Three-Unit Residential
For Sale
$330,000
645 Leesville Rd, Lynchburg, VA 24502
Three distinct living spaces include updated kitchens, hardwood flooring, and separate electric meters.
Property Size2,059 SF
Price / SF$160.27
Days on Market9
Property Features for 645 Leesville Rd
General Information
Standard status
Active
Size
2,059 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR efficiency
Multifamily Units
3
Building Details
Construction
Cape Cod
Listing Agency:
Cornerstone Realty Group Inc.
(434) 810-6732
Listed By:
Schyler Coleman Higgins · License #0225225837
(434) 485-9527
Source:
Exprealty
Added: Aug 30
Changed: Sep 6
Last Checked: Sep 7 at 1:12PM
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 Cornerstone Realty Group Inc.
Investment Insights
Based on property information with market context.
Located at 645 Leesville Rd in Lynchburg, this 2,059-square-foot triplex comprises three separate living spaces. The primary Cape Cod unit offers two bedrooms and one bathroom, with updated kitchen and bath areas, hardwood floors, and a comfortable living area. A separate upstairs efficiency unit adds a compact one-bedroom layout.
A detached ADU provides the third residence and includes a fully updated kitchen with an appliance package. Each unit has its own electric meter, providing distinct utility metering across the property. The combination of a main residence, upper-level efficiency, and detached accessory dwelling creates a clearly separated three-unit configuration.
A detached ADU provides the third residence and includes a fully updated kitchen with an appliance package. Each unit has its own electric meter, providing distinct utility metering across the property. The combination of a main residence, upper-level efficiency, and detached accessory dwelling creates a clearly separated three-unit configuration.
Key Highlights
- 2,059‑square‑foot triplex with three separate living spaces
- Main unit includes 2 bedrooms, 1 bathroom, updated kitchen and bath, and hardwood floors
- Separate upstairs 1‑bedroom efficiency unit
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
$17,829
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
5.40%
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%
$356,580
$356.6K
Cap Rate 7%
$254,700
$254.7K
Cap Rate 9%
$198,100
$198.1K
Market Conditions
NOI Build-Up for 2,059 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
$28.4K $13.80/SF
− Vacancy
−$2.9K −$1.43/SF
EGI
$25.5K $12.37/SF
− OpEx
−$7.6K −$3.71/SF
NOI
$17.8K $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%
$356,580
Cap Rate 7%
$254,700
Cap Rate 9%
$198,100
Alternative Uses
Best Use
Multifamily LT 5
$254.7K
$222.9K – $297.2K
NOI $17,829 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$233.5K
$204.3K – $272.4K
NOI $16,346 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$609.9K
$533.7K – $711.6K
NOI $42,695 @ 7.0% cap · market cap 12.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
144
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three distinct living spaces include updated kitchens, hardwood flooring, and separate electric meters.
Where is this triplex located?
The property is located at 645 Leesville Rd Lynchburg, VA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: 2,059‑square‑foot triplex with three separate living spaces; Main unit includes 2 bedrooms, 1 bathroom, updated kitchen and bath, and hardwood floors; Separate upstairs 1‑bedroom efficiency unit
