Two-Story Five-Unit Apartment
For Sale
$395,000
507 Madison Street, Lynchburg, VA 24504
Multi-Family, Lynchburg, VA
Property Size4,333 SF
Lot Size0.19 Acres
Price / SF$91.16
Days on Market100
Property Features for 507 Madison Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 4, Bedroom 5, Bathroom 2, Bedroom 6, Bathroom 1, Bedroom 3, Bathroom 5, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1
Subdivision
5th Street Corridor
Elementary school
Paul Munro Elem
Middle school
Linkhorne Midl
High school
E. C. Glass High
Elementary school district
Lynchburg
Middle school district
Lynchburg
High school district
Lynchburg
Directions
From Downtown Lynchburg take a left on 5th St and then a left on Madison St.
Standard status
Active
APN
02422007
Size
4,333 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
FEDERAL HILL BLK. 209
Legal Description
FEDERAL HILL BLK. 209
Utilities
Heating system
Heat Pump (Heating), Space Heater
Cooling system
Window Unit(s), Heat Pump
Amenities
open front porch
Building Details
Year built
1913
Listing Agency:
Keller Williams · Keller Williams Realty
(434) 534-9113
Listed By:
Stephen J Acree · License #0225225687
(434) 401-6785
Added: Jul 24
Changed: Oct 25
Last Checked: Oct 31 at 7:06PM
MLS# 368238
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.
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Investment Insights
Based on property information with market context.
This five-unit apartment property at 507 Madison Street contains 4,333 square feet of finished space arranged across two stories. Built in 1913, the building retains classic architectural character and includes an open front porch. The 0.1854-acre parcel supports a compact multifamily configuration in Lynchburg, Virginia.
Heating is provided by heat pumps and space heaters, while cooling includes heat pumps and window units. The property includes five bedrooms and five bathrooms in the available room inventory, with the building configured as a five-plex.
Heating is provided by heat pumps and space heaters, while cooling includes heat pumps and window units. The property includes five bedrooms and five bathrooms in the available room inventory, with the building configured as a five-plex.
Key Highlights
- Five‑unit apartment building with 4,333 square feet of finished space
- Two‑story configuration on a 0.1854‑acre parcel
- Built in 1913 with classic architectural character
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,399
Cap Rate
8.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$687,980
$688.0K
Cap Rate 7%
$491,414
$491.4K
Cap Rate 9%
$382,211
$382.2K
Market Conditions
NOI Build-Up for 4,333 SF
Gross rent
$70.2K $16.20/SF
− Vacancy
−$7.7K −$1.77/SF
EGI
$62.5K $14.43/SF
− OpEx
−$28.1K −$6.50/SF
NOI
$34.4K $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%
$687,980
Cap Rate 7%
$491,414
Cap Rate 9%
$382,211
Alternative Uses
Best Use
Apartment 5plus
$491.4K
$430.0K – $573.3K
NOI $34,399 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,849 @ 7.0% cap · market cap 22.75%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
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Business Placement
Demographics for 24504, VA
9,585
Population
5,206
Households
1.8
Avg Household Size
37
Median Age
24%
College-Educated
88%
High-School Grad
37.5 sq mi
ZIP Area
256
Density / Sq Mi
$50,739
Median Household Income
$34,265
Median Earnings
$998
Median Rent
$183,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1913, the property features an open front porch with heat pump and window-unit systems.
Where is this apartment building located?
The property is located at 507 Madison Street Lynchburg, VA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Five‑unit apartment building with 4,333 square feet of finished space; Two‑story configuration on a 0.1854‑acre parcel; Built in 1913 with classic architectural character
