Two-Bedroom
For Sale
$309,900
Pending
6000 Igloe Drive, Lynchburg, VA 24502
Multi-Family, Lynchburg, VA
Property Size2,400 SF
Lot Size0.19 Acres
Days on Market96
Property Features for 6000 Igloe Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 4
Elementary school
Sandusky Elem
Middle school
Sandusky Midl
High school
Heritage High
Elementary school district
Lynchburg
Middle school district
Lynchburg
High school district
Lynchburg
Directions
Fort Ave, left on Sandusky, immediate left Igloe
Subdivision
Lynchburg
Standard status
Pending
Size
2,400 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Igloe Ridge, Lot 9
Legal Description
Igloe Ridge, Lot 9
Building Details
Year built
1996
Number of units
2
Listing Agency:
Re/Max 1st Olympic · RE/MAX International
(434) 832-1100
Listed By:
Nadine B Blakely · License #0225103715
(434) 841-7537
Added: Jun 3
Changed: Sep 2
Last Checked: Sep 6 at 5:06AM
MLS# 366869
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.
Investment Insights
Based on property information with market context.
This 2,400-square-foot duplex was built in 1996 and contains two separately rented residences. Each unit provides two bedrooms, creating a consistent configuration across the property. The building sits on a 0.187-acre lot and is identified as a duplex property suited to residential income ownership.
The property is located in Lynchburg, Virginia, near colleges and CENTRA. Unit A and Unit B are available for tour by appointment, allowing prospective purchasers to review both sides of the building.
The property is located in Lynchburg, Virginia, near colleges and CENTRA. Unit A and Unit B are available for tour by appointment, allowing prospective purchasers to review both sides of the building.
Key Highlights
- 2,400 square feet across a duplex configuration
- Two separately rented units
- Each unit includes two bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,782
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$415,640
$415.6K
Cap Rate 7%
$296,886
$296.9K
Cap Rate 9%
$230,911
$230.9K
Market Conditions
NOI Build-Up for 2,400 SF
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.
Gross rent
$33.1K $13.80/SF
− Vacancy
−$3.4K −$1.43/SF
EGI
$29.7K $12.37/SF
− OpEx
−$8.9K −$3.71/SF
NOI
$20.8K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$415,640
Cap Rate 7%
$296,886
Cap Rate 9%
$230,911
Alternative Uses
Best Use
Multifamily LT 5
$296.9K
$259.8K – $346.4K
NOI $20,782 @ 7.0% cap · market cap 6.71%
Second Best
Apartment 5plus
$272.2K
$238.2K – $317.6K
NOI $19,053 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$710.9K
$622.1K – $829.4K
NOI $49,766 @ 7.0% cap · market cap 16.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
270
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residences are leased separately, with each offering a two-bedroom layout near colleges and CENTRA.
Where is this duplex located?
The property is located at 6000 Igloe Drive Lynchburg, VA.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: 2,400 square feet across a duplex configuration; Two separately rented units; Each unit includes two bedrooms
