Historic Multifamily Investment
For Sale
$750,000
900 FICKLEN Rd, Fredericksburg, VA 22405
Nine-unit multifamily property in Fredericksburg/Stafford County, Virginia.
Property Size6,546 SF
Lot Size3.40 Acres
Price / SF$114.57
Days on Market93
Property Features for 900 FICKLEN Rd
General Information
Standard status
Active
Size
6,546 SF
Lot size
3.40 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,279
Building Details
Year Built
1880
Listing Agency:
Nest Realty Fredericksburg
(540) 809-1962
Listed By:
John T Simpson III · License #0225206939
(540) 809-1962
Source:
Elliman
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 31 at 5:27PM
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 Nest Realty Fredericksburg
Investment Insights
Based on property information with market context.
This historic nine-unit multifamily property, constructed in 1880 and converted into nine fully independent apartments each featuring a private kitchen and bathroom, presents a rare investment opportunity. Known as Highland Home, this property is located in the fast-growing Fredericksburg/Stafford County, VA market. The Second Empire Victorian-style building, made of brick and cypress, is situated on a 3.4+/- acre lot. The property offers value-add potential as a cash-flowing rental portfolio, boutique hotel, bed and breakfast, short-term rental (Airbnb/VRBO), or event venue. The 6,546 square foot building retains original hardwood floors and period details, along with modernized electrical, plumbing, and HVAC systems. The property is a potential candidate for a BRRRR strategy, 1031 exchange acquisition, or historic tax credit renovation project. While not currently designated as historic by the county, it could qualify. The property is intended for use as a multifamily investment property.
Key Highlights
- Historic 9‑unit multifamily property with private kitchens and bathrooms in each unit, offering immediate cash flow potential.
- Versatile investment opportunity suitable for various uses: rental portfolio, boutique hotel, bed and breakfast, short‑term rental, or event venue.
- Located on 3.4+\/- acres in the fast‑growing Fredericksburg/Stafford County, VA market.
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
$63,542
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
8.47%
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%
$1,270,840
$1.3M
Cap Rate 7%
$907,743
$907.7K
Cap Rate 9%
$706,022
$706.0K
Market Conditions
NOI Build-Up for 6,546 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
$124.9K $19.08/SF
− Vacancy
−$9.4K −$1.43/SF
EGI
$115.5K $17.65/SF
− OpEx
−$52.0K −$7.94/SF
NOI
$63.5K $9.71/SF
Area
Spotsylvania County, VA
Vacancy
7.50%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$1,270,840
Cap Rate 7%
$907,743
Cap Rate 9%
$706,022
Alternative Uses
Best Use
Apartment 5plus
$907.7K
$794.3K – $1.06M
NOI $63,542 @ 7.0% cap · market cap 8.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.05M
$1.80M – $2.39M
NOI $143,633 @ 7.0% cap · market cap 19.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 22405, VA
34,430
Population
13,058
Households
2.6
Avg Household Size
38
Median Age
44%
College-Educated
95%
High-School Grad
53.3 sq mi
ZIP Area
646
Density / Sq Mi
$128,315
Median Household Income
$62,794
Median Earnings
$1,931
Median Rent
$413,100
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?
Apartment building - Nine-unit multifamily property in Fredericksburg/Stafford County, Virginia.
Where is this apartment building located?
The property is located at 900 FICKLEN Rd Fredericksburg, VA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Historic 9‑unit multifamily property with private kitchens and bathrooms in each unit, offering immediate cash flow potential.; Versatile investment opportunity suitable for various uses: rental portfolio, boutique hotel, bed and breakfast, short‑term rental, or event venue.; Located on 3.4+\/- acres in the fast‑growing Fredericksburg/Stafford County, VA market.
