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    525-527 Gray Ave Winchester, VA 22601

    Sponsored
    For Sale
    $3,150,000

    12-unit apartment building, high occupancy.

    Property size:
    11,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional investment opportunity presents a well-maintained, 12-unit apartment building located at 525-527 Gray Ave, Winchester, VA 22601. The property consists of two, two-story buildings, each housing six townhouse-style units, totaling 11,000 square feet on a 0.5-acre lot. Built in 1985 and extensively renovated between 2023 and 2024, the property boasts significant upgrades. Exterior improvements include new windows, doors, siding, fencing, and a newly paved parking lot with 24 spaces. Eleven of the twelve units have undergone complete renovations, featuring updated HVAC systems, washer/dryer hookups, new hot water heaters, and luxury vinyl plank (LVP) flooring. Each unit offers two bedrooms and 1.5 bathrooms. Currently operating at 100% occupancy with all tenants in good standing, the property generates a strong net operating income (NOI) of $196,500, representing a 6.24% cap rate. The asking price is $3,150,000, or $262,500 per unit, and $286.36 per square foot. This fee-simple ownership opportunity is situated in Winchester's Opportunity Zone and offers convenient proximity to the heart of downtown. The property's Class B designation and recent renovations make it an attractive investment for both seasoned and emerging real estate investors. The property's APN is 174-10- - 7A-.

    Property Features for 525-527 Gray Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    11,000 SF
    Class
    B
    Lot Size
    21,780 SF

    Building Details

    Year Built/Renovated
    1985/2023
    Buildings
    2
    Stories
    2
    Units
    12

    HighLights

    • 100% Occupancy.
    • Recently renovated exterior with new siding, windows, and doors.
    • 11 fully updated apartment units.
    • Newly paved parking lot with 24 spaces.
    • Prime downtown Winchester location.
    • Situated in a Winchester Opportunity Zone.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Winchester
    County
    Frederick
    State
    Virginia
    Longitude
    -78.157066893603
    Latitude
    39.189694992219

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    FAQs

    What type of property is this?
    Multifamily property - 12-unit apartment building, high occupancy.
    Where is this multifamily property located?
    The property is located at 525-527 Gray Ave Winchester, VA.
    What is the asking price?
    The asking price for this property is $3,150,000.
    What are key features of this property?
    This property features: 100% Occupancy.; Recently renovated exterior with new siding, windows, and doors.; 11 fully updated apartment units.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    525-527 Gray Ave Winchester, VA 22601
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