes three adjacent lots with two existing homes in the Fredericksburg Historic District.
Where is this triplex located?
The property is located at 309 PRINCE EDWARD Street Fredericksburg, VA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Three adjacent single‑family home lots in Fredericksburg Historic District, including two existing historic homes.; Development opportunity for all three lots simultaneously to reduce costs.; Variance granted to build up to the side lot line and exceed height limitations for accessory structure on 309 Prince Edward.
